International business travel is an important part of business for companies in many industries, plus it can be a perk of the job getting to visit new places, meet new people and experience different cultures. While there certainly can be many perks to international travel, it can also be extremely expensive and challenging to manage financially.
So, why is business travel so challenging to manage financially? In addition to costs including flights, accommodation, travel and various other expenses, you must also consider foreign currency exchange as well as find the best way to keep on top of all of these costs – this becomes particularly challenging when you have multiple employees on one trip each with their own expenses to consider.
Have an Expense Policy in Place
One of the most important steps to take to gain better control of your finances when arranging international travel is to have an expense policy in place. This should help to avoid any confusion as it will outline exactly what expenses can be claimed (and what can’t) and the way in which they can go about doing this. You can even have policy reminders sent in real-time when you use a cloud-based system so that people do not forget.
Set Up Instant Mobile Accounts
Another smart step to take to gain better control of finances when arranging business travel is to set up instant mobile accounts. These accounts can easily be controlled by phone so you can top them up and set up payments with ease, plus you can set up accounts in different currencies which is an intelligent way to avoid costly international payments. Spending can be much easier to control and keep on top of with these accounts, plus they are also incredibly quick and easy to set up.
It is also a good idea to book as much as you can ahead of time. In addition to giving you plenty of time to find the best deals and plan the trip, you can often make big savings by booking in advance and it should avoid employees having to make large, unexpected bookings. Of course, there needs to be some flexibility bu having things like flights, accommodation and train travel booked in ahead of time can make a big difference.
Find Ways to Make Savings
Leading on from this, there are various other ways that you can make savings when arranging business travel. Travelling during off-peak hours, finding deals and promotions and taking advantage of loyalty programs can all make a big difference to the overall cost of the trip. Keep in mind that the trip needs to be smooth, efficient and enjoyable for the employee, so a hotel out in the middle of nowhere might be cheaper but will not be the best option.
Business travel can bring many perks and is essential for many companies, but it can also be expensive and difficult to manage financially. Hopefully, these tips will help you to manage your expenses efficiently and ensure that employees get the most out of International travel.