How to Manage Your Business Travel Expenses
Whether you’re an employee or CEO, travelling can be a necessary part of the job. According to the Bureau of Transportation, American business professionals make 405 million work-related trips a year. From hotel stays to airline tickets, travel expenses can add up. If not managed properly, business travel can be costly and stressful. Below are some money management tips for when you hit the road.
- Plan ahead: An important first step is to know your company’s travel policy. According to a recent survey by the Global Business Travel Association (GBTA) Foundation, 79 percent of business travelers report their company’s travel policy has the greatest impact on their decision when booking travel for work. The travel policy will act as a guide, including preferred airline carriers, hotel guidelines and travel expenses.
- Save receipts: From cab rides to room service, make sure to save all receipts. To make your life easier, cut the clutter of receipts by downloading an app like Expensify to scan receipts on the go. This will prevent lost paperwork and help you keep an accurate expense report. Make sure to include any additional information that explains the reason for the expense.
- Record your expenses: Evaluate your travel costs by using an expense log from Excel, which contains a quick reference summary along with categories for meals, lodging and transportation expenses. Print out a spreadsheet on Boise® X-9® Multi-Use Copy paper to keep on hand and update daily. Not only will this help you stay organized, but it will help cut down the time it takes to fill out your expense report when you return to the office.
- Establish spending limits: Be mindful of your spending while on the road. Follow your company’s travel policy, including minimum and maximum limits for food items, car expenses and more. While it may be tempting, steer clear from movie rentals and snacks from the hotel mini bar.
- Stay organized: Keep a separate folder to store all important documents associated with your trip so everything is in one place for when you need it. This will help you keep personal and business expenses separate. Being organized from the start will make everything go more smoothly, and you will be better prepared if any unexpected issues arise.
Following these simple steps will help you keep control of your travel expenses and make for a worry-free business trip!
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