Monitoring your business travel budget | Traveldoo
Companies faced with the raging increase in business travel costs must implement a rigorous and clear policy on business expenses. In many cases, managing expense accounts can be time-consuming, resulting in a financial overload, not to mention additional spending which may be incurred (for example due to extended stays or extended rental agreements). This is why companies need to optimise costs and ensure accurate monitoring of their business travel budget.
Business travel: why set up a clear policy?
As a company, you need to think clearly and coherently about your business travel policy. You need to consider the absolute necessity of each business trip, the number of external assignments as well as the number of employees needed for this purpose. Internal rules, based on criteria such as the choice of train or plane class (first class, economy class) and the duration, are a must. Purchase requests must be applied consistently across the entire company. Who should make the reservation? Who should approve it? These are the types of questions that should allow you to adjust your business trip policy, which should be adhered to by both employees and business partners.
Business travel management: our advice for a better policy
Here are some tips to help you implement your policy:
Advance planning for accommodation costs and travel expenses is a must. This will allow you to choose the best prices (hotel, tickets, etc.).
A business trip that is useful to the company is one that has been organised from beginning to end. This prior planning may relate to the destination, duration, any activities that will incur expenses, etc. It’s also preferable to budget for additional costs (such as gifts or business meals).
- The unexpected:
When travelling, unforeseen expenses can add up (following an accident, flight cancellation, etc.). We advise you to work with travel agencies that specialise in business travel.
Monitoring the business travel budget: optimising the purchasing process
By monitoring your business travel budget well, you can save time and money. This is possible using our online booking tool, which, among other things, allows you to reduce commission costs. The other advantage of an expense management tool is the ability to centralise allowances. This way, you are able to reserve a hotel room, buy a ticket and book a restaurant using the same interface. This will also allow your company to track your expenses and to cap them.
The integration of an expense report management system means:
- Ensuring the optimisation of work-related expenses
- Reducing administrative management
- Optimising employees’ time
Thanks to this type of tool, your employees will be able to save at least 60% of their time, representing a significant financial gain.