Business Travel Expenses – Every Businessperson Needs to Know
No matter whether you head to Manhattan or Sydney- a business trip is seldom easy on the mind! Unlike a personal tour, you have to think about the business aspect of the trip and also keep some time for relaxation and sightseeing after the official chores are over.
Moreover, the thought of keeping the business expenditure within allowance limit and woes of overspending may make you anxious at times. With proper planning and execution of those plans however, it is possible to enjoy a business trip while doing justice to both assignments and personal leisure fulfillment!
Listed below are a handful of tried and tested tactics you can utilize to manage business travel expenses like a pro:
- Update yourself on travel policy of the company
The corporate travel policy is not a stagnant doctrine and it varies from one company to another. Before embarking on such a trip, you can check the travel policy of your company-including the allowances and exclusions in detail. You need to figure out whether things that interest you or you prefer in a trip are covered in the allowance or not. It can be about using specific mode of transport or accommodation related aspect. This way you can plan the nuances of the trip better and have a great time minus the woes.
- Book in advance
Whenever possible, book in advance to save on travel costs in any business trip. This is applicable for both airfare and accommodation. The same flight on the same route may cost you less if you can book the ticket around a month in advance and earlier is better.
- Go out of your comfort zone sometimes
For business travel, people usually have certain fixed perceptions and if you can think outside those- saving money is easier! A lot of people prefer sticking to their preferred airline and like to avail nonstop flights. These may be more comfortable for sure but in terms of savings- just the opposite. You can get some bargain deals on flights by choosing a different airline on same route. Opting for flights with a stop midway can also be great in this regard. Sometimes, opting for a less popular airport in the vicinity than the main airport in your destination can be useful for saving money.
- Make the most out of online services
Are you too occupied with office work and domestic chores that looking and searching for cheap flight and accommodation deals seem tedious? If the answer is yes, worry not! It is still possible to get good deals on such business expenses. You can opt for services of third party agencies that offer deals on flights, cab rentals, hotel bookings and more.
Once you subscribe to their newsletters and offers, such deals will be delivered to your inbox and mobile message inbox. There are dedicated online services to help you find great deals on foods and eateries too. This way you can savor yummy dishes of your choice while staying within allowance limit-during the trip.
- Use expense tracking apps
You probably already use myriads of Smartphone apps for purposes like booking movie tickets, paying utility bills and ordering food online. The nice thing is that you can use specific apps for tacking business trip related expenses. One noteworthy example is Concur and you can find a few more. These apps can help you save time while keeping expense related stuffs on track and accurate.
- Store all the receipts and be organized about it
You may use expense tracking apps and make the most use of online services to reduce expenses in business trips but storing the receipts physically still matters! This is where you need to be organized. Make it a point to store all types of receipts you gather in the trip, in a separate envelope. This will come in handy if you miss adding something while using the app or if the app itself falters.
- Learn to keep business related expenses separate from personal
It is only natural that you will like to spend your spare time in a business trip in the best possible manner. Based on the destination, your liking and budget that can involve many things. You may dine out at a posh restaurant or go for a rejuvenating spa too. Make it a point to keep business and personal expenses in such a trip totally separate. Using 2 different credit or debit cards can be helpful.
- Pick the hotel carefully
If your company’s travel policy allows you to pick the accommodation at the destination, choose wisely, after analyzing some factors. For example, you may opt for a hotel with facilities that fulfill your needs better. Not all hotels may offer complimentary breakfast or vegan cuisine, as it is. You may also want hotel that offers airport pickup for added convenience.
Namit is fond of reading, writing & meeting people. He loves writing about Spend Management Software. In a former life, he worked as a content specialist and has good knowledge about finance.