How to keep track of travel expenses?

In today’s business world, it’s crucial to manage business travel expenses effectively and efficiently. Whether you’re working for a small start-up or a large corporation, travel costs can quickly spiral out of control if not properly monitored and controlled. In our article, we’ll give you tips on how to effectively manage your travel expenses, make savings, and optimize your budget.

Benefits of tracking expenses for business travel

By continuously monitoring and effectively tracking your business travel expenses, you can manage your company’s travel budget more efficiently and ensure that all expenditures are properly documented and recorded. This benefits not only internal reporting but also makes things easier for the finance team and your supervisors.

You’ll also identify irregularities or potential savings opportunities earlier. Certain travel patterns might be excessively expensive, and in these cases, you can take action to reduce costs in the future. Efficient reporting methods allow you to compare travel expenses with the results achieved and determine whether certain business trips were actually worth it for the company.

How to reduce business travel expenses and optimize your budget

By systematically tracking all business travel expenses, you can work on reducing them. This way, you’ll always have an overview of where the budget is going and where further savings might be possible. For example, some flights and accommodations may be cheaper if booked early. In other cases, alternative transportation methods like car rentals or trains might be more cost-effective than a flight.

Tools for business travel expenses

There are various tools and platforms available that help you manage and track your business travel expenses efficiently. The right travel management software not only allows you to easily record expenses but also provides tools for analysis and reporting.

Corporate travel management and expense platforms

Travel management and expense platforms like GetGoing, Navan, and TravelPerk offer excellent solutions to centrally manage all aspects of your business travel.

GetGoing

GetGoing is a comprehensive travel management software that allows you to optimize all aspects of business travel within your company, including expense management. You can not only book trips but also record all associated expenses. Receipts can be captured digitally, expense reports can be generated, and shared directly with your finance team. Additionally, many processes can be automated, and your travel policy can be integrated. Plus, you can even manage expenses for your company on a whole not related directly to travel, all in one platform.

Navan

Navan (formerly TripActions) offers a powerful platform for managing business travel and expenses. With its user-friendly interface and intelligent features, you can always keep an eye on your travel expenses.

Travel Perk

TravelPerk is a flexible and intuitive platform for business travel management, specifically designed to meet the needs of small and medium-sized enterprises. You can book all business trips and monitor and analyze travel expenses.

Manual methods of expense tracking

If you don’t want to use specialized software for tracking business travel expenses, there are some manual methods that can help you keep an overview. These include simple Excel spreadsheets or collecting physical receipts.

With spreadsheets, you can record and categorize your expenses manually. For smaller companies, this can be a simple and cost-effective solution. However, the system is prone to errors and can be time-consuming since everything has to be entered manually.

5 Tips for effective tracking of corporate travel expense 

It’s crucial for your company to always have an overview of your business travel expenses. Here are some best practices that might help you.

1. Set up your travel policy

A well-written, clear travel expense policy helps you set clear boundaries and communicate to your employees which expenses are within the budget and how they should be reimbursed. Make sure to use clear language and ensure the policy is easy to follow to avoid misunderstandings.

2. Ensure you educate your staff about complying with your travel policy and reimbursement protocols

All employees in your company should be familiar with the travel expense policy and the reimbursement processes. Regular training sessions and open communication can help avoid misunderstandings and ensure the policy is properly implemented.

3. Upload your receipts to your expense management software

To avoid a paper trail and keep track of your expenses, it’s recommended to upload all receipts promptly to your travel expense management software. This way, all data is centrally recorded in one place.

4. Use technology to help with the expense management process

It’s a good idea to use technology to regularly manage expenses and view spending reports to keep an overview of the total costs. Regular reporting allows you to quickly spot irregularities and make necessary adjustments. Make sure to share your reports with the employees responsible for travel expense management in your company so approvals can be made quickly.

5. Choose travel expense management software tailored to your needs 

There are many different travel expense management software solutions available that cater to various needs. The adaptable solution from GetGoing, for example, offers a lot of flexibility and functionality to effectively manage your business travel expenses. By automating your processes, you can minimize the risk of errors and optimize expense management.

There are many different travel expense management software solutions available that cater to various needs. The adaptable solution from GetGoing, for example, offers a lot of flexibility and functionality to effectively manage your business travel expenses. By automating your processes, you can minimize the risk of errors and optimize expense management.

Frequently Asked Questions about Tracking Travel Expenses

• How can I track travel expenses without losing receipts?

  Consider using travel expense management software. This way, you can upload receipts immediately after receiving them and use apps to digitize receipts. This is also a good way to integrate receipts into your travel expense reports.
  

• What are the best tools for tracking travel expenses?

  There are many different travel expense management platforms with various features. The solutions from GetGoing, Navan, and TravelPerk are very comprehensive, including managing and tracking travel expenses. You can easily record and analyze expenses, and receipts are captured automatically. The reporting function is also very useful.
  

• How often should I update my travel expense records?

  We recommend doing this as often as possible, ideally after each trip or at least once a month. This way, you’ll keep track of your expenses and ensure that all expenditures are accurately recorded.

• Can I track travel expenses using a mobile app?

  Many travel expense management tools, like GetGoing, offer mobile apps that allow you to record and manage your expenses on the go. This is an extremely convenient feature as you can upload and categorize receipts immediately.
  
  

How to keep track of your business travel expenses

Effective management of your business travel expenses is crucial for your company. Only in this way can you ensure financial stability and make the most of your travel budget. By strategically managing and monitoring your travel expenses, your spending will align with your company’s goals, and potential savings can be realized.

Whether you use specialized travel expense management software like GetGoing, or opt for manual methods, it’s important to keep a good overview of your spending and regularly create expense reports. With the right tools and a clear travel expense policy, your company can avoid unnecessary costs. And you can ensure that your business trips provide real value to your company.