Importance of policy compliance for corporate travel

Corporate travel policies are critical on the grounds since they enable organisations to control the expenses of sending representatives on work, and they enable organisations to have some control over the worker’s travel expenses and well-being.

The following points will validate the importance of having policy compliance for corporate travel: –

  • Make better decisions

There are a lot of factors to be considered before making any decision, and to make this decision making easy, a set of guidelines is required! With reference to business travel, most of the corporate firms have certain policies to streamline this process.

Corporate travel policy will help the employees in booking flights, hotels and so on, within the basis of the company guidelines ensuring that the decisions taken in the aspect are appropriate.

  • Keeps the travel booking process organised

Booking a corporate trip oversees has a lot of documentation to be done, and these documentations are very important to claim reimbursements later. Many a times employees tend to spend extensively under the impression of getting it reimbursed once they return, but to their surprise, certain expenses which are not covered in the policies cannot be reimbursed. In situations such as this policy compliance plays an important role.

  • Happy Travellers = More saving

It should be noted that when compiling the travel policy of the company, the employee’s views must be considered. This is very important because when the employees are not happy with the travel policy then tend to violate and book out of the policy, costing the company more money. Therefore, it can be inferred that happy traveller = more saving!

  • Policy compliance means better budget control!

Every firm develops a travel policy to have some sense of control over their travel spending and keep the budget in control. Domestic and international trips have different budget allocations and the trip planned must fall within the range to keep the costs minimal. On average, most of the international trips cost around $3000 to $3500 and a domestic trip has a cap of $1200 – $1500. This range must be followed religiously so that the trip planned is optimum and does not incur additional expenses. By this we can see how important policy compliance becomes to keep the budget in control.

  • Streamlines the reimbursement procedures for travellers

Each company takes their own time to fulfill a claim for reimbursement, and there are multiple steps or stages in this process, which could take anywhere between 3 – 10 business days to clear one claim. In case such as these policy compliance helps the company in saving a lot of time. When a trip is booked with 100% compliance with the company policy, there is no need to for further audit and verification since all the expenses fall within the required range.

Traveo, which is a cloud-based Business Travel and Expenses Management software, help firms in simplifying and streamlining this entire process at the click of a button. Traveo is a fully automated Travel & Expense management cloud software for enterprises that helps organisations in optimising spends on business travel.

It is the world’s first software which automatically plans the business travel of employees by using advanced AI algorithms while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees

Written by-

Bopanna P C

About the author-

I am currently working with Traveo Soft Pvt Ltd as a business development executive.

Traveo is a fully automated Travel & Expense management cloud solution for enterprises that helps organizations in optimizing spends on business travel. Traveo optimizes the entire travel while ensuring that the chosen options are cost effective, compliant with company policy and convenient for the employees.

If you want to have more details regarding Traveo, feel free to contact me on hello@traveosoft.com

 

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