5 Reasons To Outsource Travel and Expense Management
In fact, a recent study showed that while business travelers may make up only 12% of all global fliers, they still pay for 75% of the profits. It is, therefore, no surprise that a lot of businesses choose to outsource their travel and expense management.
If you’re still sitting on the fence, unsure if it actually makes sense for your business to do the same, here are 5 compelling reasons why you ought to outsource T&E management.
5 signs you need to outsource T&E
Here are 5 signs that indicate your business outsourcing travel and expense management is a great idea.
- You need to control costs
- You’re spending too much time on T&E
- You need to enforce travel policy compliance
- You don’t have a T&E expert
- You aren’t using a T&E solution
Let’s take a closer look at the implications of each of these signs.
1. You need to control costs
As we mentioned earlier, business travelers often pay premium airfares thanks to last-minute bookings. A third-party travel and expenses manager can greatly reduce those costs simply because they have the advantage of doing business on a larger scale.
A T&E management company would have a network of travel and hospitality vendors that they work with on a regular basis, all of whom give them rates you would not be privy to.
This network, and the fact that they constantly look for the best ticketing deals for their clients, allows them to develop a methodology that gets you, their clients, the best deals.
2. You’re spending too much time on T&E
Double-checking travel expenses and errors, and ensuring your team sticks to T&E compliance guidelines can be exhausting and will take up a lot of time.
This time could be better utilized on tasks focused on building your business, increasing both productivity and revenue by outsourcing T&E management.
3. You need to enforce travel policy compliance
Fraudulent billing is a major issue that companies handling their own T&E management face. Issues include double billing, passing off personal expenses as business expenses, and declaring receipts have been lost to maximize claims.
Third-party T&E controllers deal with such fraudulent practices every day and can see right through them. This makes it a lot easier for your company to enforce your travel policy compliance.
4. You don’t have a T&E expert
We’re sure you’re thinking, “Well, maybe I should hire an in-house T&E expert.” That would make sense, but only if you and your team traveled frequently enough to justify the cost.
Otherwise, it’s a lot more affordable to choose a third-party travel and expenses manager.
5. You aren’t using a smart T&E solution
An alternative to outsourcing expense and travel management is to invest in a smart T&E solution.
Tripeur gives you control of every aspect of T&E management, including reconciliations, travel budgeting, analytics on spending trends, detailed reports, vendor management, travel policy and compliance, and more, all from a single platform.
Simplify travel and compliance with Tripeur
Whether you want to control travel costs, leverage our AI to get the best airfare and hospitality deals, or chalk out the most efficient itinerary for your next business trip in a jiffy, Tripeur has it all covered.
Take our portal for a spin today, and get hands-on experience as to what makes Tripeur the smartest T&E management solution in the market today.