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Best ways to save money on business travel

The best way to save money on business travel is to use travel booking automation software that can customise budgets for designated trips and minimise expense management by automatically limiting options based on the corporate travel policy in place. This can allow you to take a two-prong approach to business travel savings.

The first approach is using expenses management software to automate more traditional cost-cutting tactics for business travel. This involves using savvy trip planning and budgeting tactics in a more streamlined fashion. Below are three high-level ways of doing so.

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1. Plan ahead and define a budget for upcoming trips

By using travel booking and expense management software, you can receive a clear view of the upcoming trips, their business purpose, and their expected spend and outcome. This can be used to design and designate dynamic budgets ahead of time. The advance view also allows you to take advantage of flight flexibility and travel deals that come as a result of early bookings.

2. Set a realistic allowance for food and other travel expenses

Once the company has insight into what level of spending typically occurs on meals and the auxiliary costs of travel, they can include that within the budget. This is an area that can be often overlooked or underestimated but can rack up quickly – especially through smaller items like Wi-Fi charges and luggage fees.

3. Review and communicate your corporate travel policy including what requires pre-approval

Once the budget for a particular trip is defined, share the corporate travel policy with the team. Use the software to automatically cap spending in particular areas or for certain employees at a particular limit. This avoids out-of-policy spending or overspending as the result of employee confusion about their designated allowances. Be clear about what the budget is, what expenses need pre-approval, and what expenses can be submitted without approval.

The second approach is leveraging the advanced features of the automation software to expand your savings in a number of more sophisticated ways than the traditional cost-cutting methods, by:

  1. Minimising spend on support resources by maintaining data in one place and cutting employees time on travel and expense administration
  2. Saving money by using one subscription-based system instead of different systems, teams and contracts where costs can be variable.
  3. Tracking travel and expense spending at three levels, allowing you to immediately identify ROI and maximise profitability.

Ultimately, the right automation software can provide outsized results when it comes to saving money. It can systematise the traditional tactics that a business would be able to use by working with a travel agency or booking company, while also benefitting from the cost saving solutions available through advanced data analysis and reporting, allowing businesses to reinvest their new savings into even more profitable activities.

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