Finance News & Insights

Travel and entertainment: Who sets your limits now?

Despite the increased popularity of webinars and virtual meetings, travel and entertainment still plays a vital role for most companies. But who’s setting the budgets here?

Business Travel News just unveiled its latest report on T&E benchmarks. You can find the whole report here and compare your practices with your peers.

While it’s no surprise that for the majority of firms (59%), Finance sets this year’s T&E budget.

However, it’s interesting to see what other departments companies call on to set their travel limit:

  • Shared Services (8%)
  • Travel (7%)
  • Procurement (5%)
  • Human Resources (2%), and
  • Other (19%).

The report also found that more firms are beefing up their pre-trip approval process. In 2010, 41% of companies are making their pre-trip approval process more restrictive — compared to 37% in 2009.

Readers, has your company made any major changes to its T&E policy this year? Share it with us in the Comments section.

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