Almost everything you need to know. Table of Contents 1. Pre-trip Travel Policies Travel Management Platforms Traditional vs Modern Expensing 2. In-trip Pre-paid and Virtual Expense Cards 3. Post-trip Reclaiming Credit Review and Upkeep 4. Summary Managing business travel expenses is just one job of corporate travel managers today. But with rising rates of inflation, ongoing industry strikes, and decreasing levels of availability, it is a job that is becoming more and more difficult. For many businesses, the way in which travel expenses are managed has not changed. Excel spreadsheets dominate finance teams and travelling employees are left out of pocket, waiting for reimbursement. All of this means more time spent manually filing expense claims for the traveller and reconciling receipts for the finance team and travel manager. Business travel is changing, and so too is the way in which we manage it and its expenses. By taking control of your business travel expenses you can make your life as a travel manager easier, while also simplifying the lives of your travellers and finance teams. When looking at how to manage your business travel expenses, we find it easiest to segment out the different stages of business travel. Not only does this make it easier to plan your trips, but it will also give you greater insight into where and when you’re spending the most on your business travel helping you make informed, cost-effective decisions. Pre-trip Most of the cost saving changes you can implement come before any travellers have hit the road. By getting things right in this pre-trip stage, you are laying the foundations for a successful journey for all your future travellers. Travel Policies For organisations conducting business travel of any kind, a corporate travel policy forms more than just an important part of your duty of care, it can also be used to streamline costs, enhance brand reputation, and provide essential information for employees. What is a business travel policy? Simply put, a business travel policy is a set of rules and guidelines that assist your employees as they travel and specify how they can spend company money while travelling. These policies are usually created by the finance manager and travel manager and outline things like how far in advance trips should be booked or if any precautions are required for employees travelling alone. Why should you have a travel policy? There are numerous benefits that travel policies provide to your organisation and your travellers. Travel policies allow you to provide clear guidance to your employees and create trust between your organisation and its travellers. Here are some of the key benefits: 1.       Provides clear guidance For employees, work travel can be a minefield of dos and don’ts. Colleagues may wonder what expenses they can claim, how to make last minute cancellations, and what to do in the event of illness. Having a robust policy that’s easy to access allows employees to find information when they need it. It is important that your travel policy lays out the company’s policy on travel expectations, with no room for misinterpretation. For your organisation, this can also provide protection from certain liabilities. 2.       Reduces deviations from corporate policy Having a robust travel policy makes it less likely that employees will deviate from existing company policies, which can help you with cost savings and potential HR issues. Pairing this travel policy with an online booking system further reduces deviations as most of these travel management platforms, like Roomex, let your travellers know immediately whether a booking will be in or out of company policy. They will also tell you the overall company compliance, showing you if your travel policy is working effectively. 3.       Helps with cost savings No question about it, one of the greatest benefits of having a robust travel policy in place is the cost saving it brings to your organisation. A well thought out travel policy helps you to manage and control spend, while also providing a guideline for expenses and the booking process. This way your business can prevent unnecessary spend and make both time and monetary savings simultaneously. What should a travel policy look like? The main thing that your travel policy needs to do is provide your employees with clear guidance on the booking process, health and safety when travelling, per diems, expenses terms and conditions, and other frequently asked questions that relate to business travel. Before you begin writing your business travel policy you should decide what exactly the goal of the policy is. By deciding the goal of the travel policy you will be able to better structure the content within it. Is your goal to save time or money? Is it for the benefit of employees? Will it provide flexibility for travellers? No matter the goal of the policy however, there are four sections which should always be included. 1.       The introduction When introducing your business travel policy you should explain why you have created the travel policy and the reasons that your business requires employees to travel for work. Start by explaining what you want to achieve with your policy so that there is a clear understanding of what to expect from the pages to come. Here is where you should also define what exactly constitutes travel for your employees. How far do they need to travel to be eligible for expenses? What kind of trips are covered? Branch visits, site visits, events, talks, media appearances, and client meetings could all be included here. 2.       Bookings In this section you should outline who is responsible for booking trips. If you have a specified travel booker, maybe a secretary or finance manager, you should provide their contact details. If employees are allowed to organise their own travel, this is where you may want to outline how far in advance arrangements should be made, the type of tickets they can book, the amount of luggage covered by expenses, and any preferred hotels or airlines. If your business uses a travel management..