The world is getting smaller every day. Thanks to lower flight fares and new, digital communication tools it’s never been this easy for businesses to expand their international efforts.
It might be limited to just a couple of meetings abroad per year, or it could be opening multiple offices on the other side of the world - the bottom line is that we’re flying much more than before.
So how do you set up a stellar travel policy? We’ve split things up in two easy steps.
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1. Establishing and implementing a travel expense policy
There are some other things to think about - some companies like working with travel agencies, for example, which isn’t cheap but saves everyone a lot of hassle. Keep in mind that your policy should be made to evolve, as the preferences, financial flexibility or another aspect of your company might change due to growth or other factors. You should always plan ahead.
2. Applying and ensuring travel expense policy compliance
Depending on your company, it might make sense to make your travel policy very strict, or perhaps not so much - it all depends on its culture and financial flexibility. There’s something to say for being a bit strict, however, as a 2010 GBTA study found that “stricter policies could equate to nearly $30 billion in savings.”
All in all, coming up with a travel expense policy and enforcing it can prove to be a real challenge. Using a real-time expense management platform like Spendesk makes things a lot easier - managers are able to approve purchases and monitor all spending, while the finance team gets a clear, detailed overview to work with.
It’s a modern, all-in-one package that you’ll love to use - why not take it for a spin today?