It is time for CFO’s, all over the world, to wrest complete control of their business’ corporate travel program. This also begs the question: Did CFOs ever exert influence over travel expenses in the first place?
Generally, employees splurge as much as a third of travel and expense budget. Studies indicate that made up expense claims accounts to 15% of all fraudulent business activities. This means senior finance executives need to have a tighter control over expenses. A recent CFO survey was spot on with 69% of participants responding that they would be better off if they are in a position to control travel and expenses.
Let us take a look into how CFOs can effectively bring down travel expenses, gain access into expenses, deal with fraudulent claims, and work together with travel managers to tighten the screws.
Travel Management Technology
Companies that aren’t riding on the myriad benefits of automation and travel management platform are missing out on establishment of data-driven travel policies, process efficiency, and particularly cost-effectiveness. Booking and approval process is a cinch with such platforms, and CFOs always have the advantage of looking into how the travel expenses are spent, thereby mitigating risk.
Most payment and reimbursement process efforts are scattered, and this, in turn, would only increase travel and expense cost. If such efforts can be all integrated under one platform, you can minimise errors and increase the visibility into the travel expenses report. This will help collect critical data that drive the performance of travel policies.
Tightening Employee expenses at the source
It goes without saying that frequent international travel can lead to undue stress that can adversely affect an employee’s productivity overseas. It has been observed that frustrated employees indulge themselves in ‘bleisure’, and this, for sure, will have a positive effect on them and help boost morale. This said, only a mere 14% of businesses have established formal bleisure policies.
Working together With Travel Managers
CFOs, more often than not, need to work together closely with travel managers in making significant improvements in establishing travel policies. This said a study shows a mere 27% collaboration of CFOs with travel managers in making travel policy decisions. It is important that CFOs maintain the same amount of zeal in working with travel managers the way they comply with travel policies, in making positive changes that are data-centred. This can be done through periodic meetings with travel teams and empowering them with enhanced travel management technology and appropriate tools.
Are you spending too much on business travel? Then, Tripeur is a must-check
Check Tripeur, our in-app expense reporting & financial transaction tool, which will provide you seamless post-travel accounting process. Plus, it can help you find out the most efficient service providers within your budget, thereby saving costs. If you are a CFO, Tripeur’s Intelligent Analytics helps you make well-informed decisions and manage your travel budget effectively. Tripeur’s Expense & Reconciliation module helps you achieve this with clinical efficiency.
The BizTravelytics module of Tripeur helps you to optimise how and what you spend. Access to real-time data gives you an edge over planning better. The Travel & Expense Optimizer value added module throws more light on the money spent in a business travel – from travel partners to expense analytics to booking patterns, just the way expense is carried out in a logical manner.