Whilst it is fantastic that the world is much more open and people can travel the world to meet and conduct business, any owner knows just how quickly business travel expenses can add up. This can include travel, accommodation, food, venue hire, equipment and much more. So, what are the best ways to successfully manage business travel expenses? Read on to find out.
Like so many areas in life, preparation is the key to success. You should begin planning the trip from the moment that it is confirmed; not only will this help it to be a success, but it is also the best way to cut costs and manage expenses. When you book flights, travel, accommodation and early, it allows you to find the best deals. In addition to this, it also allows the employee(s) to prepare for the trip and familiarise them-selves with your company’s travel policies and what they can/cannot spend company money on.
It is far too easy for an employee to lose track of expenses when they are travelling the world, which is why it is vital that you make it easy for them to monitor expenses whilst on the go. It can be impossible to remember details when looking at an expense report, but fortunately, there are a few great ways to keep track of expenses. There are a number of apps that you can use, but it is also recommended that the employee collects every receipt and makes notes on the back of these. This should include things like the number in your party, the reason for purchase, when and where the transaction took place and more. This can make expense reports and make reconciliation much easier.
Virtual Payment Solutions
There can be a lot of admin for the finance team if your employee uses their own cards to pay for business expenses, which is why it is best to opt for virtual payment solutions with companies like AirPlus. These solutions create single-use MasterCard numbers for either a one-time or a set number of purchases that are linked to your corporate account. You can set parameters and the number becomes obsolete, allowing for greater security and control over your business expenses.
Managing business travel expenses can be difficult, stressful and tiresome, but the above tips can make it much easier whilst ensuring that the trip is a complete success.