Hospitality Management
Article | July 24, 2023
It would be an understatement to say that the coronavirus pandemic has throttled the travel industry, but the luxury sector is resilient and coming back strong! As you plan safety-minded meanderings into and throughout the New Year, here are a few great options for perennial favorite modes of jet set travel.
Travel to the Bottom of the Earth
Premium private jet company Magellan Jets is working to keep its guests as safe as they are satisfied. The company has compiled a toolkit to help travelers stay healthy while navigating flu season and the continuing coronavirus crisis. Magellan Jets' curated collection of guides and expert tips outlines best practices and safety measures people should remember before taking their next flight. The healthy travel toolkit covers topics such as what travelers can do to prevent contracting the coronavirus, steps professional pilots take to ensure they don’t get sick while flying, as well as other helpful resources. Additionally, readers can learn how booking private jet travel for leisure or business can significantly decrease the risk of exposure to the coronavirus and other illnesses.
Should this inspire you to get out of Dodge, consider a trip to the bottom of the Earth! Magellan Jets is now working in partnership with the industry-leading International Yacht Company (IYC) and White Desert to offer guests the trip of a lifetime to the South Pole, by way of Antarctica, to see the Emperor Penguins. This luxury 8-night adventure takes 12 guests at a time into the heart of Antarctica before venturing off to the South Pole.
IYC and Magellan Jets are working diligently to ensure the safest, most purely private way to travel. Magellan Jets will fly guests to Cape Town, where they will spend the night at One & Only prior to departing for Antarctica with White Desert on a plane equipped with the latest avionics and ski-equipped for landing on snow.
In Antarctica, guests will stay in state-of-the-art sleeping pods at Whichaway Camp where their experienced team of chefs, hosts and guides will take care of every detail, allowing you to relax and enjoy your surroundings. At the beginning of the adventure, guests fly 2 hours along the coast to an emperor penguin colony of over 14,000 breeding pairs and their newly hatched chicks. Tourists only rarely visit this colony and, as a consequence, witnessing these birds in their natural habitat is one of the most surreal experiences on earth.
As you fly from Antarctica to the South Pole, you will experience a true sense of remoteness, for as far as the eye can see, the white horizon meets the pure blue sky. The South Pole, the bottom of the earth and the holy grail of early explorers. At the designated marker there is no more east, south or west on the planet, only north, and you will be able to walk around the world in just a few paces!
Then you will fly back to their wilderness camp at 83ºS to overnight and join the select few who have ever spent a night in the beauty of the high polar plateau. You will be well looked after as you experience camping in one of the wildest places on earth.
After a night spent as a true explorer, you will fly back to the main camp and celebrate your momentous journey. With up to only 12 clients on each adventure and professional polar explorers as your guides, the day’s itineraries are tailored to each individual. Make your choice from gentle treks and picnics overlooking the ice waves, to more adrenaline-fueled activities.
After the trials and confinement of Covid-19, there is perhaps be no better place than Antarctica to escape, reflect and reignite your passion to explore. With limited group size, strict bio-security measures and the naturally inert landscape, Antarctica is one of the safest places to visit in 2020 and beyond.
Travel Back in Time
Oenophiles rejoice! Despite the pandemic and recent wildfires, Napa Valley is open and welcome visitors. While in this revered region, do yourself a favor and book a ride on the Napa Valley Wine Train. This isn’t so much a mode of transportation but rather a time machine transporting passengers back to an era when the journey was as scintillating as the destination, itself. Particularly well-suited for couples seeking quality together time, this excursion offers an elegant sojourn through the heart of Napa Valley in a refined, history-rich atmosphere befitting the lush countryside through which it passes.
Duly complementing the drop-dead gorgeous vistas are gourmet victuals and varietals-a-plenty. The train itself is a wonder to behold. The expertly restored and maintained antique Pullman cars gleam with brass and Honduran mahogany while etched original glass and swanky armchairs evoke the early 20th century spirit of luxury travel.
One of the few active historic passenger railroads remaining in the United States, the Napa Valley Wine Train offers a tempting variety of tours, events and packages, including gourmet dining experiences for both lunch and dinner. As goes without saying, the wine offerings on the Napa Valley Wine Train are ample, and impressive given the space restraints. Or, passengers can bring their own bottle on board.
The Napa Valley Wine Train isn’t just a train ride—it’s an institution that echoes the glory days of train travel, with fine dining service, multiple course meals cooked to order, Napa Valley scenery and ultimate relaxation aboard an exquisitely restored vintage rail car.
Of course, as a result of the newly released travel restrictions, the closure of its winery partners and in the interest of the health of its passengers and staff, Napa Valley Wine Train journeys were temporarily canceled but will be back on track as pandemic conditions improve—and poised to show you a spectacular time.
Luxe Chauffeur Service Everywhere You Jet Set
Luxury, convenience and safety-minded travelers are loving Blacklane’s global chauffeur service, which brings travelers peace of mind across 50 countries. The crew’s health, safety, reliability, and technology gives guests door-to-door stress-free travel.
Blacklane chauffeurs clean vehicles and disinfect all points of contact before and after rides. They offer guests hand sanitizer, wear masks, and provide masks to guests who need them. Their chauffeurs also check their temperature daily and air out vehicles between rides. Blacklane travelers receive fair, fixed and all-inclusive rates and all rides are carbon-neutral.
Plus, all Blacklane chauffeurs are commercially licensed and insured. Airport pickups include flight tracking, meet-and-greet service, and up to one hour of free chauffeur waiting time.
Intercity rides give guests a private door-to-door alternative to short-haul flights and trains. Upgrade your travels at Blacklane.com or on the free Blacklane app.
Gift an Extraordinary Custom Car
For those road warriors who revere the open highway with the wind in their hair, there’s a much better way to bestow a vehicle on your beloved this season. Don’t just buy a car and put a bow on it, let your loved one build their dream car from start to finish and drive away with a truly customized vehicle down to the smallest detail!
E.C.D. Automotive Design (E.C.D.), the country’s leading specialist for custom restored Defenders and classic Land Rovers, has released a limited number of exclusive Ultimate Platinum Cards for the upcoming holiday season. These black stainless-steel cards are valued at $200,000, so you can gift the opportunity to build a vehicle that is one-of-one, meaning no one else in the world will have a car like the one your lucky recipient designs.
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Hospitality Management
Article | August 28, 2023
Embrace the power of technology and revolutionize your hospitality business! Discover the latest trends in hospitality management software for enhanced efficiency and unforgettable guest experiences.
Staying ahead of the competition requires embracing innovative technologies in the rapidly evolving hospitality industry. Hospitality management software is crucial in streamlining operations, enhancing guest experiences, and boosting efficiency. This article will explore seven trending hospitality management software solutions that are revolutionizing the industry. From property management systems to guest experience platforms, these cutting-edge tools offer a wide range of features and capabilities.
1. TravelNet Solutions
TravelNet Solutions offers exceptional hospitality property management software, Track, which is designed to streamline operations and elevate guest experiences. At the heart of Track is its flagship property management system (PMS), a robust solution that efficiently handles all the back-office requirements, including trust accounting, automation, and housekeeping. What sets Track apart is its best-in-class hospitality customer relationship management (CRM) module. Its integrated system enables guest-related activity to link seamlessly with their record, eliminating the need for module switching or legacy record-keeping methods. Everything is securely stored in the cloud which ensures smooth functionality and accessibility. Additionally, TravelNet Solutions provides Track Pulse Contact Center Software by further enhancing customer interactions.
2. AmTrav
AmTrav provides cutting-edge software for the hospitality industry by revolutionizing traditional business travel solutions. Unlike clunky and frustrating systems, AmTrav is a seamless software and service platform designed to cater to the needs of modern businesses. By focusing on solving current challenges such as meetings and group travel, it offers a comprehensive suite of features. Its connected platform ensures a unified experience through streamlining business travel management. Tailored specifically for hospitality management systems, it optimizes productivity and efficiency, making travel business a breeze. With its commitment to assisting business travelers, AmTrav goes beyond being a mere software SaaS platform.
3. Operto Guest Technologies
Operto'sadvanced travel and hospitality management software enables seamless oversight of operations by consolidating PMS, access, and guest experience solutions into a user-friendly platform. With its innovative technology, one can effortlessly automate housekeeping scheduling and task management operations. By implementing simple and complex scheduling rules, the platform eliminates guesswork and assigns tasks to appropriate personnel. Operto Connect is a comprehensive hospitality operating system that integrates property management tools into a unified platform. From importing and managing guest reservations to controlling intelligent locks, thermostats, and noise monitoring on a per-room basis, Operto streamlines operations. This hospitality management system combines IoT hardware solutions with intuitive software to enhance guest experiences and drive operational efficiencies for property owners and managers alike.
4. Spotnana
Spotnana, a hospitality software, revolutionizes travel management with its comprehensive features. The platform simplifies the complexities of travel management by highlighting global travel policies, traveler health and safety, and robust analytics. Powered by a modern infrastructure, it enables a new generation of travel experiences, providing travelers with a wide range of unbiased options through deep direct NDC integrations with major airlines worldwide. Spotnana's platform ensures unprecedented visibility and control on a global scale, empowering businesses to optimize their travel programs. With dynamic global policies and unrivaled search capabilities, Spotnana's hospitality management tools future-proof the travel program and streamline operations.
5. Deem, Inc.
Deem is a hospitality management system software that caters to the evolving needs of employees and companies alike. Designed to enhance productivity, problem-solving capabilities, and cost control, Deem provides travel managers with a customizable and user-friendly platform to service their travelers efficiently. With a mobile-first approach, its intuitive suite of travel booking and hospitality management tools, led by Etta, enables seamless hotel, air, and car accommodation bookings from any device. Etta's accessibility and user-friendly interface ensure effortless travel planning, updates, itinerary changes, and more, even while on the go. The hotel management software provider's corporate travel booking solution is adopted by global travel management companies and corporate customers due to its unrivaled searches, personalized support, and valuable program insights.
6. ITILITE
A fully integrated travel and expense management solution, ITILITE optimizes spending while ensuring the safety and satisfaction of employees. Founded by experienced corporate travelers who understood the challenges of balancing cost and employee experience, ITILITE identifies the inefficiencies and complexities surrounding business travel. Recognizing the disparity between personal and business travel processes, ITILITE aimed to bring technological advancements to the corporate travel landscape. With unified travel and expense features, the platform drives convenience, control, and savings, empowering organizations worldwide.
7. DIB Travel
DIB Travel simplifies booking and expense management with its travel management software. Say goodbye to endless searches and multiple open tabs. With DIB Travel, booking a hotel, flight, and additional transportation options is done in three minutes. Partnered with renowned platforms like Booking.com and Expedia, DIB Travel provides access to over 1.5 million hotels and a wide selection of flights from major and low-cost airlines. Enjoy the convenience of selecting the preferred options and securing any seat effortlessly. Streamline the payment process with DIB Travel's business travel management software, which consolidates all travel expenses into a single, concise invoice. Additionally, the software offers customizable policies, approval flows, and a personalized expense management service.
In a Nutshell
Integrating advanced hospitality management software holds immense potential to revolutionize the industry. Imagine a world where smart AI-powered systems seamlessly handle all aspects of property management, guest interactions, and operational processes. These futuristic software solutions utilize machine learning algorithms and predictive analytics to anticipate guest preferences, personalize experiences, and optimize resource allocation. Virtual and augmented reality technologies immerse guests in immersive environments, enhancing their stay and creating unforgettable memories.
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Hospitality Management
Article | July 4, 2023
Discover the future of travel at the Hospitality Management events. Upcoming hospitality conferences 2023 & 2024 will have experts share insights about the rapidly evolving hospitality industry.
Warehousing and distribution play crucial roles in the logistics industry. To enhance the expertise and gain a competitive edge, professionals must attend logistics conferences in 2023, including the Supply Chain Management and warehousing conferences and events. These gatherings offer a platform for industry leaders to exchange ideas, learn from experts, and explore the latest advancements.
The following warehousing conferences and events will provide tailored discussions on warehouse optimization, inventory management, and process improvement.
1. PRSA Travel and Tourism 2023 Section Conference
June 20-23, 2023 | Madison (Wisconsin)
The PRSA Travel and Tourism Conference, presented by the PRSA's Travel Media, the global media network, will be held in June this year at the Monona Terrace Community and Convention Center in Madison, WI. This annual conference will bring together industry professionals to address evolving media and public relations changes. With notable speakers like Amy Alipio and Kelly Barbrey, attendees can gather timely strategies, resources, and diverse perspectives to excel in hospitality, tourism, and event management. Media and professional development experts, including esteemed speakers such as Amy Alipio, Kelly Barbrey, Casey Barks, Andrea Braustein, and Tykesha S. Burton, will impart their insights and expertise, providing attendees with timely strategies, resources, and diverse perspectives.
2. HITEC: The Hospitality Industry Technology Exposition and Conference
June 26-29, 2023 | Toronto (Canada)
HITEC is one of the leading hospitality conferences for tourism and hospitality industry leaders. HITEC showcases cutting-edge technology tools that support the breadth of hospitality operations. With an unparalleled education program curated by top industry experts, attendees gain invaluable insights about the latest travel technology and solutions. Notable speakers such as Shawn Kanungo, Amandeep Sarna, Bharat Patel, Frank Wolfe, and Michael Levie will share their expertise, enhancing attendees' knowledge in hospitality management and tourism hospitality. HITEC 2023 promises to be a transformative experience for professionals seeking to stay at the forefront of the hospitality industry.
3. The Hospitality Show
June 27-29, 2023 | Las Vegas (US)
The Hospitality Show is an exciting new addition to hospitality conferences that aims to bring together the entire tourism and hospitality industry with a shared goal of optimizing hotel operations for efficiency and profitability. With a focus on networking opportunities, industry leaders, senior executives, hotel brands, owners, operators, management companies, developers, investors, and technology partners will convene at this one-stop shop for collaboration. The show boasts an impressive lineup of speakers, including Kat Cole, Adm. William H. McRaven, Anthony Capuano, and Larry Cuculic, who will provide valuable insights and expertise about hospitality management.
4. Hospitality Upgrade’s CIO Summit
September 6-8 2023 | Austin (Texas)
A hospitality management events’, CIO Summit is designed for tourism and hospitality industry leaders. Over two days, this exclusive event will offer a unique blend of networking opportunities, insightful programs, and immersive social events. Participation is limited to top technology leaders from major hotels, casinos, cruise lines, management companies, and timeshare companies, ensuring a small peer networking experience. With its successful track record since its launch in 2002, the CIO Summit has become a prominent gathering for over 400 hospitality CIOs. Notable speakers such as Greg Duff, Vaughn Davis, Kelly McGuire and others will share their expertise, providing industry leaders with valuable insights and innovative strategies. For professionals in the hospitality industry, the CIO Summit in 2023 promises will be an invaluable platform for networking, knowledge exchange, and to stay ahead of the curve in the ever-evolving world of technology and tourism hospitality.
5. Gartner IT Symposium|Xpo
September 11-13, 2023 | Gold Coast (Australia)
The Gartner IT Symposium/Xpo 2023 conference addresses the needs of CIOs and IT executives in the tourism and hospitality industry. In a time of intense economic and social volatility, organizations in the industry must find innovative ways to drive efficiency, scale productivity, and pioneer new business models. By participating in this global gathering of experts and peers, attendees will gain valuable insights, expert guidance, and real-world examples to shape the future direction of technology in the hospitality industry. Key topics to be covered include business transformation, cybersecurity, AI, customer experience, data analytics, and executive leadership. With esteemed speakers like Holly Ransom and Mathew Luhn, this event will equip industry leaders with the knowledge and tools to navigate the ever-changing technology landscape and drive success in the hospitality industry.
6. Hotel & Hospitality Expo Saudi Arabia
September 10-12, 2023 | Saudi Arabia
The Hotel & Hospitality Expo Saudi Arabia is a highly influential hospitality management events and trade conference that serves as a gateway to explore the future of Saudi Arabia's hospitality industry. With a comprehensive market report, this event will delve into the key trends, industry dynamics, and the development of giga-projects, offering invaluable insights for industry leaders in the tourism and hospitality sector. By attending this expo, professionals can network with leading experts, conduct businesses, and stay updated on the latest industry developments. The event will feature conferences where hospitality leaders can share their expertise and host the prestigious Saudi Hospitality Awards. With participation from numerous local and international brands, the expo will be a valuable platform for professionals to source relevant products and services to enhance their operations in the hospitality industry.
7. Digital Travel Summit
September 12-13, 2023 | South Carolina (US)
The hotel conference and trade event, Hotel & Hospitality Expo Saudi Arabia, plays a pivotal role in shaping the future of the hospitality industry in Saudi Arabia. Industry leaders in the tourism and hospitality sector can expect valuable insights from the event's comprehensive market report, which will explore key trends, industry dynamics, and the development of giga-projects. Attending this expo will allow professionals to network with top experts, engage in business opportunities, and stay up-to-date with industry advancements. Additionally, the conference will feature renowned speakers such as Kate Powell, Priya Rajagopal, Steven Paganelli, Derek Schoen, and Andrea Cole, who will share their expertise and contribute to the knowledge exchange. By participating in this event, industry leaders can get access to source relevant products and services to elevate their operations within the hospitality industry.
8. Skift Global Forum
September 26-28, 2023 | New York City (New York)
Skift Global Forum 2023, the flagship global conference on the business of travel, is set to make its return to New York City. This tourism and hospitality conference will offer invaluable insights into the future of the tourism hospitality industry. With a focus on the theme 'Connection in the Age of AI,' the conference will delve into the evolving relationship between generative AI and the travel industry. Notable speakers such as Ariel Cohen, Glenn Fogel, Christopher Nassetta, Jason Calacanis, and Gary Morrison will provide unique perspectives and inspire industry leaders to navigate the dynamic landscape of the hospitality and tourism industry.
9. The Phocuswright Conference
November 13-16, 2024 | Florida (US)
One of the renowned hospitality conferences, Phocuswright Conference, has catalyzed innovation and business growth for over 25 years. It will offer industry leaders an unparalleled platform to immerse themselves in professional development, advocate for innovation, and cultivate talent. The event will further foster valuable connections with an influential and elite group, providing inspiration and insights to drive success in the dynamic landscape of the hospitality and tourism industry. Notably, the conference prioritizes sustainability by fully offsetting the carbon footprint of the entire event, including every attendee. With esteemed speakers such as Timothy Hughes, Tania Platt, Nadim El Manawy, and Mary Li, industry leaders will be able to gain valuable knowledge, expand their networks, and stay ahead of the rapidly evolving hospitality industry.
10. 4th International Conference on Tourism Management and Hospitality
March 01-03, 2024 | Vienna (Austria)
The Hospitality Conference 2024 is known as the International Hospitality and Tourism Management Conference (ICTMH). It is the fourth edition of the conference this year and promises that it will be a gathering of industry leaders, academics, and professionals. Attendees can expect to engage with world-renowned experts who will present their groundbreaking research on critical topics such as customer experience, medical tourism, economic sustainability, ICT and tourism, social media marketing, and tourism law. Notable keynote speakers, including Dr. Hsuan Hsuan Chang, Dr. Kelly La Venture, Prof. Dheeraj Sharma, and Prof. Koustab Ghosh, will provide valuable insights and expertise, ensuring that industry leaders will return the conference equipped with fresh perspectives and ideas to elevate their organizations and shape the future of the hospitality industry.
The hospitality management events and conferences mentioned in the article provide a promising outlook for the future of the tourism and hospitality industry. These gatherings serve as crucial platforms for networking, knowledge sharing, and collaboration within the industry. By attending hospitality conferences and hotel conferences, businesses can gain insights into tourism and hospitality management, explore new trends, and learn about innovative strategies for success. These events also focus on tourism and event management, providing valuable opportunities to stay updated on industry developments and form partnerships.
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Business Travel
Article | December 10, 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.
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