In the business industry, corporate travel is a vital component. But the expenditure on travel is what has caught the eye of the companies. The clients are pushing back on travel expenses. Many of the companies have set limitations on the travel expenses as a part of the engagement contracts for the foreseeable future. Lowering the corporate travel costs will continue to be a top priority, and firms are looking for alternative tools &plans that will help them bring their travel expenses under control.
Do’ and Don’ts of the Corporate Travel Expense Process
1. Corporate Travel Expense Policy-
Do– Define a travel expense policy that will make all the travel bookings and accounting easy.
Don’t– Do not neglect the comfort requirements of the staff and the employees when you draft the corporate travel expense policy.
2. Corporate Travel Policy Ownership-
Do– Your corporate travel policy creation will be done by the chairman in consultation with the finance division. When you roll out the policy, there will be feedback and queries from the employees. Handle the concerns and draft a policy that is clear and well-defined.
Don’t– Do not allow anyone else other than the owner of the policy to tweak it or make changes. Let there be a clearly defined ownership of the policy.
3. Reimbursement Rules-
Do– Make the employees clear about the reimbursement rules. They should know what to include and how to report the expenses. Ensure that all the managers and employees understand their duties and responsibilities regarding these expenses.
Don’t– Do not leave any room for misunderstandings when the employees ask for travel reimbursements.
4. Timeline Commitment-
Do– The best way to see that the accounts department reimburses the corporate travel expenses to the employees on time is to include a timeline limit in the travel policy and implement it effectively.
Don’t– Do not delay the payment process to the employees, because it sends a negative message to them. They may start avoiding their corporate travels or show resentment towards the company.
5. Market Assessment-
Do– Try to assess the travel markets that keep changing. Understand the changing requirements of the employees.
Don’t– Do not stick to the same corporate travel policy rules that were formed years ago. Be flexible and understand what the employees need when they travel for work.
6. Corporate Travel Expense Process Changes-
Do– Your corporate travel expense process cannot continue with the age-old methods. There are new software tools available in the market that will speed up the process. Make frequent changes in the corporate travel expense process, whenever and wherever required.
Don’t– Your corporate travel expense process is not final. Do not be rigid and do not say no to any such changes that will help you towards achieving a speedier and easier process.
Tess360 to Your Rescue
Tess360 is that magic wand that will help you in the corporate travel expense process. From pre-travel approval workflow to expense filing and auditing, it will cut your tasks by half. Tess360 is for those who wish to have easy, fast, and hassle-free corporate travel planning solutions.