5 Ways to Control Corporate Travel Budgets
Managing corporate travel budgets is a critical aspect of financial planning for businesses of all sizes. Travel and entertainment (T&E) expenses are among the largest controllable costs for companies, with global business T&E expenses expected to soar above above $1.78 trillion by 2027.
Business travellers across the US take 2 trips per month, on average, with an average daily cost of well over $300.
However, controlling these costs without sacrificing employee satisfaction or productivity is a delicate balance. Here are five actionable strategies to control corporate travel budgets, inspired by the transformative features of platforms like Qorbis.
1. Consolidate Tools for Efficiency
Traditional T&E management often involves juggling multiple systems for banking, accounting, expense tracking, and approvals. This fragmented approach can lead to inefficiencies, errors, and unmonitored spending.
Solution: Adopt an integrated T&E management platform, such as Qorbis, which combines corporate cards, payments, and expense-tracking tools. By consolidating workflows, businesses gain real-time visibility into expenditures and reduce administrative overhead, cutting down on processing costs by as much as 25%.
2. Leverage Real-Time Expense Monitoring
Expense "blindness" is a common issue when businesses lack visibility into their spending until after it occurs. This often results in budget overruns and unanticipated costs.
Solution: Use tools that provide real-time tracking. Platforms like Qorbis allow businesses to segregate departments or project finances, and then monitor spending as it occurs. This proactive approach helps managers identify overspending trends and make timely adjustments, potentially saving up to 15% of the annual T&E budget.
3. Automate Workflows to Reduce Errors
47% of business travelers said their company relies on spreadsheets to handle recording and reporting expense reports. Manual expense approval processes are not only time-consuming but also prone to human error, leading to overpayments or duplicate reimbursements.
Solution: Automate workflows for approvals and reimbursements. Qorbis automates these processes, including easy and on-the-go receipt capture, enabling faster approvals and reducing errors. Automated systems have been shown to save companies up to 20 hours of administrative work per week, translating into significant cost savings over time.
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4. Optimize for International Travel
Currency fluctuations and high foreign exchange (FX) fees can drastically increase the cost of international travel. For businesses operating globally, these hidden costs can add up quickly.
Solution: Use a platform with competitive FX rates, such as Qorbis, which offers fixed FX rates as low as 0.5%. By avoiding traditional bank fees and fluctuating rates, businesses can save up to 5% on international expenses, providing significant savings for frequent travelers.
5. Empower Employees with Granular Spending Controls
A lack of clear spending policies or tools to enforce them can lead to overages and misuse of corporate funds.
Solution: Implement granular controls on spending. Qorbis offers brandable corporate cards with customizable permissions, allowing businesses to allocate budgets by department, project, or individual employee. With role-based access and spending caps, companies can ensure compliance with policies while empowering employees to make necessary purchases.
The Role of Technology in Budget Control
Advanced platforms like Qorbis don’t just streamline processes—they fundamentally reshape how businesses manage T&E. In addition to direct cost savings, they bring added perks such as:
By leveraging these strategies and adopting modern tools like Qorbis, businesses can gain greater control over their corporate travel budgets, ensuring that every dollar spent contributes to operational efficiency and growth.
Now is the time to embrace the future of financial management and invest in tools that turn expense management from a burden into a strategic advantage. Book a demo to see how Qorbis can transform your business.