9 Ways Your Company Can Save Money On Corporate Travel
How to save money on business travel? Saving on corporate travel expenses is a challenge:
Multinational companies in the U.S spend over $111.7 billion per year on corporate travel.
Corporates spend about 10% of their revenue on business trips. But there are ways to reduce business travel costs without shaving off on travel safety and perks.
Here, we will learn about the 9 ways your company Can Save Money On Corporate Travel. This article includes the types of business travel costs, estimation of business travel expenses,and hacks to reduce travel costs.
9 ways your company Can Save Money On Corporate Travel
- Corporate Travel Expense Policy Sample
- Corporate Travel Expense Management Software
What are travel expenses in business?
How to calculate business travel expenses
How to reduce business travel costs?
9 ways your company Can Save Money On Corporate Travel
- Create a tight corporate travel policy – A successful corporate travel policy must include these elements:
-Budget-based business travel allowances on air travel, accommodation, car rental, and other transportation.
-Flight booking rules for employees in economy versus business class.
-The approval process for booking hotels, airline tickets, and other ground arrangements for corporate travel.
-Approved per diem travel expenses and if a business card will be provided.
Streamlining reimbursement and expense report processes. - Corporate travel & expense reimbursement policy template – What does the business travel expense and reimbursement contain?
-Introduction
-Travel booking process
-Expense categories
-Non-reimbursable purchases
-Expense reporting and reimbursement process
-Travel support, safety, and duty of care - Plan the trip ahead of time - You get enough time to book flight tickets, earn deals on hotel booking, discounts on car hire, and save money for the trip budget.
Last-minute bookings are expensive. The hotels and airline companies identify that this is an urgent need, and you will spend more. - Pre-Trip Approval Process - Use a Corporate Travel Expense Management tool for all bookings. When you partner with a travel management company, you can use their Online booking tool. You can set up money-saving business travel arrangements. CWT’s tool helps you assign which employees can book their hotels and flights and can monitor all their bookings easily.
-Make travel and hotel bookings, and set up pre-travel approvals
-Enables employees to report travel expenses on the go and simplifies approvals
-Add your company cards and fetch card feeds from the card provider instantly
-Maximizes pre-approved spending so you can have control over purchase requests 20+ Analytics reports on expense reports, cards, travels, reimbursements, and spending - Allow trip flexibility – Travel plans change at times. There is always a wiggle room. Events and dates may change at any time. A corporate travel management tool allows employees to book their tickets, hotels, and more. It serves as a one-stop solution that provides complete control over travel expenses and reimbursement. How to save about 50% on airfare and hotel bookings?
If you book flight tickets via applications such as FlexiPerk, you can get 100% refunds for travel arrangements. - Streamline VAT Recovery Process – Companies lose out on claiming legitimate expenses and the savings they bring. It becomes a nightmare, when you try to extricate the employee’s per diem travel expenses and collect VAT receipts. How does VAT invoicing software helps you save money on corporate travel?
Sign up for a VAT invoicing tool
-The VAT calculator helps you calculate how much you could reclaim
-You save up to 20% on your annual business travel costs
-You can claim VAT refunds
-You can reclaim the VAT from the past
-You can grow your business image - Recommend using shared transportation where possible – Arrange shared rides or multiple cars if a large group of employees are heading for the same location. Elife Limo offers Corporate Event Transportation Services that could help your employees save money on unnecessary business travel expenses.
We transport large groups of people to meetings, parties, or filming locations on time at a discount. - Reward incentives for staying on budget – Employees will appreciate the company’s cost-cutting efforts on business trips when they receive bonuses like team lunches or mileage points for traveling on a budget. Next trip, they will enjoy their business travel on a budget and get creative with reducing money on corporate travel costs.
- Automate the Travel Approval System - Some business trips fall beyond the scope of corporate travel policy. Automated Travel Policy Management helps with approving such out-of-policy travel arrangements. How to achieve about 95% of travel compliance? An online booking tool helps:
-Finance and travel managers to establish approval processes
-To keep tabs with every itinerary
-To ensure you secure the best price
-To have the maximum control over corporate travel expenses
Our partner Amadeus helps you with a complete corporate travel and expense management program.
What is a business travel expense?
The key takeaways of business travel expenses include employees’ transportation expenses, food, lodging, and other services like laundry, business calls, and more. Where to start to save money on corporate travel? Keeping track of travel expenses is often a hard process. HOW MUCH DO COMPANIES SPEND ON BUSINESS TRAVEL?
Extensive research shows these 4 ESSENTIAL BUSINESS TRAVEL STATISTICS
- Business travel expenses in the U.S. from domestic and international travelers amounts approximately around $387 billion (about $1,200 per person in the US) in annual revenue.
- Business trips account for about 12% of total U.S. air travel. They make 75% of Airlines’ profits.
- About 35% of U.S. businesses go in for business travel.
- In an average business trip Americans need to spend $949 in travel fees.
Info source: zippia.com
To reduce business travel costs, start by estimating the travel costs for your business.
How to calculate business travel expenses?
What makes the most of corporate travel and expense management?
Fact: The Average expense claim takes 20 minutes to process
Expenses like lodging and transportation that take up to 50% of business travel spending. Here are the steps to calculate business travel expenses.
Steps to estimate and calculate your business travel expenses
Step 1: Prepare a list of business travel expenses
Step 2: Sign up for a budget app or template such as Travel Perk or Spendesk
Step 3: Allocate a travel budget and compare it with the business travel budget
Step 4: Plan business trips ahead
Step 5: Find tools to manage and track business travel expenses
How to reduce business travel costs?
To manage corporate travel expenses efficiently, ensure that you adapt these fundamentals of corporate travel and expense management:
- Provide employees with solid definitions and reimbursement policies. It helps you track corporate travel and expenses and to process them accurately.
- Use a travel and expense management tool to reduce travel costs.
- Prudent planning and intelligent resource allocation can optimize business travel costs and achieve maximum savings.
- Implement cost-saving measures :
- Save Money on Air travel - Avoid foreign transaction fees, Book flights for mid-week, plan business trips early, Set a budget on the staff’s travel spending habits, Hunt for cheap flights, Avoid baggage fees, and, Don’t use airport parking.
- Save Money on Lodging - Don’t spend money on resort fees, Book hotel rooms in advance, Sign up for hotel rewards programs, and Think about location.
- Bundling airfare and cab hire services
Are you a travel manager or a finance team expert planning for business trips? In need of smoother corporate travel arrangements? Elife Global Corporate Transportation Services can help you simplify every aspect of business travel.
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Cut down your employee travel expenses with Elife Limo!
Save on corporate travel with Elife Global Corporate Transportation Services – We offer corporate transport services that help you save money and time. You can save much on corporate car travel expenses till corporate shuttle services.
- Corporate shuttle services
- Corporate event transportation service
- Car services for business meetings
Our partners design bespoken travel management program that fits your specific goals. We draw customized corporate travel and expense management from your practices and business goals. As part of this, Elife Transfer can help you develop an effective corporate travel policy to help contain overall business travel spending and enhance the travel experience.
- Global Corporate Transportation Services
- Corporate Travel and Expense Management
- Meetings and Events
- Setting up Corporate Travel Management Policy
- Passenger Assistance
- Cost optimization in corporate travels
- Marketing and internal communication
- Tickets and Hotel Reservations
- Discounts for leisure activities for the employees
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