- TypeSeminar
- Location Palo Alto, California, United States
- Date 20-08-2020 - 21-08-2020
Business Development
Finance
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.
Finally, to stress the value and importance of the T&E process, The Economist Intelligence Unit surveyed chief financial officers and other financial managers across the U.S., U.K., France and Germany earlier this year, and found that more than 60 percent lack complete visibility into company expenses. According to Coupa, which commissioned the report, the data revealed the importance of migrating T&E processes to the cloud, enabling digitization of expense data and allowing managers to gain visibility into that data.