When it comes to corporate finance parlance and CFO-talk, T&E is an acronym that is commonly thrown around. And most people assume it is something that is commonly understood; which might not be the case. Well, what does it stand for anyway?
The term T&E can mean either ‘Travel & Expense’ or ‘Travel & Entertainment’ Expenses. These definitions which are both valid and frequently interchanged are used to address the second largest operational cost for a business, after payroll. Except this cost is controllable through automation and careful analysis of a business’s expense reporting process.
So the next time you hear a CFO say ‘Our T&E is out of control’ or ‘When was the last review of our T&E plan’ you know exactly what is being discussed. And voila!
(Friendly tip – Just don’t expense that speeding ticket)