If your next business trip is coming up, make sure you know how to manage your experience correctly!
By 2020, global business travel is expected to exceed nearly $1.8 trillion - making it one of the biggest costs a company will have every year.
Businesses need to ensure that resources are there to handle this growth. So, whether you're the CFO, a Global Travel Manager or a Financial Accountant, saving money on business travel expenses should always be on the top of your list.
Plan your trips ahead.
This rule is #1 for a reason.
It's always wise to book flights, hotels, etc. well in advance if at all possible. Many of these costs can dramatically increase closer to the time.
The key is to do your research beforehand. Planning ahead also means you can be smart about whom you send to meetings, events, etc. abroad. Why would you send someone hundreds of miles to a meeting if there’s already an employee there who can cover it?
Reinforce Your Company's Travel Policy.
Your company's travel policy is often quite detailed, which also means that there's plenty of places for expenses to slip through the cracks. Take a closer look at your existing travel policy, and review elements that may need to be updated.
This may mean reviewing the approval process for expenses, the protocol for on-site spending, and guidelines for bookings and reservations. By making all these elements clear, and more importantly, realistic, it can ensure you're not adding costs that could be easily avoided.
Restricting business travel costs as well as imposing the company's travel policy can increase the pain for employees. Entice your employees to save the company money, but for their benefit. This can be done through reward schemes, time off - there are lots of options you can use to thank them for reducing travel costs.
Bleisure - More Rewards!
Bleisure is a relatively new phenomenon, brought about by the ever-growing millennial workforce and their needs. Besides the obvious increases in employee morale, you could also save money on business flights. Flights are more expensive on Fridays, Sundays and Monday mornings - it's when business travelers typically fly! So, if your employee is looking to add a few more days to their business trip, and decides to return mid-week - it could save you hundreds.
Implement an Expense Management System
When your employees travel abroad for business, they're incurring T&E expenses on meals, hotels, taxis, etc. - expenses that you need to manage. Companies like SAP Concur offer industry-leading technology to allow organisations to simplify travel, expense and invoice management. The result? Total visibility and greater control of your travel spend.
What's more, on these expenses you are paying VAT (value added tax) - sometimes as high as 27%!
Taxback International and SAP Concur's joint solutions allows companies to ensure their travel expenses are recorded quickly and easily, as well as allowing for their VAT to be reclaimed without any hassle.
As the leaders in VAT reclaim globally, we've not only got the powerful technology to get your VAT reclaim but we have got our experts on-hand to ensure you're reclaiming correctly.
Find out even more information about we can make your business travel experience easier and more cost-effective by visiting us at SAP Concur Fusion San Diego 2019 - Booth 301.
We know that Indirect taxes such as VAT and GST can have a huge effect on your business. As VAT rates change sporadically keeping yourself informed can be difficult. Compliance is always crucial. That’s why our Indirect Tax Experts share their hand-picked news stories every day that you need to know. From breaking news to VAT changes and new EU legislation. We know that relevant information means better decision making. We aim to be your number 1 source for VAT and GST news.
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