Creating a travel and entertainment (T & E) budget requires you to analyze the expenses involved while employees are on the go. With technology, T & E budgeting can become easy for both employees and administrators. The following are a few tips you can consider to keep T & E expenses within the budget:
Leverage sharing services
With the increase of ride-sharing services such as Airbnb and Uber, it is becoming easy for businesses to integrate with travel services. Mobile apps are making it easy for business travelers to get the best local deals within seconds. In addition, many sharing services are partnering with expense management software solutions to automatically add receipts and expenses to the expense report. Accountants will have insight into what travelers are spending money on and how to budget better for future trips.
Do your research on the per-diem rates for frequently visited cities, so it becomes easy for you to plan budgets. Get purchase preferences of business travelers and guide employees to choose the most cost-effective options. To make the best travel decisions, knowing about travel trends and preferences can help you get insight into business expense data.
Integration with travel booking portal
Travel booking portal help employees choose the most cost-effective travel methods while allowing you to benefit from corporate rates for air, hotel, car and more. The best part is that many cloud-based expense management systems can integrate with travel-booking solutions. Configuring travel booking systems with cloud-based solutions makes your business travel more effective by offering the features below:
This requires approval from the manager before any travel bookings are made. The pre-trip approval process can eliminate last-minute bookings and helps keep spending in check. Also, since expenses will be monitored at the early stage, you can stay within the budget.
Travel and expense report software will automatically calculate the best available rates for itineraries. Your travel booking portal will only give you options that are within the policy and budget, ensuring bookings made will be within the policy as well as employees can make cost-effective decisions.
Travel and entertainment expense management is made easy with cloud-based expense report software. By leveraging automation and mobile technology, companies can enjoy an effective way of managing T & E spending.