With corporate travel on the rise, many travel managers are feeling the pressure to keep a closer eye on travel and entertainment (T&E) expenses. To keep employees in check, having a corporate travel policy with expense guidelines is an important step. However, if you find yourself struggling to enforce it, you’re not alone. According to Certify’s 2015 Expense Management Trends Survey, 73 percent of companies leave T&E policy compliance up to the employee or review reports manually for violations. In light of the fact that Certify’s survey reveals that at least 20 percent of expenses are in violation of corporate policy, this process is neither efficient nor effective.
Thankfully, technology is making it easier for companies to enforce their travel policies, and for employees to stay compliant. Here are three ways technology-enabled ground transportation vendors are helping their corporate clients.
1. Enforce Spend Limits
While not a new phenomenon—your purchasing department or office manager is likely using technology-enabled vendors to manage how much employees spend on office supplies and food orders—many industries, including ground transportation, have been slow to implement.
GroundLink is the exception. We recognize the value of using technology to help our clients get a better handle on their travel-related expenses. Using our online Corporate Account Center, travel managers can set restrictions on the type of car class that can be booked by employees. Additionally, travel managers can run usage and spend reports to quickly identify employees who may need a friendly reminder on travel policies.
2. Capture Billing Codes
If your company bills clients for T&E, it’s critical that billing codes be applied to every expense. When expenses get submitted without codes, accounting is forced to track down details so the company doesn’t take the hit. Thankfully, technology-enabled vendors like GroundLink understand the needs of corporate clients and enable travel managers to create custom booking rules, such as requiring a valid billing code be entered when a car reservation is made. This type of value-added capability helps you more easily manage travel expenses.
3. Eliminate Employee Error and Fraud
According to a survey by the Association of Corporate Travel Executives, the average company forfeits as much as 5 percent of revenue to fraud annually. Depending on your corporate T&E policy, some employees may be lax about collecting and submitting paper receipts, which can lead to “guessing” on what they spent. In fact, according to Certify’s survey, 50 percent of employees neglect to turn in receipts. While some vendors send e-receipts directly to employees—GroundLink goes a step further by providing travel managers access to all e-receipts for their employees as well as a direct integration with Concur —eliminating in most cases employee error and fraud within your company.
For more ways to cut your company’s travel expenses, download our whitepaper, 5 Ways Technology-Enabled Vendors Can Cut Your Company’s Travel Costs.
Tags: business travel, tech-enabled, travel management, travel policies, travel risk management