3 Reasons to Put Antarctica on Your Travel List

| June 10, 2019

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If you’re an experienced traveler looking for a unique trip, unlike others you’ve taken in the past, consider planning a trip to Antarctica. This far off land is frequently visited by the Seabourn Quest, one of Seabourn’s ships, and it’s a journey of a lifetime. Here are three reasons why this destination should be on your travel bucket list:

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Explorer X

It's about adventuring off into the unknown (both in the world and within ourselves) and learning new things from and about other people and places and cultures ... It’s about being inspired by the beauty and power of nature, connecting with new ideas and perspectives and beliefs and ways of being in the world ... Perhaps most importantly, travel is about reconnecting with ourselves so that we can live more meaningful, purposeful, and intentional lives that make a deep impact on the world and in the lives of others.

OTHER ARTICLES

AI is the key ingredient for travel and hospitality sectors' business strategy

Article | February 24, 2020

The very essence of travel and hospitality lies in connecting people to each other as well as to places and experiences. However, consumer behavior is constantly changing, competition continues to heat up, and the industry, though witnessing consolidation at various levels, continues to be highly fragmented. So, as new and emerging technologies are playing a pivotal role in the rapid digitization and automation of this increasingly ‘connected’ world, it only makes sense that players in the space are frontrunners in terms of their implementation. Artificial Intelligence, in particular, is proving to be useful for a number of processes and functions across businesses in the travel and hospitality space, both in terms of internal operations and enhancing the experience for the end-users.

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BUSINESS TRAVEL

How Best Practices for Travel Expense Management Can Benefit your Business

Article | February 24, 2020

As every department is going through digital transformation in travel companies, finance processes are no exception. The advancements in technology are influencing how travel expense management is evolving. Technology is widely affecting how travel expenses are captured, submitted, audited, processed, and reimbursed. The automated travel expense management is helping most of the corporate travel companies with inclusion of the latest travel management and expense management tools. In 2016, the share of corporate travel expense management was US$1.3 trillion; therefore, by 2023, it is predicted to hit US$1.6 trillion. Companies today are rethinking modern travel expense management policy and developing corporate travel expense management system including expense management best practices. They are actively using travel management and expense management tools to create a smoother workflow. Looking at these developments in expense management policy, it’s important to understand what companies were facing before implementation of automated version of expense management system. Main Hurdles While Managing Travel and Expense Policy violations Multiple layers of forms Delayed submission of expense reports by employees Increased processing cost Lack of visibility into the process Heaps of productive hours were wasted because of the manual processes involved in the expense management policy. Managing the excel reports and cross-verification for policy compliance resulted in increased costs. Delayed submission of expense reports caused late input tax credit claims, which affected businesses to generate revenue. Consequently, to minimize the hurdles of managing travel expenses, an automated travel expense management system, and some best practices for travel expense management were the need of the hour. An Overview: Modern Travel Expense Management Modern travel and expense management systems and its practices help employees manage the financial process in real and measurable ways. The system governs how the finance team spends company money on corporate travel and other related expenses. It includes an automated expense management process, which has drawn attention to seamless receipt generation, auditing, reimbursing, submission of finance reports, and cost savings. To implement modern travel expense management, some best practices for travel expense management are suggested to help build a consistent workflow. Many corporate travel companies have included it to automate the expense management process but are little aware of practices that can enhance their workflow. In this scenario, it's important to know the importance of including the best practices for travel expense management. Why Talk about Best Practices for Travel Expense Management? In the finance department, various types of frauds such as multiple reimbursements, overstated expenses, fictitious expenses, and more always stay at the top of the mind for most CFO’s. A well-controlled travel expense management system helps prevent misuse of company assets and prohibits misconduct from dealing with such situations. According to the Aberdeen group’s research, 43% of top travel companies and their CMOs consider T&E management a critical strategy for their company to handle travel expenses. In comparison, 48% of them say they “need to reduce expense processing costs,” which is why they implemented best practices for travel expense management. Whether large or small, companies realize the potential benefits of a well-managed travel spend mechanism that had best practices for travel expense management to automate the expense management process. They invested heavily in expense management software, which helped them frame a consolidated expense management policy. In the end, corporate travel policy best practices need to be tailored specifically to employees to create best-in-class expense management and improve performance. By following expense management best practices, you can also define and implement an accurate policy and ensure your employees implement potential tools to automate the expense management process. This will create an efficient finance process that will lead to a friction-free travel and expense management system. If you are updating your finance functions, this small expense management guide to the best practices for travel expense management will help you far to reach your goals. Best Practices for Travel Expense Management Create Ownership of the Policy Before you start implementing T&E management as a critical strategy, defining ownership of the policy clearly is crucial. Ideally, your finance team needs to understand it thoroughly while using the best expense management software. Creating ownership of the policy will benefit as follows: First: You will have clear ownership that will ensure that your finance team tracks the policy accurately and makes necessary changes to cater to corporate travelers and their requirements. Second: Your employees will be able to address queries and concerns related to corporate travel a defined way. This way it will become easier for them to handle multiple queries at a time and cater to possible services. Include Simple Policies Your expense management policy should outline what it is accurately. It can only be practiced if you keep policies simple based on the company’s culture and its budget. Using the right travel management and expense management tools, your company’s travel expense management mechanism will be quick and easy for employees to work on expenses claimed by corporate travelers, submit, and audit them. Including simple policies will help employees track receipts through mobile applications and even upload them immediately. This entire process will help minimize errors and lessen receipt loss possibilities. Accurate Expense Reporting To include accurate expense management reporting is considered one of the most successful best practices for travel expense management. Around 30% of CFOs believe that to review expenses reporting for policy violation is the biggest pain point. As you automate the expense management process, the mechanism of expense reporting and expense claim management also gets smarter. There are multiple benefits to have a sound reporting system. It gives budget creators a better understanding of how a specific travel expense budget is consumed. Finance teams get a proper structure and create a defined spending pattern to identify transactions so that there are no fraud possibilities in the management system. The reports under expense reporting become accountable because the total spends are available to senior management for a broad review. Expense Payments Are Timely Processed The right expense management software usage can help your employees process expense payments on time and faster to reduce errors. By implementing this expense management best practice, your employees can present expense reports timely to managers. An automated expense management system eliminates the tedious job of manually checking expense payment violations and encourages initiating flawless expense payment processing. Creates Accountability To keep accountability in expense management is vital for a finance manager. The automated travel and expense management system creates an opportunity to enable accountability option for your company’s expense plan so that managers are made aware of the transactions, submission of reports, expense claims, reimbursements, and more that are taking place. In order to gain high accountability in these areas, the new travel expense management process provides easy access to review and gives appropriate reports. You can easily implement this corporate travel policy best practice to your system and keep a check using expense management software that provides access via mobile applications. Practicing this will give your finance team more power and guide them to generate better revenue annually. Conduct Regular Audits By implementing this as best practices for your travel and expense management, you can efficiently conduct regular audits of the travel expense. Many CMOs have followed it and attained success while implementing it. Similarly, a regular audit also identifies areas of improvement and can point variances that could generate exemplary revenue. Practicing this in your finance process will also help uncover expense fraud. In this case, the Association of Certified Fraud Examiners’ (ACFE) reveals, 20% of small businesses and 13% of larger firms reported fraudulent expense reimbursements in 2019. The activities that were highlighted as Access expenses Non-characterized expenses Fictitious expenses Multiple reimbursements for the same expense After putting your time and effort into recreating a new travel and expense management system and inculcating best practices for travel expense management in your company, it is crucial to choose the right ways to enforce it. Consistent use of best practices for travel expense management will let you save costs, and there will be no adverse impact on your company's budget. You can make effective decisions for your business as it eradicates your finance team's hurdles that were before. Frequently Asked Questions What is a travel and expense policy? A travel and expense policy is a set of rules that covers the process of reimbursement and claims for expenses that are incurred by employees on corporate travel plans. This policy outlines how a company’s employees should set procedures for corporate travel. What is business travel management? Business travel management includes policies that set a company’s function in a strategic way. It includes various types of contracts made with airlines, hotel chains, rental car companies, and other business travel related management services. What is expense management? Expense management works according to two key elements—how a business pays for employee-initiated expenses and how to track all employee-initiated spending. In this, management of costs is included mainly for corporate travel, accommodation, meals, flights, and car rentals. What is expense management automation? Expense management automation encourages services like collection, storage, submission, reporting to function automatically. It implies the use of analytical tools to help companies maintain accountability and compliance through accurate tracking and reporting process. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is a travel and expense policy?", "acceptedAnswer": { "@type": "Answer", "text": "A travel and expense policy is a set of rules that covers the process of reimbursement and claims for expenses that are incurred by employees on corporate travel plans. This policy outlines how a company’s employees should set procedures for corporate travel." } },{ "@type": "Question", "name": "What is business travel management?", "acceptedAnswer": { "@type": "Answer", "text": "Business travel management includes policies that set a company’s function in a strategic way. It includes various types of contracts made with airlines, hotel chains, rental car companies, and other business travel related management services." } },{ "@type": "Question", "name": "What is expense management?", "acceptedAnswer": { "@type": "Answer", "text": "Expense management works according to two key elements—how a business pays for employee-initiated expenses and how to track all employee-initiated spending. In this, management of costs is included mainly for corporate travel, accommodation, meals, flights, and car rentals." } },{ "@type": "Question", "name": "What is expense management automation?", "acceptedAnswer": { "@type": "Answer", "text": "Expense management automation encourages services like collection, storage, submission, reporting to function automatically. It implies the use of analytical tools to help companies maintain accountability and compliance through accurate tracking and reporting process." } }] }

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How a travel club can better connect brands to their users

Article | February 24, 2020

As the number of travelers rises year after year, the number of members enrolled for travel-based rewards programs continues to rise along with it: According to one survey, about 56% of travelers were a part of one or more hotel loyalty programs, while 54% belonged to at least one airline loyalty program. What can brands take from this data? That travel can be leveraged as a way to strengthen loyalty among members with the right set of benefits, added value and perceived value of a personal connection to the brand.

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This too shall pass - but travel will need to adjust

Article | February 24, 2020

Just over a month ago, many of us sat in our offices, surrounded by colleagues, engaged in deep discussions about how best to leverage the increasing demand in travel this year. As per the World Tourism Organization's (UNWTO) forecasts from earlier this year, international tourist arrivals were expected to grow by 4% in 2020, which is not as great as the growth seen in 2017 (7%) and 2018 (6%), but it was still enough to continue fueling the tourism industry, which contributes to about 10.4% of the global GDP and approximately 319 million jobs. We were blissfully unaware of the looming threat of the COVID-19 global pandemic. In fact, several parts of the world failed to take notice of this crown-shaped virus that was about to bring everything to a grinding halt, until March 11, when the World Health Organization officially announced it as a pandemic.

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Spotlight

Explorer X

It's about adventuring off into the unknown (both in the world and within ourselves) and learning new things from and about other people and places and cultures ... It’s about being inspired by the beauty and power of nature, connecting with new ideas and perspectives and beliefs and ways of being in the world ... Perhaps most importantly, travel is about reconnecting with ourselves so that we can live more meaningful, purposeful, and intentional lives that make a deep impact on the world and in the lives of others.

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