There are times when business owners and employees are required to travel for company-related purposes. This can include going to meet clients in various regions, visiting other store locations and offices to check on operations or looking into expansion into new markets. Whatever the reason, these necessary trips often require the use of company money to pay for flights, gas, hotels and associated costs. Managing these funds can sometimes be a complicated process, but it is a procedure that can easily be completed with expense tracking software
. By implementing this technology, firms can ensure they are following all regulations pertaining to business expense compliance
, and they can also accurately reimburse employees.Business travel set to increase in 2013
As the economy continues to improve, companies across the nation are expected to become more confident in their own financial conditions, meaning that businesses will be looking to expand and will feel more comfortable about spending money for operational purposes. As the recession gripped the country, many firms cut back on costs, including travel. However, that is set to change this year, as optimism returns and the economic landscape recovers.
According to recent research from Frequent Business Traveler magazine
, approximately one-third of the companies surveyed stated their workers will be doing more traveling for business-related purposes in 2013 than they did in 2012. In addition, 50 percent of respondents said they will travel more this year than they did two years ago. As owners and employees set out on the road, they will be looking for more perks and offerings from airlines, hotels and other travel companies, the study found. These include things like free WiFi in hotel rooms and more frequent flier miles options.Controlling travel costs with expense management software
Perhaps one of the most important aspects of expense management is getting employees to file their expenses on time, a problem that may be particularly prominent among traveling staff members who are often out of town. Reuters states
that any business-related expenses not entered in a timely manner can have negative impacts on companies in the form of extra fees and taxes. To combat this, the source recommends that firms aim to provide options for remote staff members or those who cannot make it into the office. This can be done through expense management software, which gives employees access to their companies' systems from various locations, making the expense-entering process easier for everyone.