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Last Updated : Aug 30, 2018 01:50 PM IST | Source: Moneycontrol.com

4 reasons why outsourcing a company’s travel and expense management is beneficial

An effective travel manager will look for deals and discounts, which can bring down your business travel costs drastically.

Akanksha Jain @moneycontrolcom
Business travel has become extremely crucial for Indian businesses and according to a report by the Global Business Travel Association Foundation, the country is expected to become the sixth largest business travel market in the world by 2019. (Image: Shutterstock)
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Business travel has become extremely crucial for Indian businesses and according to a report by the Global Business Travel Association Foundation, the country is expected to become the sixth largest business travel market in the world by 2019. (Image: Shutterstock)

Speaking of which, having a dedicated travel manager becomes indispensable, who can ensure seamless business travels, answer queries, identify low-cost measures and stay within the travel and expense (T&E) budget, which is the second largest operational cost in a company. In case you don’t have a travel manager, here are 4 reasons why you should outsource the duties: (Image: Shutterstock)
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Speaking of which, having a dedicated travel manager becomes indispensable, who can ensure seamless business travels, answer queries, identify low-cost measures and stay within the travel and expense (T&E) budget, which is the second largest operational cost in a company. In case you don’t have a travel manager, here are 4 reasons why you should outsource the duties: (Image: Shutterstock)

Absence of a travel policy: Having a written travel policy in place can help gain control of travel expenses and put employees and stakeholders under a budget and strict guidelines. Keeping a budget can stop your employees from over-spending and follow a specific procedure. An expert can help in formulating guidelines, keeping in mind the frequency of domestic and overseas travel. (Image: Shutterstock)
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Absence of a travel policy: Having a written travel policy in place can help gain control of travel expenses and put employees and stakeholders under a budget and strict guidelines. Keeping a budget can stop your employees from over-spending and follow a specific procedure. An expert can help in formulating guidelines, keeping in mind the frequency of domestic and overseas travel. (Image: Shutterstock)

Save costs: A sound travel manager looks at negotiating and exploring various hotels, rental cars and flight deals. They speak with various vendors for the most cost-effective deals and discounts, which can lower your travel and expenses drastically. (Image: Shutterstock)
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Save costs: A sound travel manager looks at negotiating and exploring various hotels, rental cars and flight deals. They speak with various vendors for the most cost-effective deals and discounts, which can lower your travel and expenses drastically. (Image: Shutterstock)

Virtual payments: Many a times, especially on foreign tours, employees hesitate to carry large amount of cash. Companies also refrain from giving out cash to employees fearing misuse. In this backdrop, travel managers come up with virtual cards that can be swiped anywhere and will help keep a track of the budget. (Image: Shutterstock)
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Virtual payments: Many a times, especially on foreign tours, employees hesitate to carry large amount of cash. Companies also refrain from giving out cash to employees fearing misuse. In this backdrop, travel managers come up with virtual cards that can be swiped anywhere and will help keep a track of the budget. (Image: Shutterstock)

Streamline process: Through dashboards and data analysis, you can keep a hawk’s eye on your T&E and streamline operations. Through a specific procedure, you can track your employee’s spending. You can create a workflow and keep track of your expenses on the go as well. Travel management can be a challenging task and with smart systems in place, you can make the most of a business trip without overshooting the budget. (Image: Shutterstock)
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Streamline process: Through dashboards and data analysis, you can keep a hawk’s eye on your T&E and streamline operations. Through a specific procedure, you can track your employee’s spending. You can create a workflow and keep track of your expenses on the go as well. Travel management can be a challenging task and with smart systems in place, you can make the most of a business trip without overshooting the budget. (Image: Shutterstock)

First Published on Aug 29, 2018 04:58 pm
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