Whether you are working for a small or large business, a business trip can be very expensive, only double the salary. With 84% of all travelers expected to take at least one trip over the next 6 months, corporate travel costs are not significantly higher.
The problem is, most CFOs and Finance executives spend a lot of time tracking multiple invoices, receipts and logging into multiple travel sites to see how much. of their travel expenses expired.
This fraudulent process combined with lengthy investment reports makes it very difficult to go ahead with the treasurer and make financial decisions in real time.
Because business travel is more expensive, if your business is booking travel trips between different stores or through a traditional travel agency, rather than booking everything. in one place, get the right information and more information on your investment so you are. increasing your income is not only difficult but almost impossible.
In this section we will share our insights on how you can save money and improve your finances.
real time Information is the key
If you want to improve your business travel finances, having real -time data will help you set the indicators for your travel expenses, creating future bubbles that show the truth. , and help you make informed financial decisions in your current month. quarter.
To get the most out of your money, you need to be aware of all business travel expenses so that you can consider how each business trip costs in different ways. This will help you determine the average cost of the business trip for each office, organization, person, and/or agency. If you are accustomed to manual processes, there is more to do, it is like a dream, right?
So how do you get the information you need?
The easiest way to get the data is to let your professional travel agent collect it for you.
This is a move away from allowing business travel authorities and officials to record their corporate travel on websites and apps designed for fun trips and vacations. Avoid using traditional travel agencies to schedule your business trips. Instead, we plan to use a new library designed for business travel and most importantly, to take care of the interests of financial institutions.
Ideally, the registration threshold you choose will easily indicate the amount of travel costs by each employee, organization and office. and also provides information such as the average cost of the trip, deadline, and type of rental (flights, hotel rates, etc.).
The app also needs labels so that you can gather more detailed information about your travel expenses, such as how much money is spent on a customer or event, for the purpose. for example.
At TravelPerk, we offer a simple reporting solution – letting you see where your money is going in real time. Our tool allows you to choose from a wide range of filters and hand labels, so you can find all the information you need at the click of a button.
With reporting tools you can narrow down your business travel expenses and costs by:
- Spend it at the office or company.
- Transfer by employee.
- Separated by planes, hotel rooms, car rental, trains.
- Spend it in the office.
- Contribute by project, customer, position or event.
- Real time spending for a month, quarter or year.
- VAT is available.
Being able to separate and separate these costs is key to making smart business decisions and maximizing your business travel budget.
You can set up reviews or organize tours based on the data that is important to you, which means you can make financial decisions.
Correct yours cost management process
In addition to the simple reporting tools, your travel management company should allow you to integrate your business travel booking software with your travel management system. This way, all the expenses are combined into one site to make your financial assessment easier.
Tools like Ramp, Divvy, Payhawk, and Yokoy allow you to combine other data such as food or event kits to get a complete overview.
Learn more in our detailed guide on how to manage your financial system.
In addition to real -time data and rental processes, here are 3 new tips to improve your business travel budget for you.
Add yours travel policy to your registration tool
To keep real -life books, you will need to include your professional travel policy in your recording tool. This will not only benefit the fund but allow staff and tour operators to better understand what is in the fund. In other words, it would be better to improve the travel policy.
When setting up your travel policy in your registration field, create the lowest number of possible policies. We encourage most businesses to use a common policy, as well as an implementation policy if necessary. This will make it easier to manage travel policies and manage travel expenses.
Configure automatic authorization procedures
It helps to define permitting processes so that travel agents can review and approve applications that are more effective. If your travel policy is linked to a bookkeeper such as TravelPerk, you can schedule your approved workflow. For example, if a traveler records an upcoming business trip in the travel policy you set, you can arrange for it to be accepted. Leave it to you to continue the hard work!
Collect VAT again on your business trip
Small businesses and small businesses lose millions each year from unpaid VAT on their business travel. As with many other tax rules in the UK and around the world, the refund process can be confusing and tedious for many financial institutions. Fortunately, TravelPerk has created a simple VAT refund system that allows you to save on travel costs and save up to 20% of your annual travel expenses. TravelPerk collects invoices for you from service providers so there is no money left on the table.