Corporate travel arrangements are processes that an organization or business employs to plan and execute employee travel arrangements. They can be domestic or international and include hotels, flights, cabs, meal costs, meeting rooms, conference fees and other logistical requirements. Some companies have groups or individuals who oversee and manage this task. Others rely on third party agencies and software for handling them. To ensure a successful business trip, it is crucial to follow clearly defined procedures and be accountable.
Clear policies and guidelines cut down on risk, improve bookings, expenses, and ensure compliance. They also make it easier to approve the procedure, allowing employees to be confident about submitting their requests.
In addition to establishing guidelines for policy, a travel management system (TMS) aids businesses to book and track business travel-related events such as train, flight and hotel reservations car rentals, as well as on-site meetings arrangements. It offers real-time analytics as well as data, which is useful for monitoring travel spending and strategies.
Another aspect of a travel policy for business is defining whether or not employees are allowed to make business class bookings since they are significantly less expensive than standard bookings when other expenses such as meals and baggage fees are considered. Some companies stipulate that frequent flyer points accrued during business trips become the company’s property, while others permit employees to keep the points. It is essential to carefully consider the needs of each business when making these choices.
