Monday, April 6, 2020

Transforming Corporate Spending Processes: T&E and AP Best Practices and Digitization

Transforming Corporate Spending Processes: T&E and AP Best Practices and Digitization

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Every business or organization essentially has two financial flows revenue and expenses. Money coming in is, obviously, what keeps a business afloat and allows it to operate for any extended period. However, once the money comes into an organization, there needs to be a surefire way to track expenses and keep costs minimal and manageable. That’s why the spotlight is on transforming the travel and entertainment (T&E) and accounts payable (AP) processes. This two part seminar will explore modern best practices, the impact of digitization and the critical controls to consider for your T&E and AP processes. Part 1 – T&E Best Practices and Process Transformation Technology may have opened up new ways for individuals to connect, but there is still no substitute for face-to-face communication. U.S. companies collectively spend hundreds of billions of dollars each year on travel and entertainment. Considering that travel and entertainment spending also represents a big part of the typical company’s budget, the efficiency and effectiveness of managing employee expense reports can have a significant impact on an organization’s financial performance and profitability. And business travel is continuing to increase as evidenced by the statistics below.

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