3 Tips to Managing the T&E Budget

3 Tips to Managing the T&E Budget

Creating a travel and entertainment budget that your employees will stick to is no easy feat. But with the convenience of today’s technology, the often difficult process of T&E budgeting can become a breeze for both employees and administrators alike. So, if you find an increasing number of employees on the road, consider these four tips to budgeting T&E spend in a mobile era:

1. Take advantage of sharing services: If you haven’t already jumped on the sharing economy services bandwagon, it’s about time. With such a growing popularity among companies like Airbnb, Uber and Lyft, it’s now becoming the norm that many companies and travel services are integrating and recognizing the benefits. With the ease of these mobile apps, business travelers can take advantage of the best local deals and services in a matter of seconds. Plus, many sharing-economy businesses are partnering with expense management platforms to automatically send receipts and expenses to the customer’s online expense report. This way, administrators and accountants have insight into what traveling employees are spending money on, and how to better budget for future trips.

2. Do your research: When taking on any initiative, one of the most important steps is to do your research. By knowing average per-diems for frequently visited cities, it’s easier to budget accordingly. Additionally, by getting a sense of purchasing preferences of business travelers, it’s easier to budget and direct employees to the most cost-effective options. To advise on the best travel decisions, check out the quarterly and annual Certify SpendSmart™ Reports for insight into the most recent business expense and vendor ratings data.

3. Use an integrated travel booking system: With numerous technology outlets at our fingertips, the number of companies and business travelers still booking their travel independently is staggering. Travel booking systems help to pick the most cost-effective travel methods while also taking advantage of corporate rates for air, hotel, car and more. And the best part is that many of today’s cloud-based expense management systems offer an integrated travel-booking platform or can be easily configured to work with one. Below are two of the most effective cloud-based features for budgeting T&E spend:

  • Pre-trip approval: This feature requires manager authorization before any proposed travel bookings can be finalized. If you find your traveling employees often book their trips last minute, pre-trip approval can be helpful for keeping spend in check, and staying within budget.
  • Lowest logical fare: By automatically calculating the best available rates for any itinerary, this feature offers solely the options within policy and budget, ensuring administrators and accountants that the most cost-effective decision was made.
Travel and entertainment budgeting just got a whole lot easier with cloud-based software. By taking advantage of automation and other elements that a mobile era provides, companies can enjoy a more effective and functional way to budget their T&E spend.

Ready to find out more about T&E with Certify? Current Certify users and administrators with questions can email support or speak with their account manager anytime. Not yet a Certify customer? Contact a representative today and find out more.