Setting a travel and entertainment budget that your employees will love is not that easy. But with the help of technology, T&E budgeting will become easy for both employees and administrators. The following are a few tips that help you plan an effective T&E budget:
Make use of sharing services
Today, most companies are getting integrated with travel services to reap the benefits. With mobile apps, business travelers are taking the advantage of local deals and services. Also, many businesses are partnering with expense management solutions to automatically send receipts to the expense report. Administrators and accountants will have insights into employee spending so that they can plan better for future trips.
When taking any initiative, one should do the groundwork. Knowing the average per-diem rates by city will help you plan your budgets accordingly. And, by knowing the purchase preferences of business travelers, one can easily direct employees to cost-effective options.
Take advantage of an integrated travel booking system
Majority of companies and business travelers are still booking their travel via travel agencies. Travel booking systems will help you get the most cost-effective travel deals while taking advantage of corporate rates for air, hotel, and car. The best part is that many expense management systems offer an integrated travel-booking solution that can be easily configured with one.
This feature requires pre-authorization before the spend takes place. Pre-trip authorization can keep spend in check and ensure that all your expenses are within the company T&E policy. This feature will be useful when your employees book trips last minute and avoid any surprises in corporate travel planning.
Automated solution will offer cost-effective itinerary options that are within the company policy and budget.
Travel and entertainment expense management becomes easier with online expense software. By taking advantage of automation and the mobile era, companies can enjoy a more efficient way to control T&E spend.