Traveling is expensive, but if you know what you are doing it can be a lot cheaper. When you are traveling for business, expenses are always something you want to have in mind.
There are many ways to keep spending down, the more you research the more you will be able to save. Everything from cheaper flights to getting around a city, there are untold ways to control your expenses as a business traveler.
Here are a few of the ways you can control spending when you’re away for work.
Use a Travel Expense Tracker
If you’re a manager with employees who travel, you should get familiar with travel expense trackers. These are portals where your employees submit travel expenses and claim reimbursements. This system helps identify the expenses that don’t comply with the organization’s travel policy, which makes it easier for you, as a manager, to finance expenses or reject claims.
See to it that your Travel Policy is Transparent
It is important to have a clear and transparent policy that keeps expenses, reports, and reimbursement as simple as possible. 79 percent of business travelers identified their company’s travel policy having the greatest impact on their travel decisions according to a new study. There is a gap between travelers booking flights through the appropriate channels and when their employers believe that they are booking their flights within the policy.
Clearly there is a disconnect between employees understanding the policy and managers effectively communicating it. If your employees understand your travel policy, they will likely spend less and make better decisions when they are traveling for the job.
Use Prepaid Cards
Another great way to cut down on spending is to give your employees prepaid debit cards for travel. Not only will you be able to load a specific amount for certain expenses, the employee won’t be able to overdraft or affect any of the businesses funds. According to the website MoneyPug, which is known as a platform for finding UK prepaid cards, they are a great way to allocate funds and separate important expenses.
To help your employees save more and spend less when they are traveling, create an incentive program. With the right program you will be able to make a competition out of saving. The people who spend the lease could be eligible for prizes and cash. Offering cash on the money they save is a huge incentive, your employees will want to spend as little as possible. You can also offer reward points and upgrades for future travels. Making it a game will motivate workers to save when they are traveling. It will help the whole company.
Include Specifics that Go Beyond Budget
It is very helpful for employees to provide specific examples in the travel policy that go beyond budget. For example, include the differences between economy, economy plus, business, and first class. Compare hotels and driver services. Talk to them about their food choices when they are meeting with clients and when they are eating alone. Tell them where it is okay to cut corners and where it is okay to spend a little more. With direction, your employees will show you how well they can perform.
Use a Travel Management Company
A great way to control expenses is to use a travel management company that offers services through a mobile application. With the right service you can book flights and hotels, solve problems in the moment, report on expenses, and monitor the traveler’s safety. A travel management company should provide all of these services through an app. This is a great way to keep track of what your employees are doing, where they are, and how they are spending.
Traveling is always more costly than we would like, but when you do your best to cut down on spending you will be surprised at how much you can save. Whatever business you’re in, however large your company is, and whatever you do in your day-to-day can be facilitated by simply paying attention. Help your employees save, don’t just get mad at them when they don’t. If you are clear, traveling employees will understand what you need from them, and your travel expenses will go down in no time.
(Reporting by Ryan Beitler is a journalist, writer, and traveler.; Additional reporting by Anna Papadopoulos, Ryan Miller and Sophie Ireland; Editing by Mindy Wright.)
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