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Five tips to consider regarding travel expenses

Expense management timer 2 min.
Carol Bernard

The benefits of an effective travel expense management process, with a structured analysis and integration of all the information related to the process:

  • Improves management efficiency: elimination of manual and paper-based work flows, reduction of internal bureaucracy by communicating better with partners.Replaces the inefficiency of the traditional process by automating tasks so they have minimal human intervention.Facilitates the task of the compiler and reviewer, in order to help to reduce errors.Synchronises the different stages of the process without any of them becoming blocked.
  • Five tips to consider regarding travel expensesSaves on management costs: with automated drafting of the expense sheet, time previously spent on administrative tasks is saved.Supervisors receive information previously processed by Captio so that their intervention is reduced and they only need to mediate in cases of conflict. Performing individual expense controls reduces fraud and discourages workers from any fraudulent intentions. The material and infrastructure for management are also decreased.
  • Manage incidental expenses and save on predictable costs: analyse the situation beforehand (destination, travel time, possible companions, functions to be performed, accommodation etc.), choose the most appropriate accommodation based on the stay and considering the per diem allowances, take into account the expected additional costs (transportation, parking etc.), compare prices and book in advance, and avoid or minimise incidental expenses (take out insurance for cancellations, insurance theft or lost luggage, etc.).
  • Include and negotiate extras: these should be negotiated when purchasing the trip; otherwise, they are often used to increase the amount of the bill at the end.Suppliers seek additional revenue because of falling business travel (25% in 2010) and the emergence of competitors on the internet. You should incorporate recurring items in your negotiations, such as the Wi-Fi service at the hotel, laundry service, breakfast or car rental conditions.
  • Manage internal fraud: more than just granting the benefit of the doubt where there is human error during the report or where the worker is unaware of the spending policy at the company, this involves detecting when the expense sheet has been deliberately inflated.In order to carry out a comprehensive and competent review, it is advisable to have a cost control automation tool. This can be used to detect unusual figures, upward and downward changes in spending patterns... a good practice is to perform periodic audits of the process.And whenever fraud is detected, act in a measured but forceful manner.

Download the guide "How to manage travel expenses efficiently"

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