Are Travel Expenses Getting Out Of Control in Your Business?
–This article was last updated on 5 October 2021-
Travel expenses are a huge contributing factor to what many businesses spend on an annual basis. From meetings to sales pitches and beyond, a lot of your employees will spend time in their car or on the train travelling to and from various destinations both within the UK and abroad. With so many appointments that need to be met, it can be difficult to keep track of travelling expenses, especially if you’re a growing business with multiple income and expenditure streams that require effective management.
Therefore, it’s important that both you and all of your employees have a thorough understanding when it comes to your company’s travel policy. Failure to grasp all of the policy elements could create unnecessary and avoidable problems down the line. If you are at all unsure over whether or not your employees have a firm grasp on your travel policies, here are some signs that can assist you in making sure.
Is your Company Travel Policy Regularly Reviewed?
As a business owner, it’s vital you have a firm grip on expense management, and that means realising that traveling will take up a large chunk of your business. As a result, you should take time out to regularly review all of the travel policies that are set it place.
If any of them no longer hold up or have become outdated, it’s important that you make the necessary changes and inform your employees of those changes. Regular checking of the rules can help eliminate confusion and make things easier when it comes to effective policy enforcement.
Do your Employees Know About your Travel Policy?
You may be surprised to hear that many companies which have a travel policy in place don’t inform their employees about it. If you have a travel policy, it’s vital that all of your employees know about it. The same goes with travel expense management. Ensuring all your employees are on the same page is crucial when it comes to expenses. Making your policy available in the same place as claim forms with a cloud-based expense system is a great way to streamline the entire process and make it easier for all of your employees.
What is the Cost of an Expense Report?
A large percentage of business owners are unsure over how much an expense report costs. If your business is trying to cut costs and save money, it becomes incredibly difficult to do just that when you don’t know how much an expense report costs. Good travel expense management is about staying on top of as many of the aspects as possible, meaning it’s more important than ever to make the process as easy as possible.
Do you Need to Head to the Cloud?
Travel expenses will make up a large part of your company’s finances. By investing in an automated travel expense management tool, you can make the lives of your employees a lot easier, and, over a period of time, it can help your business to cut costs simply because you will have a reliable and accountable system in place. It will also save you vast amounts of claims processing time. Thanks to the automation our cloud-based software provides, you can streamline the entire process and have all of your expense information saved securely in the cloud.