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4 Tips To Lower Your Corporate Travel Expenses

by Kristen White Blogger
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.

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Using travel management technology

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.

Use an international calling SIM card

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.

Collaborating with travel managers

To make consequential policy improvements that promote better management of travel expenses requires collaborating with travel managers. Effective relationship with travel managers is very important. Additionally, your business should demonstrate a commitment to comply with travel policies. You have to demonstrate a commitment to work with travel managers to make positive changes. You can do this through regular meetings with travel managers and travel teams on the best way to effectively comply with travel cost-effective policies.

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About Kristen White Senior   Blogger

285 connections, 0 recommendations, 980 honor points.
Joined APSense since, August 19th, 2016, From Chicago, United States.

Created on Aug 10th 2018 02:57. Viewed 208 times.

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