How to Regulate the Rising Costs from Business Travel Booking?

 

Technology has enabled bringing teams together to collaborate virtually, but that does not imply that face-to-face interactions will ever become obsolete. Engaging with clients and customers will require a business travel booking, thus costing companies heftily due to the rising costs of corporate travel. Here are a few ways companies can control the costs constraints arising from work-related travel and move towards more savings:

 

Face-to-face meetings are crucial for every business. Whether it is for client acquisition or team management, business travel has been a crucial aspect of achieving success and growing the business. Therefore, business travel bookings are even more imperative if companies want to retain a competitive edge in the market.

 

However, corporate travel is not easy, especially with the rising costs. The rising fuel prices, and the impact of inflation on raw materials, among several other factors, primarily contribute to the escalation of the prices. Efficient travel is consequently now a matter of effective savings, especially if we take into consideration that travel expenses on business travel booking services are the second biggest business expense in most organisations. Furthermore, it is also among the hardest expenditure to control.

 

With such huge sums spent on work-related travel, there is a need to strategise the travel expenditure of an organisation. Here are some ways to overhaul the rising costs associated with business travel bookings:

 

Get a Larger Selection of Flights and Hotels on Business Travel Booking System:

 

Having access to a larger inventory of flights and hotels is one of the most effective ways of cutting down on travel costs. Using a business travel booking service can greatly help businesses in this regard. Such travel management companies have access to a number of suppliers and are well versed in negotiating discounted corporate fares that can greatly help businesses save up on their travel budget. On the contrary, when organisations use traditional booking methods wherein they are still stuck with antiquated business travel solutions, they miss out on cost-saving opportunities. Hence, having a TMC integrate a bigger travel network into a company’s business travel requirements will effectively cut down costs.

 

 

Ensure Flexibility Without Added Costs Using Business Travel Booking Tool:

 

Businesses are quite unpredictable as they are subject to unprecedented circumstances. Hence, this can directly impact the business travel plans of the employees due to last-minute changes. There is, therefore, a need for flexibility in business travel bookings. When the employee or travel manager is making the booking arrangements for a business trip, they must be able to make cancellations and changes without hassle. However, this can cost the company, and therefore there arises a need for reduced cancellation charges and date changes. The best business travel booking sites offer this feature, saving up to 50 % on hotel and flight bookings. This enables the employees to optimise their travel plans while also letting the travel admins exert greater control over their travel budget and save more.

Set Up a Travel Policy With Business Travel Booking Services:

 

If the employee is not fully aware of what is permissible and what falls outside of their company’s business travel guidelines, they can end up exceeding the expected expense expectations set by the organisation. It can be challenging when businesses are trying to cut down on cost overruns. This is where setting up a customised travel policy that is integrated with your business travel booking online can assist companies. A travel management tool can easily help with both these, helping businesses implement corporate travel policies effectively. A clear and accessible travel policy can help a business grow and manage expenses efficiently when they have clearly defined:

 

• The approved budget for each online business travel booking of air travel, hotel accommodations, rental cars and other travel needs.
• The guidelines regarding the economy and business class seat bookings.
• The approval flows and reimbursement claim mechanisms.
• The mode of payment to be used for availing of the services of business travel booking companies.
• The expense management and reporting procedures.

 

 

Ensure Travel Policy Compliance with Business Travel Booking Sites:

 

Just setting up a travel policy would not be enough to ensure that the company does not overspend on business travel. Business travel booking procedures that help establish approval processes and automate booking processes for travel and finance managers can enable organisations to achieve a 95% compliance rate. This further ensures that travellers are able to secure the best price on bookings as well as enables employees to be more productive by saving up time spent on unnecessary research and comparison while booking. Automated processes additionally make sure that employees are in line with the company’s travel policy, avoiding going overboard on the travel spend. It can also flag non-compliant bookings, ensuring travel admins have greater visibility and, by default, more control over the budget.

 

 

Get GST Invoices for Claiming Input Tax Credit:

 

A Business travel booking site like myBiz assures GST invoices on business travel bookings. This GST invoice can enable companies to make greater savings by helping them to claim the input tax credit or ITC. This ITC can significantly allow companies to regulate their business travel costs by reducing the tax paid on sales of flight and hotel tickets. This GST-compliant invoice on business travel bookings brings tax benefits for corporates for corporates, saving a considerable amount on their travel expenditure. All that is needed is:

• A GST-compliant invoice from the travel management company 
• Company’s registered contact number
• Company’s registered billing address
• Company’s GSTIN

 

A business travel management company like myBiz can, therefore, not only reduce the workload and cut down the paperwork of a company, but it can simultaneously save the organisation’s money. It can holistically help regulate the rising costs while still enabling convenient business travel bookings for the employees. So, streamline all aspects of corporate travel while also ensuring all-around savings with myBiz. Join now!

 

 

Frequently Asked Questions (FAQs)

 

Q1. How can a business travel booking site help organisations save money?

Ans. A corporate travel booking site ensures that employees stay on budget by remaining compliant while also having the flexibility to make their travel arrangements as per their convenience, ensuring higher savings.

 

Q2. How can a TMC ensure savings on hotel bookings?

Ans. A TMC can make sure to negotiate corporate room rates on business travel bookings, making it more cost-efficient.

 

Q3. Can a travel management company help save costs by acquiring travel data?

Ans. Yes, a business travel booking system can optimise a company's travel budget thanks to the integration of an expense solution that generates real-time reports. This data can help travel admins identify trends and optimise their budgets accordingly, ensuring savings.

 

Q4. Can a travel policy integration help regulate business travel costs?

Ans. Yes, the cost of business travel booking services can be regulated with a clear and accessible travel policy that is integrated with the bookings for easy compliance.