Determining Reimbursable Travel Expenses for Employees
March 13, 2023
Innovative Travel Management Company
The business travel industry is a massive sector in the American economy. In 2019, there were 464 million domestic business travel trips, which brought almost $790 billion to the economy. Although the coronavirus pandemic has brought these numbers down in the last two years, the sector is slowly recovering and will likely surpass the 2019 levels in a few years.
TMCs (travel management companies) are specialized travel agencies that help organizations plan their business trips. They will prepare your internal travel policy, deal with vendors and suppliers, make bookings, and help you manage costs and expenses. While travel agencies work with anyone, TMCs work directly with companies to analyze and streamline travel programs. They do more than book flights and hotels; they manage, report, book, and support your business travel needs. TMCs find the best prices and offers, arrange your transportation, organize events and meetings, control travel costs, and provide duty of care support.
The corporate travel industry is still recovering after the disastrous coronavirus pandemic. A robust recovery is expected in the following years, and companies are getting ready to offer employees a chance to travel and connect with co-workers and clients. Business travel remains very attractive for both small and large companies, and most employees expect to have multiple work-related trips during the following year. So, what are the significant trends in the corporate travel industry? Let’s take a look:
#1 – Events are slowly getting back
Even though the pandemic is not officially over, conferences, meetings, workshops, and many other events are slowly returning. This means more employee travel opportunities and more optimistic predictions from industry leaders. There is a strong demand in the sector, and it is expected to grow even more in the future.
#2 – Travel is a significant incentive for employees
Corporate travel is a significant perk for many employees. Companies focus more on flexible travel policies to attract employees and create a better work environment. Business travel can be attached to personal travel, creating an attractive alternative for employees looking for something new. A recent study has shown that 25 percent of companies offer a financial stipend for personal vacations attached to business trips.
Global business travel is massive. In 2017, companies spent almost $1.33 trillion on business travel, and the figure is expected to rise after the pandemic. Company travel can be a complex endeavor for many businesses, so hiring a corporate travel agent or a travel management company (TMC) can be a great solution to get the best services. So, what are the main differences between these two concepts?
Which option is better for you?
To determine what you need, you must know several aspects of your business. For instance, you should decide how often the employees have to travel. What are their typical destinations? What type of travel do they need? What type of travel policies do you want to implement? Do you need 24/7 unique travel solutions? Make sure you answer these questions precisely – a TMC is usually necessary if you need special travel services. If not, you may use a travel agent, which offers simpler, essential services.
Business travel is slowly recovering after the coronavirus pandemic, but the costs associated with company travel are still uncertain. Travel companies are still struggling to stay afloat, and prices are unstable in many areas – transportation, hotels, and restaurants. One thing is for sure – business travel is getting more expensive, but are the new costs worth it? Let’s try to answer this question in this short article:
Business travel – the pros and cons
Business travel was a major source of income for the travel industry for decades. It’s a great way to connect with co-workers, it helps build professional relationships, and it helps you get to your clients. Business travel is also an amazing perk for employees, helping create a better work environment in many companies. However, business travel may reduce productivity, as employees may find it hard to work while traveling. What’s more, business travel is expensive, and many small companies simply cannot afford it.
Common business travel expenses
Good company travel programs are focused on your company.
Every company has a different priority, vision, or schedule. Their business travel needs are different; they look for something unique and are looking for a program that meets their needs. A good program will be suited to their needs, schedule, and goals.
TMCs are by your side no matter what you need.
When you use a TMC, you will get special benefits and save money while traveling. It will make sure that your travel needs are met and that you get the best prices. A good TMC will also take advantage of various travel affiliate programs, bringing extra value. You’ll save more money and get better services. TMCs also handle the small details that can make or break your business trip, like accurate reporting, online booking, and communication, and can offer experienced advice. Your account manager and agents will know your preferences, goals, and needs and help you make the best choice while also providing 24/7 support.
Good company travel programs are focused on your company.
Americans make over 400 million long-distance business trips every year, accounting for about 16 percent of total long-distance travel. This makes business travel an important part of the economy, and it has to be done in style and comfort. So, what should you pack for your next business trip? Let’s see:
1.4 billion people travel every year, and corporate travel is a large chunk of this number. So how do you make sure your business trips are well-planned, comfortable, and safe? Let’s take a closer look:
Have a good TMC by your side
Having a good TMC by your side makes corporate traveling much easier. They help you streamline everything about your trip, from booking hotels and airfares to communication, travel documents, and budgeting. If you don’t have a TMC, you’ll have to do it on your own, and your costs may go up.
Focus on the details
When you work with a TMC, you won’t have to worry about the small details. Your TMC will take care of all those small details that may create stressful, unpleasant situations. Your trip will be as enjoyable and pleasant as possible. TMCs will analyze risk factors, like delayed or canceled flights, and will make sure everything runs smoothly.
Keep an eye on the schedule
Always be aware of the schedule of your trip – what should you focus on? What is the main goal of the trip? Pay attention to what is important, what to focus on, and what problems you should avoid. Always be alert and ready to make changes, and avoid issues and unpleasant events.
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* Average Savings From 10% To 12%, Depending on travel program adoption.
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