How to Create an Effective Corporate Travel Policy?

It is clear that business travel is the key to organizational success but involves a lot of complexity while managing the process. Apparently, US companies are spending around $290 billion dollars on Travel & Expense (T & E) every year. Corporate travel has become the core piece of any company, but organizations should have a strategy to reduce the cost and take the complexity out of the process.

Managing business travel within a company is even more complicated. Knowing fares for hotels or flights is a major headache. This is where the corporate travel policy comes into the picture. Implementing a travel policy within the company will clearly determine the booking process and tell employees what is reimbursable and how to report expenses.

Outlining a strong corporate travel policy is the key to managing employee expenses and ensures compliance. We understand how difficult it is to create an effective travel T & E policy. That is why we have listed out a few ideas you can follow when creating your corporate travel policy:

  • Evaluate current travel booking process

  • Figure out organizational needs of corporate travel

  • Set a budget for business travelers

  • List out what expenses are eligible for reimbursement

  • Mention what travel expenses are not covered by the T & E policy

  • Determine expense reporting and reimbursement process

Creating corporate travel policy is not an easy task, you have to take various aspects into consideration to meet corporate traveler needs. Also, it requires you to do a lot of research, communication, and effort from all who are involved in the business travel. You have to involve frequent flyers as they know what works and what does not work while out on the business travel. But by following the above strategies you can make sure you create an expense policy that works for your corporate travelers in real-time.

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