Business travel is a huge part of life in many industries. Whilst it is fantastic that you are able to send employees overseas for work, it can also be a logistical challenge. A large part of this comes down to managing travel expenses. Not only can this be a complex admin task for the finance team, but it could put the employee in a difficult situation.
Often, an employee ends up having to use their own credit cards to cover expenses like train tickets. Reconciling payments against travel bookings is time-consuming, stressful and prone to error. This is not an efficient way to manage expenses, but there are a few ways to make travel expenses easier travel expenses easier for your employees and finance team.
Virtual payment solutions are revolutionising business travel and should be considered by any company that sends companies abroad. The process of reconciling payments is completely streamlined, which allows your admin team to focus on their other important tasks. It is streamlined by generating single-use MasterCard credit card numbers which are linked to your corporate account. A single-use number can be generated for each booking expense and transactions can be grouped.
This payment solution provides full transparency of spending, it is easy to use and it is also a safe and secure way for the employee to handle money. The numbers can be instantly generated on a smartphone and used anywhere that accepts MasterCard, which is worldwide. Essentially, these virtual solutions take the stress out of managing travel expenses for both the company and your employees.
Another tip for making travel expenses easier for your travelling employees is to book in advance. Not only does this negate the need for the employee to make the transaction, but often it is a great way to save money. Although you will not be able to do this for every expense, it is possible for accommodation and travel.
It is also worth sitting down with the employee and planning the trip and informing them of the expenses the business will cover. It is important that the employee knows exactly what is covered and what is not, as well as the importance of retaining receipts etc.
Managing travel expenses is a difficult task both for the travelling employees and the finance team. Fortunately, the above tips can make it much easier and ensure that the trip is both cost-effective and successful.