3 Tips for Better Business Travel Expense Management - 2 views
started by sarahcrismann on 29 May 14
started by sarahcrismann on 29 May 14
started by sarahcrismann on 29 May 14
started by sarahcrismann on 29 May 14
The digital era has certainly transformed how organisations conducted their businesses and transactions. Gone are the days when sending and receiving messages took days, even weeks, and meeting clients across continents seemed impossible. With technology, all these issues can easily be resolved.
Nevertheless, it is also a fact that not all transactions can be settled easily with a simple email, phone call or video conference. Thus, there is still a need for personal client meetings and other overseas promotional events. However, these activities can often be expensive and hurt a company’s bottom line if not carried out properly. So, to help you manage your business travel expenses better, here are three tips to consider:
1. Turn off data roaming – For companies who are currently offering phone plans to staff who are regularly on the road, you may have noticed that their phone bills are significantly higher than those who aren’t travelling. This is no surprise, considering that overseas text and phone call charges are higher than standard fees. One can only imagine how much an overseas ten-minute call can cost you.
Fortunately, there are various solutions you can apply to avoid annoying and unnecessary data roaming charges. These include giving out travel SIM cards that offer discounted rates for international calls and texts to staff, instead of their usual cards. Most of these cards are prepaid so you can always set a reasonable limit regarding use, and avoid being surprised by hefty bills. Or you can also speak with your phone service provider and take advantage of phone travel packages.
2. Establish travel expense limits for your team – Some employees may believe that because the company is paying for their travel expenses, it’s alright for them to spend and splurge on their trip. This is why it’s important to set a reasonable travel expense limit for your staff so they don’t overspend on unnecessary items. In your travel policy, clearly list what expenses and bills the company will foot. Consider their meals, transport and accommodation expenses. However, things like night outs and souvenirs ought not to be covered by the company.
3. Partner with a travel management company – While choosing the DIY route to make travel arrangements for employees may sound like a cheaper alternative, the fact is, you can still save a lot more money and time by using a travel management company. An experienced travel management company will not only help you streamline tasks and let you focus on more important matters, they can also provide expert advice on expense management. And because most travel management companies have affiliations with airlines, accommodation, and excellent yet cheap travel insurance providers, you are sure to take advantage of better and cheaper deals on your company trips. Try searching for travel management companies online or ask employees for referral.
These are only some of the things your company should consider and apply if you wish to cut down costs on travel expenses. Of course, to make such transition smoothly, consulting regular travelling employees would also be wise.