Out-of-the-box Ways to Manage Business Travel Expenses
Thousands of struggles, difficulties and impediments lie ahead of a business. Every day you need to cope with a myriad of chores, and every point needs equal attention to reap success. Arranging a business travel is a complex affair in itself accompanied by the hassles of visa arrangements and it’s challenging to save on corporate travel. Driven by factors like globalization of the world economy and favorable policy and regulations promulgated by the government, India has witnessed a sudden upsurge in business travel. Entrepreneurs from various sectors now frequently travel overseas to fetch foreign investment and apparently, you don’t like to stay behind in the race.
Being a growing company you may look for a foreign investor to fund your project; then again you need to cut cost on everything as every dime eventually contributes to your success.
Here are some hands-on pieces of advice to control your organizational budget spent on corporate travellers:
- Connect with Crowdsourced Shipping Community
Sending a parcel out of the country is an extortionate affair indeed; issues like excess weight and delivery timing come down in the line. Some companies have come up with a unique shipping solution that is economical and convenient in a row, they have devised “peer-shipping” platform to contrive an easier, affordable and quicker way to deliver items to another country or across the country.
Working as a middleman you can deliver the parcel from the sender to the receiver while travelling abroad. For instance, you are travelling to Denver for a business meeting and someone needs to deliver an outfit to that same place. Acting as a conveyor you can transport that item from the sender to the recipient and in return get rewarded. For attending a business meeting or summit corporates often travel abroad and carry only a hand luggage, what about utilizing this platform to save or earn some money.
Conversely, you can trust on their network to deliver a parcel outside of the country at much cheaper rate, every registered profile is monitored assiduously. Visit their websites to get profound insights into their modus operandi and check the content present inside the package thoroughly before going off with the parcel.
- Tie up with a Tour Operator
Teaming up with industry-leading corporate travel management services, you can benefit from preferential rate and streamlined process. You may also opt for online corporate travel booking platforms & get access to a robust list of hotel, car and flight options. Over and above enjoy benefits like free date-change, airport transfers, room upgrades, complete business itinerary details and transparent details on additional expenses like in-flight fees, baggage fees.
It’s good to have a professional Passport and visa expediter by your side to manage visa hassles to make a substantial reduction in the business travel cost. At first glance, it may seem expensive but in the long run, it will buy you peace of mind saving your time and energy. You will be free to concentrate on your core business and competencies.
Nowadays, we have the ability to gather information at the palm of our hand, make a data-driven decision after conducting extensive research. Set an overall allowance for meal expenses and advise employees to select the most cost-effective methods as well as look for promotional discounts or cash back offers to reduce the expenditures.
- Be Benefitted of Input Tax Credit
Before we leap into the details let’s get a basic notion regarding ‘Input Tax Credit, it can be considered as the backbone of the GST Regime and instrumental in avoiding the cascading impact of taxes. In the course of conducting business functionalities or furtherance of business, if the employees procure any service or goods it will come under ITC subjected to the receipt of authentic tax invoice, debit note or other documents issued by registered dealers.
By dint of ITC, startups can save an equivalent amount to the tax that is already taken by the service provider or supplier and submitted to the Government. The prescribed particular along with the company’s name and registration number must be mentioned in the invoice raised by the company.
The newfound GST empowers businesses across the country to request input credit against the air ticket, hotel & restaurant invoices; however, don’t forget to submit your GST registration number to the concerned airline in order to avail the benefit.
- Provide Corporate Credit Card to have Control of Spend
When the employees pay and submit the proof of expenses, there is a potential of expense fraud like purchasing business class air tickets and downgrading to economy class, adding larger amount of tips on the restaurant bills. Corporate cards will help you to eliminate such possibilities as it will be easier to inspect the business spending as you will receive a detailed expense report at the end of the month.
Moreover, refunds can’t be processed onto another card which was not used for the payment; hence it’s impossible for the employees to take advantage of these schemes. With the use of corporate credit cards you can avoid spending time on unnecessary paperwork. Besides all the expenses will result in cash back or reward, that offers the opportunity to offset annual organizational costs.