For many companies, business travel is a necessary part of corporate life. This is why it is important for companies to create policies and conduct adequate planning in order to make the most out of business travel, while at the same time saving the company money. This is especially important today, when the cost of domestic and international travel is rising.
According to a blog published by a leading corporate credit card service provider, corporate travel is the second largest controllable expense next to salaries and benefits. This means that a significant chunk of a company’s spend is allocated to T&E expenses. Whether a corporation is large or small, in today’s economy, every penny counts, and being smart about it can save $$ in the long run.
Save on business travel with Gorilla Expense
Keeping business travel costs under control is important, and you should consider these tips on how to save on your own business travel expenses.
- Perform a comprehensive audit. One of the first things you should do in cost-reduction is to conduct an audit of your travel program. This allows you to know exactly how much you are spending, where the money is going, and which budget areas to cut.
- Take a look at your travel policy. Revisit your business travel policies to meet the changing needs of your company and employees.
- Limited exceptions. Once policies are developed and updated, employees must be held to them. Be firm about non-reimbursement of expenses that were not allowed by policy and be strict about approving exceptions.
- Control costs with per diem policies. You can reduce costs on meals and transportations and tailor these according to destination. For example, a day in New York city is much more expensive than in Tampa, Florida. Rates in Asia are more affordable than in Europe, and all these must be reflected in your travel policy.
- Book in advance. It’s common knowledge that booking hotels and flights in advance can cost way lesser that last-minute bookings. This is where adequate planning is important.
- Take advantage of discounts and rewards. Get a corporate credit card that gives you miles and rewards, and use these for all your travel expenses. By booking and buying through the right channels, you can gather miles, points and even freebies for the company.
- Negotiate corporate rates. It’s always a good idea to negotiate, especially with hotels and airlines. Many of these offer corporate rates, and it is easier to include arrangements with preferred merchants in order to receive corporate discounts across all your travel expenses.
- Make expense reporting easier. One often-disregarded part of travel expense is T&E reporting, which you should also take a look at. Streamline your processes, or better yet, automate them. Applications like Gorilla Expense make it easy for users to submit expenses and accounting to reconcile expenses in a timely manner in their Dynamics ERP system.
Want to know how much more you can save on your travel expenses? Feel free to contact us at sales@gorillaexpense.com
About Gorilla Expense
Gorilla Expense is a leading global provider of T&E Expense Management Software for Microsoft Dynamics ERP. Our Expense Reporting, Mobile Apps, Integration Services & Analytics solutions give customers the edge they need to compete in the global marketplace. With our powerful solution, we are constantly proving that – Expense management doesn’t have to be so difficult! Learn more at www.gorillaexpense.com
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