What’s T&E? What’s a cash advance? How about mileage reimbursement? These are all finance-related questions that commonly run by different people’s mind.
That’s why we at Rydoo decided to do a series of videos answering these questions and explaining some terms and definitions from the scratch, because before we start talking about complex topics of the financial world, we need to have a solid base on its basics, right?
Watch the first video of our series “T&E for dummies” and get the answer to all your questions about travel and expense.
What is T&E?
The term “T&E” stands for “travel and expense.” T&E is often used to describe the operational cost for businesses related to business travel in a broad sense. It normally includes transportation, meals, business communication, accommodation and other expense categories that your company’s expense policy includes.
On average 10 % of companies’ budgets go to T&E, meaning that travel and expense are a major cost centre. Therefore, it’s not a surprise that when most of the companies are trying to reduce costs, they normally look to their T&E costs.