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Keeping Travel & Entertainment Expenses Under Control

By on February 26, 2014 in Expense, Travel with 0 Comments

travel expensesFor most any business, travel & entertainment expenses makes up a huge percentage of business expense. No matter what type of service your offer or what you sell, one or more employees will have to travel to present your service or product at some time. This need for travel doesn’t mean that you cannot keep the cost down, however. By following these tips, you can help decrease your expenses for travel and ensure that your company still stays at the forefront of the market.

1. Redefine or Build a More Comprehensive Business Expense Policy 

You most likely have some sort of corporate spending policy, but if it is not reinforced, then the infractions will keep expanding. A stricter policy can give your employees guidelines for what should be spent. Even a small percentage decrease can make a big difference, especially if you are over a big corporation. Limit the amount spent on meals. Even a dollar or two a meal can add up.

2. Consider Technology that Manages Expense Reporting 
If you haven’t invested in an expense application for your business, what are you waiting for? It can be a great way to decrease your travel expenses and keep track of them on an ongoing basis. It allows you to print out reports as needed, help’s you monitor employee’s pending, and it will decrease the work that both your traveling employee’s and your accountants have to do.

This application or program will benefit the entire business, but putting tools in the hands of your employees to monitor their spending. If your employees have been submitting reports manually, this can make a big difference in your management of these corporate expenses.

3. Gives an Opportunity for Partnering with Frequent Vendors
If you begin to notice that your employees use a particular vendor on a regular basis, this can be a great opportunity to see if you can get a discount or deal. It can add up to quite a bit of money in the long run that you can save with hotel and even rental car companies.

4. Allows You to Evaluate Meeting Need
With the advent of the Internet, each and every business trip may not be necessary. Online videoconferencing and file sharing can allow you to have a meeting over the Internet, which can save quite a bit of money over traveling to a destination.

While there is a necessity for business trips, it doesn’t mean that this is a necessity for every situation. By evaluating your goals, you can determine if it is a goal that can be met via Skype or another online program. Expense management may take a little rethinking, but it can make a big difference in these travel & expense expenses over the long run.

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