Bottom Line: Save Money on Business Travel Now
With the end of year and holidays in full swing, seemingly everyone is traveling both for personal and business reasons. Closing Q4 deals before budgets expire. Opening new Q1 business. Travel managers are swamped, and corporate travel budgets evaporate.
For sure, business travel is costly, and pinning down where all the money goes can be challenging. Fortunately, we have some suggestions. We understand that it can be difficult to estimate how much savings your company might receive by adopting a tool like Deem.
Try Our Quick Airfare Savings Calculator Below:
What is Considered a Business Travel Expense?
Answers to this question will vary by locality and organization, but in general corporations need to feed those business travel expenses up the ladder to their respective governmental taxing agencies. In the U.S., this is the Internal Revenue Service, which maintains a page on the subject.
Predictably, some business travel expense types are obvious:
· Ticket costs from home to business destinations by air, train, bus, or car
· Fares for transportation from a travel terminal to a hotel or work site
· Meals and lodging
Other legitimate business travel expenses may be less obvious:
· Dry cleaning and laundry
· Business calls
· Computer or other business equipment rental fees
· Tips associated with travel expenses
· Maintaining a house trailer (True story: This author works several days per year from his RV trailer during family vacations — and hasn’t been deducting the business share of the trailer’s expense. O, the cost of ignorance!)
How Businesses Can Save Money on Business Travel Costs
We do not recommend outfitting your workers with work-ready travel trailers for every vacation. That would be grossly expensive (and more than a little overbearing). Beyond this, there are other more practical ways to cut down on your firm’s business travel costs.
Get serious about policies and enforcement
Most companies have travel policies. Fewer companies adequately enforce those policies. This can lead to unauthorized and even unnecessary business travel that may entail cancelation fees. A strong corporate travel platform, such as Deem Work Fource, can be a gateway for all business travel, filtering out travel that fails to meet company policies. In turn, this tool takes pressure off travel managers who would otherwise have to deal with every travel request.
Limit hotel accommodations
If three-star rooms would suffice, should people be paying extra for four-star rooms or above? Alternatively, is it feasible to set a $150 per night cap when people might just as easily book $200 per night slots? And in some locations and occasions, it might even make sense to let travelers book into locations such as Airbnb homes, which may prove less costly than conventional hotels and make workers more comfortable, and thus more productive.
Watch out for Wi-Fi
How many times have you stayed in a hotel and paid extra for Wi-Fi access, only to find that your room is at the access point’s outer edge and you get better performance by turning off Wi-Fi and tethering to your phone? Most business travelers arrive with Internet access in their pockets already. How much might you save per year by cutting out unnecessary Wi-Fi charges?
Get smarter about booking air travel
Sure, economy is always cheaper, flexible fares carry a premium, and you can usually save money by booking far out in advance of the travel dates. But there are also costs associated with managers’ and travelers’ time in sorting through travel details. A tool like Deem’s travel platform, with its smarter filtering options and intuitive navigation, can shave minutes from every new booking.
Deem also offers companies savings through a range of other means, including:
· Waived fees. Thanks to its industry partnership, Deem users can enjoy free 24-hour check-in on Southwest Airlines, saving $50 per trip.
· Automated Ticket Exchange. By tracking and facilitating the use of tickets, Deem users can be rid of expensive, unused flights that get lost and expire.
· Lowest and best fares. Deem integrates Google ITA flight search results for more options in less time, saving money through superior fare options and less time spent researching them.
· Fraud protection. Deem now integrates Virtual Pay features in Work Fource, removing the need to pay for corporate travel with a credit card, thus cutting opportunities for theft and fraud.
Booking travel can be complex, costly, and time-consuming. That’s why we at Deem strive every day to make your life and work easier on all three counts.