If you're reading this, I'm earning money in some way. I was compensated with money and/or product. Thanks for helping to feed my family. I also may have a financial interest in companies named. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not an accountant, lawyer, doctor, fitness expert, or nutrition specialist. So, talk to a professional before acting on anything you read, watch, or listen to below. Get your own advice and do your own research. Email me at [email protected] with questions.
So, you want to reduce your company travel expenses? In this economy?
Many business owners and their employees do not have to travel nearly as often now that technology has made it possible to hold meetings and conferences remotely, which has meant a big saving for many companies.
However, there are many businesses and many occasions where business travel is still a vital part of the setup. If that is the case for you here are some simple things you can do to reduce your company travel expenses and start saving more money
It is so much easier to save money on your business travel expenses if you have a very clear process in place that lays out how much any given employee is allowed to spend on things like transport, mileage, and accommodation.
When they know what is expected of them, they are much less likely to spend decadently on the company card, and it will also be much easier for you to estimate tor annual travel bills. So you can better plan your cash flow, too.
Of course, if you cannot keep track of who is spending what, you cannot come up with ways to save money which is why it is always a good idea to use software like Bolt Business to keep track of and manage your business’ travel expenses.
Periodically check on the data you have gathered using the software and use that to find smarter solutions that will save you money.
If you and your employees travel for business a lot, and if you often travel, to one main location, then it can often be cheaper to look for apartments for rent than it is to pay for hotel accommodation every time. Look up the cost of average rent in the city you travel to a lot, and compare the monthly cost with your monthly hotel bills, taking into account any tax breaks, and if the figures look good, rent an apartment instead.
If you get to know the local travel agency, you can strike better deals with them. You could even agree to cross-promote their business in return for cheaper flights or better deals on accommodation if they are willing to do so.
If several of you are revealing to the same place at the same time, then traveling together will mean fewer mileage claims. It’s also worth checking if a bulk plane or train booking would not be cheaper than gas if you have a very large party to transport, although more often than not, renting a coach will work out to be more cost-effective.
Incentive your employees to stick to their own personal travel budgets by offering them bonuses and perks and they are far more likely to keep within the acceptable limits.
As you can see, it is perfectly possible to save on the cost of business travel expenses. So, why not implement some of these smart financial measures today?
How to Balance Your Life as a Recruitment Manager
Reevaluating Your Attitude to Debt: 4 Methods to Get You Started
What To Consider When Launching a New Product Campaign
Four In 10 Parents Setting Up A Side Hustle
Ways To Mitigate Flooding Damage at Your Business
Getting the Employee Journey Right: Where to Focus
Grow Your Trucking Business With These Proven Tips
Dangers Of Business Fraud And How To Prevent It In 2023