If you are an administrator for business travel expenses, you will find it difficult to manage travel costs while giving employees access to the best travel expenses.
The United States will spend about $ 322.42 billion on business travel in 2021. Because this number will increase for the remainder of 2022, financial institutions need to be vigilant in looking at business travel costs.
Familiarizing yourself with the basics of business will make you more money, help you stay ahead of the curve, and save money for business travel.
Here are some ways to increase your current spending, as well as our five ways to manage your organization’s corporate travel budget.
5 Ways to Save on Business Travel
1. Use a full threshold
When employees record business trips using platforms and other programs, managing travel budgets and managing expenses are as chaotic as the duty lineup. airport.
As one economist found, signing up for different thresholds to file the same invoices for refund is cumbersome, difficult to monitor, and detrimental to the financial system.
For easy fundraising and reporting, find a travel agency with a comprehensive site, where you can book flights, accommodation, and transfer everything. in one place. Ideally, it should be easy to use, provide great support, and have many travel options.
TravelPerk offers the best travel management solution to the travel industry, even for small businesses. Our site offers the largest number of aircraft on the market and helps you find the best prices.
2. Perform real -time reporting
Travel insurance is available if investors do not have a clear idea of the business options. Without real -time data, financial decisions are made later, not now.
With real -time data you can see which companies are regularly holding out of the fund – star New York hotel rates, too? Or, where to fix the diem credit card costs provided for home travel and international travel.
TravelPerk’s real -time reporting will help you improve your business travel budget. Our real -time report breaks down business data by individual employee, mode of transportation, mode of registration, and deletion. It allows your organization to schedule presentations within a pre -selected time period, and schedule visitors when the data is processed.
3. Discuss business travel policies
Informing employees of the current procedures for hiring business travel, as well as refunds, is important for businesses that are looking at the consequences of hiring. It educates employees about corporate travel policies, and provides an opportunity for employees to review guidelines.
Start with a business meeting about the organizations and agencies that need it, answering further questions. This will help you to understand the basics of employee policy information, and provide a broad overview of the current policy approval process:
- Does the staff know your current travel policy?
- If so, how do you communicate? How often is the announcement?
- Should your travel policy be improved?
Then, create a guideline that explains how often you plan to communicate business travel policies to employees. Determining the relevant information to include in this site will also ensure that you capture all relevant information in your message. For example, information about tax deductions, expenses, and IRS policies.
Establishing an editorial board during your consultation will also ensure policy implementation reviews within the calendar year. For example, make adjustments about a time or event, such as the size of the business or the renovation of the building. It is also important to discuss general business policies or more.
Be aware of the differences in shared travel policies as well. For example, there are times when employees are busy Allowed to go over the money?
To get the best policy implementation results, choose a registry tool that displays policies built into it, and gives you a clear picture of the policy pieces. With TravelPerk, policy sections can be set up for frequent travel groups, or for people with special needs. You can set and set limits on how employees can write trips into your policies, without prior consent. Alternatively, if their trip does not have a policy, TravelPerk will sign it for review with your pre -selected license.
It is important that there are travel policies for employees to meet the travel needs of employees, and to improve policies. TravelPerk will help you get started with travel guidelines. Our comprehensive checklist is organized and designed to help you organize your travel policies in minutes.
4. Plan ahead for a business trip
Booking the last few trips will lead to an increase in the cost of business travel. While real -time data shows employees booking trips at the last minute, planning ahead for the lowest costs is your safest option.
Scheduling group trips to conferences, as well as returning at the beginning of each calendar year, is one way to plan ahead, and stay within your travel budget.
Providing employees with travel benefits, travel expenses, or upgrades for business trips encourages them to book their business travel in advance for airfare and costs. hotel.
5. Provides convenience for canceled trips
Even with advance planning, business travelers need to be able to complete their business trip.
In a recent GlobalData survey, 52% of respondents reported being worried about global travel restrictions. Professional tourists after illness are looking for simple options when they can delay or end these activities.
A travel plan that calculates convenience and return on cost, provides peace of mind even when travel plans change. FlexiPerk allows employees to book airplanes, hotel rooms, car rentals, or land transfers at any time with a provider and cancel any portion of the business trip up to two. hours before your trip, and receive at least 80% of the travel cost refunded. .
Bottom line, make your business travel money work for you by driving more business costs. A professional travel provider like TravelPerk, gives employees the freedom to book their own trip, while offering custom options to save your money. To learn more about how to make the most of your corporate travel money, download our eBook How to Increase Your Travel Money.