From Accounting Today, we've compiled some great tips on how companies can save money on business travel. When companies need to reduce expenses, business travel is an often overlooked budget line, and a good place to start. The Accounting Today article highlights some key areas in which businesses can save:
1. Book early! By encouraging employees to book early, instead of last-minute travel, businesses can save an average of $108 per trip.
2. Encourage flexible hotel options. Employers should consider permitting employees to use Airbnb or an alternative to a hotel for their home away from home, as they are often an inexpensive option.
3. Give employees a reason to save. If you give your employees a budget max, chances are they will spend it all to optimize convenience and comfort. Employers might want to give a percentage “cash back” to employees that look for cheaper travel plans.
4. Lead by example. If your staff sees the executive level show no restraint when it comes to business class flights, five star hotels, and luxury rental cars, they aren't going to be incentivized to cut back on their own business travel. Show them that the travel budget is a concern for all levels. For more advice on how to save on business travel, check out the full article from Accounting Today here.
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