Travel Expense Management
International expansions, business mobility and globalization contribute to increased travel expenses for many companies. These challenges frequently fall under five primary categories, and you need to overcome them to regain control over the company’s expense accounts.
Did you know the top 20 U.S. destinations, as measured by number of hotel stays, represent only 50% of business travel in the U.S.?
This means business travelers are traveling all over the country, all the time.
Did you know that only 10% of flights are booked more than 90 days in advance?
International flights are less expensive at least two months before travel dates. In the U.S., Tuesday, Wednesday and Saturday are usually cheapest. For international travel, weekdays are usually cheaper than weekends. Expensive days: Fridays and Sundays usually cost more, especially in the U.S.
Did you know that average business trip is 3.1 nights?
The Global Business Travel Association pegs the number of business trips taken annually in the U.S. at 405 million. For older, more experienced travelers, that means an average of 12 trips per year (with 4 nights away from home each trip).
1. Unclear Travel Expense Policies
2. Poor Expense Visibility
3. Inefficient Processes
4. Delayed Employee Reimbursement
5. Overlooking Employee Travel Expense Trends