Travel and Expense Management

Travel and Expense Management and How it Benefits Your Organization

Corporate travel is a huge commitment for any organization, and fortunately, it can be controlled with the right travel expense management system. Working with the right travel management company is imperative to properly manage travel expenses, meet financial goals, and provide travelers the best possible experience. Let’s dive into what travel and expense management means and what it can do for you.

What is Travel and Expense Management?

Travel and expense management allows organizations to control spending while making travel more convenient for employers. Organizations can maintain their expenses by tracking and reporting corporate travel behaviors. Using a travel management company is a way to effectively manage travel and expenses for your business. It can also make corporate travel more human by personalizing the experience and making it easier for the traveler.

Corporate Travel Policies
A travel policy is a unique document that allows your company to have a meaningful, coordinated, and dependable travel system. It sets travel guidelines in place for your employees from making travel reservations to requirements for submission of travel expenses. Having a corporate travel policy as a part of your travel and expense management is key.

Managing Corporate Travel and Expenses

Reporting and tracking corporate travel and expense management can become overwhelming. We know how important business travel is for a company’s success, but it’s important to travel wisely. Consider the following as ways to manage corporate travel and expenses.

Adopt One Booking Platform
With one booking platform, you can make life easier for your entire financial team. When all employees are booking their travel in the same place, it gets rid of the chaos of gathering receipts and tracking emails. Better yet, a single booking platform lets you easily see these expenses in one place at one time.

Use a Digital Corporate Travel Expense Management Tool
Submitting receipts and expense reports digitally saves so much time and makes life simpler. Once there’s a digital record of everything, you won’t have to track down random receipts and you’ll get a full record of every transaction. In fact, companies can now connect a corporate credit card to an expense management tool to create automatic expense reports whenever a purchase is made.

Work with a Corporate Travel Management Company
Wouldn’t it be brilliant to get an integrated tool for employees and employers to manage travel where spending is tracked all in one place? With a corporate travel company like Deem, you can. It’s like a single source of truth for managing corporate travel expenses. An integrated booking tool like this makes communication and tracking easier for the whole team.

How to Find Resources for Travel and Expense Management

As business travel continues to grow, so do the resources to help. There are several tools and guides available to help with corporate travel expense management, so how do you choose? There are a few questions worth asking when you look at a potential travel management company to work with.

What Does Your Company Need Help With?
When trying to solve any problem, you need to identify what the problem is first. Do you need to make traveling easier for your employees? Or is your priority managing and tracking spending? Look for tools that specifically provide help with where you’re hoping to improve.

What Does it Have to Offer?
As with anything, know what the management tool you’re looking into has to offer. Learn about all the features and what this tool can offer your company. Ask questions that relate specifically to what you’re looking for or what you need help with.

Travel and Expense Management Services

With Deem, you get a powerful platform to highlight preferred vendors and manage spending. Deem provides employees with a straightforward experience where they can book or modify travel hassle-free. Deem offers Google’s ITA search engine for a variety of airfare options, a view of flight seat maps, and the ability to save seat options while cross-shopping. And for travel management teams, Deem makes it easy to share trips and connect to external expense platforms. It shares transparent prices on everything from flights to hotels, saving your company from unnecessary travel costs.

Final Thoughts

Managing your company’s travel expenses doesn’t have to be so daunting. Working with a corporate travel management company can alleviate some of the hassles you and your employees may face. Travel and expense management provides you with a way to keep employees booking within your program to prevent non-compliant trips and help control costs. Using tools and resources offered by a travel management company can be a lifesaver.

To learn more, check out how Deem can provide your company with travel and expense management.