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Trim Travel and Entertainment Expenses
– February 4, 2011
Companies who focus on eliminating the fat in T&E can typically see cost reductions of 20%-30%. A formal written policy that is followed by everyone from the CEO down is the first step in reducing these costs.
Companies that are successful at managing travel will be those that effectively bring better management practices and better information to bear on the function. Outside travel agencies can help reduce costs and become an active partner in establishing travel policies. Look to centralize travel approvals, establish clear policies and audit expense reports monthly. And always, always negotiate hotel, car rentals and airline rates.
This is Profit Enhancement Idea #26 in Heard, McElroy & Vestal's 100 Ways: The Profit Enhancement Process series. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues by working smarter, not harder.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is an Audit Manager in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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