Top Tips to Save More on Business Travelling Expenses

Review your business travel policy

Reassess your business travel policy, identifying areas of improvement. For example, say a number of expense submissions or requests have been rejected. Understand the reason for it and how your policy can be better conveyed to your employees. 

If you haven't yet implemented a business travel policy, make it a priority. The sooner you share your policy with employees, the faster you can get everyone to follow the guidelines and start saving money. 

Here are some things to include in your travel policy:

• Spending limits on airfare, hotels and transportation, and mandatory vendors (if any)
• Reimbursement guidelines
• Medical care and travel insurance 
• Whether travelling employees must use a travel management and booking platform
• Duty of care, the reasonable steps you can take to protect employees' well-being on their business trips 

Setting up a policy becomes even more easier with the help of a corporate travel management platform.  It creates a travel booking system based on your travel policy, helping tighten control over tour expenses. Here's more on why it's a good idea to use a corporate travel management tool.

Get started with a business travel management platform

An online platform for business travel management does as its name implies. It acts as a single platform for booking flights and accommodations, tracking expenses and providing data on travel spending patterns. 

You can easily establish your travel policy on the platform. Doing so will automatically set up a trip approval process, ensuring that employees adhere to the policy. On the platform, employees have a variety of options to choose from when booking flights and hotels, enhancing their travel experience. However, you can rest easy knowing that all travel bookings will remain within your business travel policy.

Use a Travel Reward Credit Card

Leveraging a travel rewards credit card has the potential to offer substantial benefits for employees travelling frequently for work. Here's how:

• Accumulate Points or Miles: With each travel booking, employees accrue points or miles on the company’s corporate credit card. These points can later be redeemed for complimentary or discounted flights and accommodations.
• Access Airport Lounges: Many travel credit cards grant access to airport lounges, where employees can enjoy refreshments, superior Wi-Fi connectivity, and amenities like meeting rooms or quiet workspaces. Not only are these services complimentary but also help employees relax before their work trip.
• Exclusive Partnerships: Some card providers forge partnerships with airlines and hotels, offering cardholders access to exclusive discounts and benefits.

Take ancillary charges into account from the start

Ancillary charges are a common culprit driving up tour and travelling expenses. Take a close look at the breakdown of charges when booking a flight, staying at a hotel, or booking a cab. 

• Airline ancillary charges include on-board food and beverages, better seats and internet usage. 
• Hotels may charge incidental fees like early check-in/late check-out, minibar consumption, car parking fees, and more. 
• Cabs can charge high wait time fees.

Once you've identified these hidden travel expenses, check with business service providers if you can bundle them into a single package. By identifying all types of ancillary fees from the beginning, you forecast travel spend and budget better. 

Expense Tracking

One effective strategy for boosting business travel savings is to implement real-time expense tracking for your business travellers. But how can companies achieve this? 

Encouraging them to utilize expense tracking apps or features integrated into travel booking tools allows for immediate monitoring of expenditures. This provides a comprehensive insight into their spending habits, facilitating easier identification of areas where they can adhere to pre-approved budgets. By pinpointing instances of overspending, companies can swiftly implement measures to achieve corporate travel savings.

Reward employees for helping you save money

Implement a rewards system to acknowledge employees who actively contribute to cost-saving measures. Encourage and incentivise team members who select budget-friendly options for travel arrangements or accommodations. 

By recognising and rewarding their efforts, you not only foster a culture of financial prudence but also enhance employee engagement and satisfaction. This approach not only contributes to cost reduction but also reinforces a sense of ownership and responsibility among employees, ultimately leading to a more efficient and collaborative work environment.