What You'll Learn About Travel Reimbursement
It’s one thing to earn revenue. Your marketing campaigns could drive brand recognition, and your product or service can live up to the hype. Maybe, as a result, you’re pulling in seven, eight, nine, or ten (or more) figures in revenue.
Unfortunately, such massive revenue means nothing if you’re bleeding out just as much cash to get there. Of course, nobody sets out to spend more and earn less, but these mistakes tend to creep up on many businesses.
A critical component of sustainable profitability is a firm grasp of where every dollar gets allocated. Losing track (and control) of company spending across any facet of your organization, such as corporate travel management, will send you down a frustrating, costly path.
Sticking with the above example of corporate travel management, we’ll shed light on the essential nature of travel reimbursement using our unique corporate travel software–and why Bento makes it so easy for your company.
Bento For Business Provides Corporate Travel Management Software That Helps You Work Smarter
Companies with the best intentions regarding their corporate travel management can get lost in the weeds with the multiple facets, such as travel reimbursement. This notion is most pervasive when you lack the appropriate technology to consolidate and efficiently manage the associated processes.
We’ve had clients come to us with this exact issue.
They’re doing their best to hold a magnifying glass on spending during corporate travel. Unfortunately, the result is working harder with no tangible results to show for it.
The silver lining is that our clients now grasp the pressing need to work smart.
They’ve got the rest of the company’s core functionalities in need of their focus. More importantly, they must maximize their value and time to their company. That’s not possible when spending countless hours trying to make sense of travel budgets, policies, and expenditures.
Thus, our clients have researched the top corporate travel management (CTM) software that does the nitty-gritty work for them. They’re seeking peak efficiency, and they’ve found Bento.
Upon aligning with us, all aspects of corporate travel are optimized, streamlined, and ensuring not a dollar is out of place. Of course, this helps protect your company from costly mistakes, oversights, and even travel fraud (which costs corporations almost $2 billion annually).
Let’s then get more specific and discuss how Bento For Business’s CTM software solutions maximizes travel reimbursement.
A Travel Reimbursement System At Its Most Efficient And Reliable
You’re taking the appropriate care of your employees with a premiere piece of corporate travel management software like Bento. Your talented team members can rest assured that there won’t be any issues or discrepancies. Like you, they can rely on the responsiveness and transparency allotted.
Organizations can project and properly budget down to the last decimal point. All relevant parties can breathe easy knowing there won’t be nasty surprises using Bento’s corporate travel management software.
The process of accurate, company-friendly, and employee-friendly travel reimbursement doesn’t disrupt other business components more in need of focus. You’re working less and saving more. That’s the definition of easy.
Now, let’s explore on a deeper level just how easy Bento makes travel reimbursement:
Bento Coordinates Travel Expenses
If you don’t plan it, you can’t track it.
Even without a tool like Bento, your team is likely performing due diligence and planning as best as possible.
However, human error is one of the more universally pervasive hidden costs that cut into profits. No matter what, there’s always a chance for mistakes stemming from attention loss, tiredness, and plainly lacking experience.
Or, a person could send an incorrect document to the wrong colleague.
More poignant is that insufficient data resulting from human error alone costs businesses in the US $3.1 trillion yearly.
The above human error scenarios apply to all travel expense components, including travel reimbursement.
Bento Eliminates Costly Human Errors With Travel Expenses
It’s worth noting that, yes, we’re in 2022.
Apps and tools are out there to streamline expense tracking. However, you must ask yourself if your company’s current CTM software is up to the task. Does it have all the safeguards in place to virtually eliminate the chances of human error?
With Bento, every aspect of the travel gets coordinated seamlessly, including different team members’ flights, hotel bookings, and schedules.
Having these aspects coordinated allows you to manage, monitor, and book trips accurately and automatically. Furthermore, there’s no need for management executives to expend energy or focus on input. They can focus on their chief responsibilities.
Thus, manual, human-error-prone tasks are eliminated when tracking expenses.
There will be no second guessing for travel reimbursement because all related elements have been managed to a tee. Employees can trust they’re being treated fairly. At the same time, the employer has peace of mind that only strategically approved dollars are spent.
Bento For Business Helps Predict The Unpredictable
Many CTMs claim they’ll make travel reimbursement easier for your company. We’re sure they might even state that–similar to Bento–they remove human error from the equation.
Provided you’re researching corporate travel management software, investigate whether the predictive and intuitive capabilities of the tool suit your business needs. Ultimately, it’s one thing to streamline all pre-planning, down to every last detail. It’s another–more high-level–product that accounts for unpredictable scenarios.
For instance, Bento accounts for flight cancellations and other travel-related challenges that could impact travel reimbursement.
Bento Gets Granular With Travel Expense Reporting
We spoke of tracking and monitoring travel expenses and how it helps manage travel reimbursement. However, we didn’t dig into what that entails. So, let’s explore it a bit further here:
Managing All Aspects Of Business Travel Spending
Bento’s reports for travel expenses consider all aspects of travel, leaving no financial stone unturned. These facets include expenditures based on department or team, a given timespan, fees beyond your travel policy’s scope, and client, project, or event costs.
With those reports, you can optimize your travel reimbursement. You’re seeing where the money is going so that it benefits your employees and your company. You’ll be able to flag potential missteps and finetune processes if any efficiencies have been made evident.
Consolidating The Workload While Supporting All Team Members
Let’s present a hypothetical case study.
Suppose that a twenty-member team went to a conference in San Antonio. With Bento, each member books the trip based on the pending events. Bento makes transparent the following aspects of these trips:
Team members who have booked trips within the parameters of your travel policy
Anybody who has requested bookings outside your travel policy and the reasons why
Any travellers with in-progress voyages (i.e., anyone who saved their itinerary but didn’t complete the booking process)
Those who haven’t booked their trips
While everyone is accountable for booking their trip, your company stays on top of what’s happening. You’ll then be able to flag team members who need further support, which could mean approving additional expenses, thereby increasing their travel reimbursement.
Bento Ensures Travel Reimbursement Always Makes Sense For Your Company With Spending Controls
When your employees spend outside your policy on corporate trips, it’s not typically a form of fraud. It’s a mistake. Moreover, they’ll believe they’re owed the travel reimbursement wholeheartedly–with no malice intended.
It’s a sticky situation that most organizations want to avoid, given the impact it might have on morale. It’s also a snafu you can prevent entirely with Bento.
Setting Flexible Parameters That Make Sense For Your Business
Want to avoid travel reimbursement-related problems? Well, Bento lets you use travel expense cards with flexible spending amounts.
This way, your people know the allotted budget they’re working with before the trip and can plan accordingly. It reduces any confusion or lack of transparency, so everybody knows what to expect from each individual travel reimbursement.
Plus, you can limit spending strictly to workdays.
Therefore, the money being spent (and reimbursed) is strictly business related.
Company finances go toward networking, conferences, client dinners, etc. It won’t be wasted needlessly. At the same time, your employees won’t end up wasting their own money on business-related costs.
Turning A Card Off At Any Time
One factor that can muddy up an accurate travel reimbursement is a corporate traveller’s business credit card gets stolen and racked up by the thief in question.
Fortunately, Bento flags activity that veers from policy-approved expenditures and allows you to turn a card off with one click.
So, whether the employee realizes their card is missing and informs you, or they haven’t yet noticed, you can act and keep their travel reimbursement as uncomplicated as possible.
Align With Bento And Locate Your Found Money
Profits don’t just exist in the money earned by revenue. They’re also found in the money you can save.
The above notion means ensuring every dollar your company spends makes sense for your overall business strategy. All company expenses must help bolster your bottom line, extending to travel reimbursements.
From expense tracking to seamless, intuitive spending controls during corporate travel, Bento ensures your travel reimbursement process is streamlined, accurate, and profitable.
Contact us today to learn more about how Bento can consolidate your corporate travel management.
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