Travel and Entertainment Card (T&E Card)
Definition:
A Travel and Entertainment (T&E) Card is a type of corporate credit card issued to employees for business-related travel and entertainment expenses. It streamlines the process of managing and tracking these expenses, reducing administrative burden and improving spend visibility.
Example:
Acme Corporation issues T&E Cards to its sales team for use during business trips. A sales representative uses their T&E Card to pay for flights, hotel accommodations, meals, and client entertainment while traveling to meet with potential customers. The expenses are automatically recorded and categorized, making it easier for the employee to submit an expense report and for the company to track and analyze travel and entertainment spend.
Why are T&E Cards important to Procurement?:
T&E Cards are important for procurement teams as they provide a convenient and efficient way to manage travel and entertainment expenses, which can be a significant portion of an organization's overall spend. By using T&E Cards, procurement teams can improve spend visibility, control, and compliance, as all transactions are captured electronically and can be easily monitored and analyzed. T&E Cards also help to streamline expense reporting and reimbursement processes, reducing administrative costs and improving employee satisfaction.
See a Purchasing Cards (PCards) for a similar method of payment.