Business expenses over the past couple of years since the beginning of COVID have changed. We are all watching our costs rise every day, but nothing is being done by the stagnation of wages. When you are travelling as part of your job, it’s up to you to make sure that all of your business expenses are accounted for. You must account for your accommodation, any meals that you eat while you are conducting business, and even your travel. As much as possible, you want to minimise these expenses because although you’re going to get them back, you have to pay them out in the first place.
Whether you are a small business owner trying to make sure that your outgoings aren’t too high, or you are claiming business expenses as part of your job, it makes sense to do all that you can to save money. For example, using a distance matrix multiple destinations will help you to plan your travel a little better. This will ensure that you get to the destination you need to get to without too many changes of tickets along the way. It’s a great way to save money as you go. Below, we’ve got four ways you can minimise your business travel expenses and reduce your costs.
- Get everything in writing. Having your management team tell you everything that you can claim for for your expenses is important. In fact, you should get it laid out as part of your contract. You need to ensure that you are keeping an eye on everything you are spending out on that is work-related, because if you don’t you’ll end up out of pocket. Make sure it’s specifically outlined in your contract how much you should spend on taxis and meals and accommodation or tips. Travel expenses for business can be further minimised by ensuring you know exactly what it is you can pay for and only paying for those things.
- Use an easy expense reporting system. One of the biggest expenses when it comes to business travel is your time. The time it takes to collect your expenses, pay them to yourself, pay them to other people – all of these things build up. You want to minimise the chance of any errors when it comes to accounting for every single business travel expense, and a simple reporting system can help you to do that.
- Be vigilant about expense reports. Human error is a big cost when it comes to your business travel expenses. When your staff or your colleagues are handing in their business expense reports, ensure that they are accurate and double check them with receipts before you pay anybody expenses. You don’t want to just put them through the system and pay out without checking.
- Book everything at the last minute. Booking too far in advance can actually cost you more money, but booking too close to the time of the trip can also be expensive. Airfare is quite costly when purchased at the last minute, but train fare is often cheaper. Consider websites that look to minimise your travel expenses for business at the last second and use discount websites where possible before you book any tickets.