Katherine

Must-know expense management tips for companies that travel on a regular basis

Jan 28th 2015 at 11:23 PM

Does your company engage in frequent corporate travel? If so, this is likely to represent a significant expense. From flights, to hotels, to car hire, to baggage allowance, there are many different costs that need to be taken into consideration. Nevertheless, corporate travel is of extreme value nowadays, with business being conducted on such a global scale, and therefore it cannot be ignored. Thus, to ensure you keep your travel costs as low as possible, read on for some of the best expense management tips for frequently travellers.

Use the services of a travel management company – There is only one place to begin and this is with using the services that are offered by travel management companies. This can prove to be extremely beneficial. Not only will the travel managers help you to locate the best deals, but you will also have access to travel management software. This will make it easier for you to arrange your travel plans in the easiest and most affordable manner. Moreover, these companies are able to bring you exclusive discounts that cannot be found anywhere else. You won’t only reap the rewards of lower expenditure, but you will increase efficiency levels, save time and you may even reduce your carbon footprint too.

Never overlook any savings, no matter how small they may be – It is vital to be clever when it comes to every aspect of travel planning. If you overlook small costs they will soon mount up and become a big one. You may have found a really cheap hotel, but what if they charge for Wi-Fi per the hour? Costs will soon mount up, as it is highly likely you or your employee will need virtually constant access to the Internet. So, don’t forget to look at the full picture.

Consider using pre-paid travel cards – A lot of companies operate via the following procedure – their employee goes on a travel trip and they keep receipts to claim back all of their expenses. As a consequence, you could end up paying for a lot more than necessary. Instead, you should give your employee a pre-paid travel card with their full allowance for the entire trip. If your employee feels that this was not enough or there was an unforeseen expense they expect you to cater to, they can then dispute this with you once they get back.

Be flexible when possible and don’t forget re-booking options – Last but not least, if you can afford to be flexible with your flights and such like, then do so. Late night flights tend to be cheaper, as they aren’t as convenient. Nevertheless, you may have to consider letting your employee have the next day off work to recover. Moreover, don’t forget to look at the airline’s policy regarding re-booking options, as well as the hotel’s policy. Unfortunately business plans often change and you may need to reschedule your trip. If you do not have re-booking options in place you will end up paying for everything twice.

All in all, if you follow the four pieces of expense management advice that have been mentioned in this post you should find yourself saving a substantial amount of money when it comes to corporate travel from now onwards. After all, this can be a pivotal but an expensive area of any business.

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