How to Take Control of Your Corporate Travel Budget

Excerpts from the BizTripz Whitepaper for Finance Controllers and Travel Managers titled “Taking Better Control of Your Travel Budget”

BT Mag

Published in

BizTripz

4 min readJan 15, 2021

Introduction

Many businesses often point to travel expenses as one of their biggest budget items. It is important to adopt the necessary steps to keep travel expenses under control. Usually planning and executing a corporate travel budget will need complete involvement and approval from the key stakeholders of your company. Be it a business-sponsored vacation or a trip related to an important project, the process of budget planning associated with it can be very complex. To ensure a satisfying as well as seamless travel experience to all employees or travelers, a well-planned travel budget is vital.

Taking ambient control of a company’s travel budget involves setting adequate guidelines regarding the acceptable travel expenses the firm is willing to shoulder. It is also vital to make sure that these investments and expenses made will generate to the business in the long run. To reach your corporate travel objectives and goals, consolidation of your corporate travel program with an efficient travel management company is necessary.

Taking control of a company’s travel budget involves setting adequate guidelines regarding acceptable travel expenses the firm is willing to shoulder.

On What is Travel Budget Management

The travel cost management is simply a structure that a company has in place to facilitate oversee the business-related travels. It involves the processes of planning a trip for paying as well as booking for everything necessary. This also includes necessary documents and approvals needed to ensure compliance.

Inconsistent and disparate nature of trip requisition and approval interactions distract the staff from what they should be doing.

On Effective Reduction of Corporate Travel Expenses

If a company has lots of employees flying or traveling to different locations during different times, then corporate travel savings might be a challenge. However, there are numerous ways for keeping costs down without having to compromise on services and safety for the traveler.

Organizations should keep track of the expenditures and travel patterns. This is a requisite for the successful reduction of corporate travel expenses. Data collection is one of the major elements used to manage unused tickets and monitor travel expenses. BizTripz can be an intelligent business travel partner that can bring unique benefits to your organization.

A disjointed reimbursement, approval and payment process will drive up the costs or the travel budget.

Some Post-COVID thoughts

Most Organizations are focused on cutting costs and managing budgets these days. Many travel service providers including airlines, hotels and car rentals are going through an extremely difficult time due to the significant impact of Covid-19. The companies must have a proper travel management policy to manage the travel expenses and ensure the safety of employees who are traveling.

Companies usually undergo a strategic evaluation every half a year. This is done to monitor the alignment and progression of goals following its strategies, objectives, and vision. Yet, in light of current events, this strategic evaluation needs to be conducted every week as many firms fight for their survival during this time of heightened uncertainty.

The travel industry had come to a grinding halt during the early days of the pandemic, but is expected to quickly recover.

On Benefits of Travel Tech

Expert business travel management strategies open up a world of efficiencies as well as savings for your organization. To significantly reduce the corporate budget, it is advised to apply efficient cost reduction strategies on your travel and related expenses. Every organization should make use of technology to get deeper insights about their travel program, especially with regards to avoidable errors, timely refunds and unwanted bookings before the spending takes place.

Taking Better Control of Your Travel Budget

Whitepaper for finance and travel mangers on how to Take Better control of Your Travel Budget.

Get it from: biztripz.com/whitepapers