Keeping track of your business travel expenses will ensure you’re not stuffed with extra costs accrued on your corporate trip. Here are a few tips on how to manage them properly.
Get automated with your business travel expenses
There are many simple mobile apps and cloud-based solutions to download to streamline your record keeping. It will speed up the entire process of recording and reviewing business travel expenses and can reduce the time you wait to be reimbursed if you paid for a business expense out of your own pocket.
Even consider basic software such as Microsoft Office which has spreadsheet templates that can be used to track business travel costs.
Keep track of your receipts
If you lose receipts when travelling around the world on business it can cause problems when you return to the office. It can mean you are left out of pocket for that business lunch or work related bill you had to pay for. As a back-up to keeping paper receipts take a photo with your phone of each receipt and add details of the expense.
Be organised
Managing business travel costs whilst you are away on business is not the most exciting way to spend your time but if you are organised it will save time later. You should be able to refer back quickly to a particular trip or meeting if the finance team ask for clarification on a particular expense.
Try not to mix business and personal funds as this can cause confusion and make it harder to account for different expenses.
Keep a note of all your business travel expenses at the end of each day when away. Try not to mix business and personal funds as this can cause confusion and make it harder to account for different expenses. If you are up to it, consider completing your expenses form at the airport or on your way home while the trip is still fresh in your mind. Whatever you do, submit your expenses on time and check they have been paid.
Know the rules
Ultimately you need to know what your organisation’s business travel expenses policy is. Some companies expect you to pay up front and claim the money back, some will issue a cash advance and others will provide a corporate expenses card.
You need to know what you are allowed to claim back. Is there a limit on how much you can spend on a meal and are alcoholic drinks allowed? What are the rules on the modes of travel you can use at different times of the day?
Most organisations can provide a copy of their expenses policy which it is worth printing up and referring to when you have to make a claim for money spent travelling on business.
