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There are pros and cons of each approach, so you should clearly evaluate the alternatives and decide what works best for you. !| convenience and safety. Let’s look at some of the key … Create and enforce a travel policy for your company that includes all the appropriate guidelines for business travel. The policy needs to be clearly communicated to all, including line managers so they can enforce it. Travel And Expense Policy Best Practices And Corporate Travel Planners can be beneficial inspiration for those who seek a picture according specific topic, you will find it in this site. There are multiple benefits to having good reporting around T&E spend. Maintenance and updating of the Corporate Travel Policy is the responsibility of the Executive Director and will include collaboration with the Board of Directors Chair and Treasurer . Back To Employee Expense Reimbursement Policy Sample. Your email address will not be published. A well-constructed document will get read and be used, increasing compliance as well as employee happiness. What I mean by this is, since you have defined a process to report spending, it will be easier for you to understand the trends and identify if an employee is misusing company assets. 3. You're also responsible for providing for their safety and ensuring that they have a reasonable travel experience. Increasingly, more businesses are examining how company policies impact the experience of the business traveler. This can easily be mitigated by asking your preferred hotel to do a reward/points match. Sales organizations, those that employ many sales people supported by a minimum administrative staff have a hard time getting the sales people to submit their expense reports. Best Practices for convicing non-compliant employees to follow your travel policy; Expert Advice on why your business travel policy compliance may be low and how the proper framework can help; Understand how helping your travelers understand why your travel policy exists is critical to success. Our travel management experts use a consultative approach to work with you to create a comprehensive plan to manage your business travel policies and procedures, which includes regular compliance analysis. Traveling for business can be a stressful experience, which is why incorporating wellness while on the road is an important addition to the travel policy. First – your policy is not going to be perfect on day one so having clear ownership ensures that someone is tracking the policy adoption and accordingly making changes. Companies whether large or small realize the potential benefits of well managed T&E spend and invest in tools and technologies to better manage the process. What is travel expense reimbursement? For higher adoption, keep it simple and brief and define as fewer rules as possible. Corporate travel policies are important because they allow businesses to control the costs of sending employees on work trips, and they allow businesses to have some control over the employee’s travel experience and safety. Let’s look at some of the key components of the T&E policy. Business travel management is complex: managing costs|! !| convenience and safety. Travel Trends, expense benchmarks, policy pain points, and helpful tools. 2. With a clear and unambiguous policy, you can start the expense management process in your organization. A travel policy needs to cover all elements of your travelers’ trips, from booking to their return. Specifically, This section is more an overview than a detailed explanation of each component of the T&E policy, use this as a template to create a T&E policy which is customized to your organization needs, The first step is to define what spend categories are covered under the Corporate Travel and Expense policy and what special rules you might have for these categories. There were forms to fill out, security badge pictures to be taken, and a tour of the office building. Spouse/Companion Travel: The companies will not reimburse travel expenses incurred by a spouse or other individual accompanying Vendor on business. For best results, use clear, straightforward, and specific language. These rewards also serve as gamification- encouraging your business travelers to choose these brands and remain travel policy compliant. Corporate Travel Best Practices The world of corporate travel has changed dramatically in the last few years, thanks in part to the rise of internet travel booking sites. When the summer travel season kicks off, some employees like to add a little pleasure to their businesses by tacking on personal travel time to a business trip. When, if at all, are they booking business class flights? Executive support. However, company culture and the inconveniences of travel should be considered when writing your policy guidelines to guarantee your travelers are also taken care of commensurate with job status and travel requirements. Copyright 2020 by Direct Travel | Privacy Statement | Terms Of Use | GDPR Privacy Notice, What Should Be Included in a T&E Policy? While writing the policy, use simple language and avoid corporate jargons. The company travel policy is becoming more streamlined and concise to encourage greater compliance. Keep It Clear. 3. – How can you reduce out-of-policy bookings and boost compliance? Click here to download the travel policy info-graphic. When writing a corporate travel policy document, one size doesn’t fit all. Badge account holders may contact Seagate’s corporate travel department to request a “guest” profile to access Seagate’s travel agency and book travel arrangements. How can you add tiers, international travel guidelines, travel wellness sections, VIP policies, sustainability policies, etc., without overwhelming the reader? This includes defining a Travel & Expense (T&E) policy, processing receipts, ensuring that receipts match the expense, auditing, reimbursing employees for out of pocket expenses. Required fields are marked *. Having a reasonable, unambiguous written travel and expense policy is essential to ensure that employees understand what is expected of them when traveling for business. a) Travel booking:  How travel should be booked by employees. Do you know what is happening in your network as it’s happening? These new trends in business travel reflect the latest advances in internet technology and changes in how professionals approach business travel. identifying travel policy noncompliance during the reservation process has become the point of sale via the part of best practice travel programs. How business travel adds value to your company (e.g., it brings in X percent of deals or generates X number of leads in a year) What you want to achieve with the new travel policy (e.g., reduce travel costs or increase convenience during travel) Unfortunately, the problem with most travel policies is simple: they are too looooong. As per Aberdeen research group, the top benefit companies are looking for is reduce expense processing cost. Be alert, especially at the airport. It is also an area where you have a high chance of employee fraud. Keeping everyone informed in a timely manner is a key to compliance. What is a Corporate Travel and Expense Policy? Staying Ahead of Rapidly Changing Travel Practices – How often should your travel policy be updated? It helps finance team to understand spend patterns and any transactions which might be fraudulent in nature. That way, you can tweak the policy as per employee’s feedback and when your company is in growth mode, it is easy to scale the policy across new employees and different locations. Now, corporate travel experts have been able to devise some best practices that are continuing the revolution in the industry. Badge account holders may contact Seagate’s corporate travel department to request a “guest” profile to access Seagate’s travel agency and book travel arrangements. Again, focus on adoption first. We work with each client to ensure that their travel policy is competitive, drives … I think that you would agree with me that although Travel and expense (T&E) spend is not a major contributor to the total spend, it still needs a lot of attention and resources to process the expense reports for employees. 1. Leveraging the latest technology is a challenge that can pay off in terms of happier travelers and greater cost savings for businesses. b) Ensure that employees understand the legal requirements from, Benefits of Travel and Expense (T&E) Policy, Though cost savings is not the only reason for which you should define a T&E policy, having a well-defined Travel and Expense policy does lead to, It helps you to understand key trends by way of gathering spend data (assuming you have an electronic system to capture T&E spend including vendor details). If your annual spend is under $500,000 chances are that you might not be able to get any preferred pricing from airlines but you can always enroll in the corporate miles program whereby company accumulates miles for every travel. Organizations across the board are looking for ways to improve their T&E process and the first step is to have a solid foundation in the form of a T&E policy. If you'd like help reviewing your policy to improve compliance and ensure the success of your travel program, start here. Travel – Air, Road, Lodging, car rentals. However, when it comes to policy creation, one-size-fits-all is definitely not the name of the game. 1.1 For the purpose of this Policy, ‘Business’ is the generic term used for activities associated with, and agreed through BBSRC or its establishments; such as lecturing, research, work placements, visits, fieldwork, business promotion, and conference attendance. When compliance gaps are identified, corporations need to implement change management strategies at the point of sale via the corporate booking tool. United States business [1]. Ideally, this should be owned by a finance function or a procurement function. It is important to define the policy as early as possible, even if you are a small company. The most common reaction to such employee behavior is to act against such employees and set a precedence. • As a best practice, we recommend an overlap of 4-6 weeks between your incumbent and new Travel Management Company. BTN (Business travel news) publish a yearly BTN corporate travel index, which is a good start to get a handle on the overall travel cost. When it comes to corporate travel a straightforward travel and expense policy that clearly states what is considered authorized business travel and lists types of covered expenses is vital. Having a well-defined Travel and Expense (T&E) Policy can have many benefits. With proper logging, you should be notified when undesired events occur, like hard drive failure, power failure, and data exfiltration, and you should be able to trace back an attack or event to its source. These include ensuring that you have senior management buy-in on the policies you are about to implement, keeping the policy simple and focus on adoption then enforcement. There are two main reasons for defining clear ownership. 1. Beyond the basics of when and how employees should book travel, there are important inclusions for a corporate travel policy in the 2020s. Consider some of the best practices of booking corporate travel: Encourage company policy compliance. At Direct Travel, it’s important to us to work closely with you to boost travel policy adoption. Travel: Corporate Travel Policy and Best Practices. Corporate travel management Anatomy of a corporate travel policy both employers and employees will love (+ template) A well-designed corporate travel policy does not only help to maintain order throughout the entire travel process, but also promotes compliance, saves the company money, improves travellers’ safety, and prevents fraud. Travel and expense policy best practices: 8 tips. The above measures can be readily implemented in any organisation, regardless of size, location or corporate culture. Insurance cover as provided by the company on international travel. When embraced companywide, corporate travel policies give travel managers visibility into spend and better control over how budgets are spent. Customization can often make a travel policy long and complex. e) Booking cost and exceptions: The goal of this section should be to provide guidelines to employees on acceptable booking cost for airlines, lodging, and car rentals. Business travel has become more and more common in today’s business world as companies have recognized its value. The One-Pager: Corporate Travel Policy Best Practices. Rather than carry around receipts, a popular trend is to centralize the travel expense process. Contact Direct Travel today to learn more about our professional travel management services. This will not just lead to process efficiencies but also leads to a friction-free T&E expense reimbursement process. Corporate travel policy best practice. Try Spendesk. However, it’s important to make sure that duty of care protocols are in place. If the lowest comparable airfare is only offered on options that cannot be booked through Seagate’s approved travel agency, then the traveller may book the lower cost option directly with the carrier. If your company has a corporate credit card program, then you might require all expense to be filed within 30 days so that you can pay the bank in time and avoid any late fees charges. The problem with hotel bookings is that employees prefer to book hotels with those hotel chains where they already have a lot of reward points. Yet, even if you own your own 3-person company and employees only travel twice a year, you should consider creating a policy. It is a good practice to have receipts for everything but that also requires additional effort to validate those receipts and match it against receipts. A key component of that goal s traveler compl ance. One way businesses can improve policy compliance is by focusing more on improving … Before we get into specific details on each of these best practices, let’s first look at why you need a T&E policy, to begin with. Trade Union Side and compliwies th statutory best practice. Best Practice #2: They'll Track Travel Risk. One of the best ways to create a successful policy is to first understand the current practices at your company.Take the time to map out how travel is being purchased at your company right now and collect as much data as you can about traveler practices. You can find guidelines on the IRS website. Make your corporate travel policy easy to remember by keeping it short and simple. Corporate Travel Policy. As per research by travel booking site cheapair.com the best time to book a domestic flight is 49 days in advance. Employees This is a common problem, but it’s possible to alleviate the issue by first, understanding why out-of-policy bookings occur. T&E is the second largest controllable cost for the average U.S. organization and your travel policy can be a tremendous advantage in today’s competitive business environment. Your policy should clearly define your values and processes as an organization; ensuring that the company is the driver of your overall travel program and related costs, not the traveler. Common expense categories are. Read up on these four travel policy best practices and use them as guidance to create and enforce a better policy that improves your company’s bottom line. Component of Travel and Expense (T&E) Policy, Best practices –  Travel and Expense (T&E) Policy, Free Guide: Cost Saving Strategies for Mid-Market CFO’s, 9 Expense Management Strategies for CFO's - Control and Reduce Expenses. Here are a few simple and effective expense management best practices that you can implement in your organization to witness the visible changes. FP&A; Anonymous (Manager) | Feb 9, 2013. Technology That Makes Your Corporate Travel Program Smart and User-friendly. A Best Practices Guide to Corporate Travel Policy Compliance Developed n Cooperat on w th A rPlus Internat onal R s ng pr ces from suppl ers and ncreased scrut ny by sen or management of travel program costs are putt ng more pressure on corporate travel managers to del ver value. Talk about what the company is willing to cover as well as any restrictions on expenses. Top 10 Best Practices for Implementing Your Corporate Travel Program The Implementation Process is the foundation for a successful travel program. How soon employees expense will be reimbursed, for example, 30 days after the expense is reported. As you create or refine your travel policy, here are some questions to consider to make sure your policy maximizes cost savings without frustrating your employees. Airports are prime spots for bad actors to target unwitting travelers. Many companies create these policies as an afterthought, which can lead to conflict, overspending and misunderstandings between management … This will not just lead to process efficiencies but also leads to a friction-free T&E expense reimbursement process. managers or authorizers do not have the authority to override the Corporate Travel Policy. There are multiple ways to structure this, you can implement a policy based on job titles, for example – VP and above can travel by business class. Corporate travel policies are implemented to help manage budgets and provide clear guidelines for their employees to refer to when it comes to time and expense reporting, reimbursement, booking guidelines, traveler safety, security, and more. Corporate travel policies are a crucial component to well-managed business travel — but in order to be effective, they must be done well. Other vendor expenses – expenses you allow. This is the most important piece of the T&E policy. Often, company savings are valued over traveler satisfaction. a) Define an expense reimbursement process for both employees and non-employees. You might want to start with a lower amount, for example, anything greater than $20 needs a receipt. On an average, you can, Standardization leads to reduced exceptions and hence overall reduced cost to process an expense report. 2 Safety for Business Travel Policy. Focus on policy adoption. We would greatly appreciate it if … A company’s travel policy does far more than just provide information to employees about corporate travel booking. A travel policy must, first of all, be comprehensive. Why talk about Travel and Expense policy best practices? Once you have data about key vendors, you can go back and negotiate the cost with these vendors. Product. What are your corporate travel expense reimbursement policies & best practices? Second – there will fewer exceptions because the expectations from employees are clearly defined. Set in place thorough policies on air, ancillary, hotels, trains and more to ensure that your travel policy … Ownership of the policy.For the T&E policy to be successfully implemented,... 2. Join Now Contact Get Started ... Every employee is different — empowering your travelers to book the corporate travel options that best suit them while also making sure they understand what’s in and out of policy sets everyone up for success. For the T&E policy to be successfully implemented, there must be a clear defined ownership of the policy. Pricing. If an employee pays for a business-related travel expense, such as airfare, a rental car, hotel stay or meals, they are reimbursed by the company for that amount. This may include methods of transportation, travel class, choice of hotel and “green practices” of partners and suppliers. Travel & Expense Policy: 6 Best Practices to Implement Today! Today’s business travelers want more flexibility around their company trips. New York was the most expensive at $385.08, and San Francisco, Boston, and Washington, D.C., also exceeded $300.”, Defining a policy is one thing, implementing it in a user-friendly manner is a completely different ball game, we will conclude this guide by mentioning some best practices which you can use to successfully implement a Travel and Expense policy in your company. As per financial dictionary, “travel expenses are defined as Expenses incurred when a person conducts business away from home. Anonymous (Agent, JKS Solutions, Inc.) | Feb 12, 2013. When the summer travel season kicks off, some employees like to add a little pleasure to their businesses by tacking on personal travel time to a business trip. All T&E expense reports should be reported within a certain timeframe. As a leading travel management company, Direct Travel offers comprehensive solutions for business travel, policy development, and enforcement. The T&E policy should have a clearly defined process for reporting the expense and the pre-requisites for submitting the expenses. Introduction. Travel policies should clearly present easy-to-follow instructions on when and how to book travel, travel class (economy, business), hotel standard, how to pay and how to claim expenses. For example, if an employee is traveling to the same location, again and again, you might want to audit that to check if this is a valid business need for that or the employee have relatives at that location! The other way to handle this is to structure by travel time, for example – if the travel time is more than 8 hours then the business class is allowed. Some hotel chains might not negotiate a national contract so this could be a little bit of work depending upon the number of locations traveled by your employees. List and enforce selections of preferred airlines, rental car companies, and hotel chains to help guide employees. The practices cited in the travel policy template are some of the quality practices as they include: Employee pleasant practices Details on reimbursable and nonreimbursable items Clear and easy to observe procedure & procedure for travel Information about security and safety Insurance Coverage. Some organisations like to plan business trips several weeks in advance, while others are willing to make bookings at the very last minute. Still, there are a few best practices you can follow to pitch your policy. All Vendor travel should be booked by the Vendor using the Vendor’s credit card and shall not be direct billed to the company. Focus on adoption and not enforcement only, once you have policy fully adopted, you don’t need to enforce it! A well-defined and communicated policy leads to lower fraud rate and overall reduced spend. It’s important to check if your company has a corporate travel insurance policy to cover anyone travelling, ... Jaclyn Reynolds suggests “a lot of our Corporate Traveller customers opt for the ‘best price of the day’ as the preferred fare. There should be a single individual within a department who is responsible for the adoption of the policy, reviewing what is working and what is not working and collaborating the changes required on an ongoing basis. Assess your environment first, to understand the critical components that need to be monitored, and configure alerts if something goes wrong on one of … When it comes to defining Travel and Expense policy, define clear objectives and goals, keep it simple and focus on adoption over enforcement. Whether you’re working from a sample policy, customizing it to fit your business, or updating your company’s older document to align with new travel practices and technologies, you’ll need to know what should be included. Following Travel and expense policy best practices, companies should first define and implement a policy, ensure that employee feedback is incorporated in the policy and then look at implementing a tool to automate the expense management process. 5. The process includes how to report expense, what to include and how employees are reimbursed for expenses. d) Lodging: There are a couple of things to cover here, first what type of rooms can be booked by travelers, for example, standard vs. suite, etc. Approaches to Corporate Travel Policy Compliance. Certify has put together this useful how-to guide for building a corporate travel policy to help implement a structure for business travel in your company. Our travel management experts use a consultative approach to work with you to create a comprehensive plan to manage your business travel policies and procedures, which includes regular compliance analysis. T&E policy implementation is no different from any other change initiative and if you have key executives backing up the policy, there is a higher chance of adoption. If the booking cost is over the guidelines, then a process should be in place to approve those exceptions. A typical travel policywill cover items such as what vendors employees should use, how they should book travel, what costs are covered on a company card, and how reimbursement works. Large decentralized companies … To ensure corporate travel policy best practices, list which expenses employees will be reimbursed for during their travels. How often in advance are your travelers booking? 1. A shift in the demographics of corporate business travelers is driving the changing trends in travel policies. The success of corporate travel policy compliance is a measurement of booking behavior against the travel policy. T&E policy implementation is no different from any other change initiative... 3. It has also been altered by the ability of the traveler to connect to their company and to their corporate travel agent via … At Egencia, we’ve found that by following a series of best practices, companies can set the stage in these first, critical weeks to establish traveler adoption and compliance and meet their travel program goals. c) Business Class vs Economy: The policy should clearly specify when business class travel is allowed. If the lowest comparable airfare is only offered on options that cannot be booked through Seagate’s approved travel agency, then the traveller may book the lower cost option directly with the carrier. Travel Best Practices Matthew Porcelli, CPP, security manager and consultant, sat down with Security Management to discuss ways to stay safe during travel, for those monitoring traveling employees and those traveling alike. Despite that connectivity and the ability to book travel by oneself, corporate travel agents are still as important as ever. There was a separate Travel Policies book. Company Team Careers Press Log In. Your travel policy is the engine that powers everything related to your travel management process. As per research by Aberdeen group, 43% of best in class companies consider T&E expense management as critical strategy and 48% of best in class companies cite “need to reduce expense processing costs” as a top pressure.

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