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Basic T&E Policy Needed

Company is quickly growing from $3M to $10M in less than one year. Area where we lack is T&E policy. Does anyone have a basic policy they'd be willing to share or point towards that we could start modeling against? Company credit cards are also in play so following another thread on that question today as well. Thanks very much

Answers

Topic Expert
Keith Perry
Title: Consulting CFO and Business Operations A..
Company: Growth Accelerator
(Consulting CFO and Business Operations Advisor, Growth Accelerator) |

Not one that is meaningful and separable...
Start with the controls process. What can you actually control, and by extension, permit? Document that process, and have that create your policy.

Most of the majors* produce guides for doing this. Generally it will distill down to a couple of paragraphs at most (budgeting, approvals, documentations, limits, timing, etc), again dependent on your controls process and your business realities.

KP

Check here:
https://www.concur.com/sites/default/files/lp/pdfs/us-best-practice-in-expenses-assets-download.pdf
Or here:
http://cdn2.hubspot.net/hub/151826/file-17972895-pdf/docs/chrome-river-white-paper-10-expense-management-best-practices.pdf

*accounting software companies, accounting firms, payment gateway companies, etc.

Hugh Cooper
Title: Managing Director
Company: Safima Solutions, Inc.
LinkedIn Profile
(Managing Director, Safima Solutions, Inc.) |

I would be happy to share a T&E template with you. If really a bit issue agree with previous reply that you might consider concur or similar software. If you are still interested connect with me on LinkedIn or send me an email and i will send to you. Hugh... hugh [dot] cooperatsafimasolutions [dot] com

Topic Expert
Scott MacDonald
Title: President/Owner
Company: AlphaMac Resources, Inc.
(President/Owner, AlphaMac Resources, Inc.) |

http://www.finance.upenn.edu/vpfinance/fpm/2350/2350_pdf/2350.pdf

http://ncbta.org/downloads/sample_t_e_policy___pneal.pdf

http://www.hp.com/hpinfo/globalcitizenship/media/files/hp_global_business_gifts_travel_entertainment_policy.pdf

There are tons of these online.

Anonymous
(Internal Audit Manager) |

We are also a smaller company struggling with the same issue. Should the policy be a couple of pages outlining overall policy or a 17 page detailed description of every possible scenario? Thoughts?

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

Would you read a 17 page manual? I know I wouldn't.....

You should be able to develop a policy in a page, two at best. The only reason for something longer is if you have a domestic policy and an international policy (which may require separate rules, not just rates).

Remember the old adage, KISS - keep is simple silly; easy to understand, easy to enforce, easy to comply.

James Metzger
Title: CFO
Company: Astadia
(CFO , Astadia) |

I have a very simple policy (2-3 page policy) that I have used in 3 international companies over the past 10+ years; happy to share. Just connect with me on LinkedIn

Ole Bo Larsen
Title: Founder & Managing Director
Company: OBL direct ltd
(Founder & Managing Director, OBL direct ltd) |

Templates are great but in my experience often comes to court in T&E. Why - because each company is individual in its business objectives which travel need to support. Travel is sensitive as everybody thinks they know what's best and often compliace suffer (unless you are really top down). Looking at the flow from Trip Approval including budget matching over App scanning of invoices, cc consolidation and final booking of expenses is a sensible and manageble task. Great online solutions out there to automate and save up to 23%. Happy to elaborate more. Find me on LinkedIn under Ole Bo Larsen and connect or message me for a chat about your requirements.

Mary Schaeffer
Title: Publisher & Editorial Director
Company: AP Now
(Publisher & Editorial Director, AP Now) |

Go online and do a search for Travel and Entertainment Policy.
You will find many organizations have posted their policies - especially universities.
Look at several and pick the one that has most of the provisions you like - and then modify it to fit your requirements.
If you just take a policy, all you have is someone else's policy. You need to make it your own.
Good luck.

Tamer Guirguis
Title: Account Executive - Adoption Services
Company: DayNine Consulting
LinkedIn Profile
(Account Executive - Adoption Services, DayNine Consulting) |

T&E can be a beast if not controlled and monitored right for any origination.

I suggest you start with IRS Publication 463 for T&E
Then Google and look up T&E Corporate policy you will see tones of info for you to use.
The challenge you will face is to come up with Good Written policy to enforce the internal control and eliminate fraudulent.
And a good system can track EE's travel spent so that you can control the cost and monitor the spent.

You may contact me on LinkedIn if you need more assistance.

Good Luck.

https://www.suntrust.com/portal/server.pt/gateway/PTARGS_0_2_227_1710_0_43/http%3B/portlet-ice.suntrust.com/Portlets/iwcc/IWCCDisplay.aspx?gid=P0BbXMsnhlrpfgW2%2BajiCN4EZvbQ2Fo5%2F9FY8i42jEEvFw%3D

http://www.gorillaexpense.com/blog/index.php/tag/te-policies/

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