Strategic Intelligence for CFOs, Finance Directors, Controllers and Treasurers in Asia  | 
2013, May 24

Travel & Entertainment Expenses: Nurturing a Culture of Cost Management in Volatile Times

Travel & Entertainment Expenses: Nurturing a Culture of Cost Management in Volatile Times

by CFO Innovation Asia, 13 August 2012
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The cost of doing business in Asia, including travel & entertainment expenses, continues to rise. In this CFO Innovation Roundtable report sponsored by Concur, 13 CFOs in Hong Kong discuss their strategies in nurturing a durable culture of cost management with Concur EVP & GM Michael Eberhard.

 
Among the strategies:
 
  • Leading by example
  • Setting benchmarks and budgets
  • Using travel websites
  • Harnessing the procurement unit
  • Focusing on pre-travel approval
  • Using T&E to track bribery and establish an audit trail
 
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CFO Innovation Asia
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Submitted by Prabir Banik on 22 April 2013 - 2:14pm

It is a fact that unless the travel costs are properly controlled it would be difficult for the companies to find financial stability. They should consult the travel sites, these sites carry useful information, they would also find tips for drinking in a responsible way for their employees.

Submitted by Aakash Chatterjee on 12 April 2013 - 5:18pm

It would be better for them to cut down unnecessary travel plans. They should also consider limiting the number of the personnel on every trip. However, the employees should be rewarded for their efforts they could be given free ticket to watch chinese opera.

Submitted by Pradipta Dutta on 11 April 2013 - 7:19pm

The organizations have to find ways to control the travel expenses. They should look for cheaper and better deals online for such trips.

Submitted by Prabir Banik on 21 March 2013 - 4:20pm

For most companies reducing cost has become a vital issue. Those companies are suffering most whose executives have to Travel Abroad they need ways to take down traveling cost.

Submitted by Aakash Chatterjee on 18 March 2013 - 4:57pm

Keeping the traveling cost down has become essential as the rising fuel price is causing a rise in the airfare and other transportation cost too. It is best to take help of the best travel deals and discounts to save some money, that is what I did when I went to Victoria harbour area.

Submitted by Pradipta Dutta on 11 March 2013 - 5:22pm

With the inflation, cost of traveling is rising naturally. Some people loves to indulge themselves in lavish facilities while touring while some prefers to visit many places with the intention of knowing more about our world. And the latter always save more while touring. My point is, few factors like proper planning, pack light while touring, preferring home stay over hotel stay can save you from a big dent on your pocket.

Submitted by Prabir Banik on 4 March 2013 - 10:01pm

The cost of traveling is rising as air fares are rising, other transport costs are rising, if these costs do not come down then it would be a problem for the travelers especially those who travel on budget, the old people who go on a tour of temples after retirement.

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