4 Tips To Lower Your Corporate Travel Expenses

Employee overspending eats up a sizeable portion of travel expenses for businesses. Truth is, about 15 percent of business fraud comes from falsified travel expense claims. Therefore, tighter controls are required for top finance executives to control these expenses. Your business will greatly benefit from having greater control over your travel expenses. It’s the second biggest operating expenses behind payroll. Consider these 4 tips to lower your corporate travel expenses.

This is a wonderful option to promote efficiency and cost effectiveness in managing your travel expenses. Incorporating travel management technology in your business comes with benefiting from data-fuelled travel policies. The travel management programs will come in handy to streamline your booking and approval process. You will enjoy getting real-time insight into your employee spending habits. This will help you to mitigate the risk involved.

Travel and expense costs are usually driven up by disjointed approval processes, reimbursements, and payment policies. Having travel programs without consolidating ravel management programs comes with unnecessary errors and lack of knowledge about employee expenses. A centralized technology solution will come in handy when gathering data insights into your company’s travel policies.

You can also cut down your company’s travel expenses by investing in a global roaming SIM. This SIM offers free incoming calls and better rates for outgoing calls regardless of where you are. Additionally, this card will lower your overhead on travel if you make use of the free SMS option that beats roaming. Additionally, invest in a card with auto reload function to monitor how much credit employees use. Additionally, you will be in a better position to identify any outliers. Automatic budget allocation with a one-time set up will save you from a lot of headache.

Manage overspending from your company

A corporate travel program requires effectiveness to give expected results. This should all come with willingness from your employees. Frequent international travel might introduce a number of stresses likely to damage the productivity of your employees. It’s true that frustrated employees are more likely to overspend but leisure travel encourages positivity. 

A mix of business and leisure travel overseas can help to improve and boost employee morale. In fact, about 78 percent of travelers agree that adding some leisure days on a business tour enhances value to work engagements. Regardless of the benefits of leisure travel on the productivity of your employees, having formal policies regarding leisure help keep expenses in check.

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