Friday, 18 January 2013

Detailed Travel Reporting

A part of your corporate travel manager's job is to keep track of all the travel expenses and travel data management for your business.  Any expenses incurred while an employee is travelling for business is kept track of by your travel manager, whether it is as minimal as airport transfers or the costs of the hotel room where your employee stayed during his trip.  There are several ways in which this information can be used by your company.

Your travel manager will be able to provide detailed travel expenditure reports for use during your company's financial meetings and accountability to your stockholders, if you have any, based on expenses that were paid out during the last quarter, the past year, or indeed for any period you stipulate. They can also use the data to help put together your business' annual budget or to examine where the money has gone when your employee's have had to travel and find ways to cut expenses, if needed.

One method to track of expenses can be easily handled by the travel manager through use of corporate credit cards issued to employees to use when they travel.  Rather than keep track of receipts, which can be lost in transit or forged, a policy can be implemented that the employees have to use the credit cards for all travel related expenses.  The travel manager can then take the information on the credit card billing statement and categorize the expenses to see where cuts can be made or where policies need to be enforced.

For companies whose employees have to frequently travel for business, travel expenses can be the largest company expenses they pay out, second only to employee salaries and benefits.  Being able to easily keep track of this information keeps you informed about where your company's money is being spent.

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