Finance

Leakage and Invisible Travel Spending

September 16, 2021 by Kim Andreello

The word “leakage” has unpleasant connotations in virtually every context imaginable. Travel management is no exception. Leakage is invisible travel spending that takes place outside of an approved channel. This out of contract spending typically does not show up in reporting provided by an organization’s travel…

Finance

Budgeting for Travel Expenses

September 2, 2021 by Scott Toelle

An annual budget is the corporate equivalent of a New Year’s resolution. Both are well-intentioned, and both rarely work out as well as planned. Kenneth Merchant, Deloitte & Touche LLP Chair of accountancy at the University of Southern California, wrote in the Wall Street Journal about why it is…

Finance

How to Cut Employee Travel Costs

August 26, 2021 by Scott Toelle

No company wants to waste money on travel, but most don’t have a plan for how to manage this major expense. If you’re looking to get a handle on travel spending at your company, you’ve come to the right place. Read on below to see the steps – some big,…

Corporate Culture

Why Finance Departments Should Care About Travel

July 22, 2021 by Mikael Hellstrom

Fewer than 40% of CFOs report being satisfied with how travel expenses are currently managed in their companies.1 Concern about cost has led more companies to shift oversight of employee travel to their finance, procurement, or executive leadership teams. In an earlier era, travel management responsibilities were typically delegated to…

Finance

The Finance Exec’s Guide to Reducing T&E Expenses

June 30, 2021 by Scott Toelle

Employee travel touches all areas of a business’s operations, from HR and procurement to sales, account services, and the other departments that at any given time are likely to have team members on the road. But it’s the finance department that arguably has the most at stake from the success…

Corporate Culture

Engaging Your Employees in Travel Cost Savings

May 18, 2021 by Kim Andreello

T&E spend tends to be one of the biggest cost centers for organizations, yet it is often among the last line items to be tackled when companies seek to cut costs and optimize spend. The reasons are simple: travel and entertainment directly affect employee morale, and strict controls and policies…

Finance

Avoid These Cost-Cutting Mistakes

April 27, 2021 by Scott Toelle

Cost-cutting, as implied by its very name, is painful. Aside from potential operational disruptions caused by slashing budgets, the initial recognition of the need for cuts is never an easy one to come to. This is especially true because of the human element: staffing accounts for a majority of expenses…

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