The top five expense management tips for business who travel frequently

expense management

Travel lies at the core of many business operations in the current day and age. More and more companies are finding the need to travel on a frequent basis in order to expand effectively. Nevertheless, there is just one issue and that is the fact that frequent travel equates to a costly expense. You not only need to consider the actual air or train fare, but you also need to look at the likes of accommodation and how much the employee is going to spend whilst away on his or her trip. Therefore, in order to ensure that travel is profiting your business in the way it should be, read on to discover some of the best expense management tips you should utilise…

1.    Re-booking possibility

One of the biggest loses of money in relation to travel is having to cancel your trips and rearrange for another time. This is something that unfortunately happens more frequently than we would like. For that reason, it is important to make sure that you book your flights and accommodation with a company who present you with the opportunity to rearrange your booking for another period if possible. Of course you will need to pay the difference but at least you won’t lose the money spent.

2.    Travel management software

This is imperative. There are wealth of leading companies out there who provide this incredible solution. Travel management solutions will present you with all of the cheapest deals in relation to your trip. This not only includes travel, but it encompasses everything from car rental, to accommodation, to conference hire, to the nearest restaurants. In addition to this, everything will be there on the one interface and thus it will be extremely easy to utilise as well.

3.    Pre-paid cards

You need to carefully consider how your employee is going to pay for things when abroad. A lot of companies get their workers to fund their trip out of their own money and then once they are back they will claim what they have spent. But have you considered a pre-paid card instead? By doing this you will have a set amount which the individual can spend and therefore it is up to them to make sure that money lasts the entire trip. This ensures you don’t get taken for a ride.

4.    Flexibility

If you are flexible regarding your travel dates then you will be able to make substantial savings. Look at the month as a whole for example and then pick the cheapest dates. Furthermore, you may not be flexible regarding what day you need to fly on but you may be in relation to time. Inconvenient hours usually relate to much cheaper air fare and alike.

5.    Look at the full picture

You need to sit down and consider your expenditure as a whole. For example, travelling a day earlier may be cheaper in relation to air fare but is it going to be more expense when you factor another night’s accommodation into the equation? Sit down and do an estimation regarding everything that is going to be spent in order to come to a conclusion regarding the best option to go for.

Summary – More and more businesses are travelling frequently in the current day and age. Nonetheless, this represents a costly expense for many. Thus, read this article for effective expense management advice.

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