Cost-saving corporate travel strategies that can help CFOs a great deal

by Nikita Pandey 

Saving money is making money and nobody understands it better than the CFOs around the world working for various business organizations having an exasperating time figuring out revolutionary ways of economizing budget. While organizations can save a small amount of money by implying numerous methods like mass-slashing the funds allotted to different departments, It will take no less than a finance genius to help a company save massive amounts of money in order to consolidate its overall development. The corporate travel program is one such area where a huge amount of money can both be spent and saved.

CFOs across large organizations need to


Create a travel and expense policy

What if we tell you that your employees are spending more money than required? It’s not uncommon for employees to overspend on business travel. They do it because of

  • They have been assured by the management of the reimbursement, hence they do it purposely.
  • They may not be aware of the spending limit.
  • Your company doesn’t have an expense review system.

There could be more reasons than the mentioned ones. However, in order to cut down on such overspending, CFOs need to create a travel and expense policy that would set up certain guidelines and criteria to manage business travel expenses. The policy should clearly specify the difference between personal leisure and business time during the business trip.

Educate employees subject to travel on Travel Expenditure Management

Employees need to understand their spending limits. Proper training for travel expense management would help them keep the budget in check. Having clear guidelines between the employees and the employers would leave less room for uncertainty and confusion. The exercise would help the company economize their budget by cutting down on unnecessary expenses for good.

Set transaction alerts on credit and debit cards allotted by the company to the employees

The organization should only allow reimbursement against legit and necessary transactions. One-off overspending can be tolerated but persistently splurging money over unnecessary things would be a heedless and unprofessional behavior. In order to reduce the chances of such muddle being created, a transaction alert of the debit and credit cards used by the employees must be set up. Employees need to know that their expenditures are constantly being kept in check by the finance department. They also need to be educated about the deduction clause in the policy in case of over-spending.

Introduce pre-trip approvals

The amount for travel budget can drastically be reduced if major formalities are handled well in advance. Giving traveling employees the authority to select travel and stay facility wouldn’t be a logical choice, for they may advertently or inadvertently seek leisure and comfort more than what is required. Their decision may militate CFOs from achieving their target of saving maximum funds. Advanced booking of facilities like travel and stay generally cost way less than the last-minute bookings. Booking in advance may also garner some bonus points and discounts. For companies who frequently require their employees to travel for business reasons, having tie-ups with travel and stay partners would be a sane and cost-saving option, for hotels and travel agencies generally have heavy discounts and bonuses reserved for their regular tied-up customers.

How does Kriya help you go about your travel and expense plan?

To be able to have clear visibility of every minute spending you need software that meets all your requirements. Kriya, a business process management system, is well equipped with a variety of tools that enable you to counter your expense management woes. It gives you instant reporting, helps you with a seamless travel and expense workflow, makes the approval in slimmest of time and streamlines the entire workflow so it could be regularly exercised in enterprises that require solutions to their corporate travel problems.