A corporate travel expense is considered to be the most challenging task for all the seasoned professionals. It starts from hustling through airports to fighting for cabs, and from scheduling each and every hour of sleep to the challenges of entertaining the clients, getting to meetings on time, and the art of executing a great corporate trip taking an immense amount of energy. Having a track record of all your business expenses would ensure that you are not stuffed with all the extra costs accrued on your corporate trips. Given below are the five major tips on how you could get the most out of your travel expense management software.
Having a track record maintained: If you lose all your receipts while travelling for all the expenses made, then it would be a huge problem when you are back to work. It would here also mean that you are here left out of pocket for that business lunch or work related bill that you had to pay for. Also for backups of all the expenses you have made during the tour take the photo of all the receipts adding further details of the business expenses.
Get automated with all your business travel expenses: When it comes to managing the travel expenses of your organization, there are many mobile apps and cloud based solutions made available in order to download and stream line your record keeping. This would not just speed up the entire process of recording and reviewing the travel expenses, but could also reduce the time you have to wait in order to be reimbursed if you have paid for a business expenses out of your own pocket. Also try considering the basic software Microsoft office which has spreadsheets templates helping you track the business travel costs.
Speaking to your experts: Depending on the size and frequency of travel for the employees of your organization, a specialist travel management organization would here be the best option. These are organizations that would not just provide you with the best deals, but also the knowledge on how you could negotiate on the insurance, visas and the last but not the least the hidden costs.
Categorize the expenses: When it comes to travel business expenses, your tax preparer would give you a list of categories of IRS accepted expenses. The categories would here involve transportation; meals, lodging and business use of your home are standard for professionals claiming business deductions. If you could slip each and every expenses made in one of those categories, it would make things easier for yourself and your accountant at tax time. Another benefit of categorizing the travel expenses is that you would here be to clearly see where your money is exactly going, helping you identify where the money is wasting, allowing you to adjust your spending habits in order to make your business profitable each and every year.
Being organized: Managing your travel business costs while you are away from your business is one of the most exciting ways of spending time, and if you are organized it would save your time later. You would here be able to refer back quickly to a particular trip or meeting if the accounts team has been asking for a clarification on the expenses made. So have a note of all the business expenses made on daily basis. Try not to mix your business and personal funds avoiding confusion making it harder for the accountant for all the different expenses you have made. If you are up to it consider completing your expenses form at the airport or on your way back home while the trip is still in your mind. Remember whatever you do submit your business expenses on time and see if they have been paid.
With the emergence of new markets it is going to be the organizations with robust travel policies, understanding how you could make use of the tools available which would thrive. So what would you like to add to the above list? Do leave your thoughts and comments below.
Melissa Patterson is a freelancer and has experience of over 5 years in expense and travel management software. She has in-depth knowledge about managing travel and different type of expenses incurred in business. She writes about expense management solutions as a freelancer.