Don’t Let the Business Trip Trip You Up! Best Practices for Developing and Using Travel and Expense Policies

Remember when you first started working and the idea of traveling for business sounded exotic and adventurous? Then you discovered that business travel means seeing too many hotels and convention centers and not leaving much time for exploring new cities. You also discovered the limitations of your employer’s travel and expense policies. For most business travelers, images of fine dining and staying in 5-star hotels are quickly replaced by the reality of keeping travel costs down to keep profitability up.

 

Travel and expense policies may take away some of the mystique of travel, but they benefit both employers and employees. Having a travel and expense policy protects employers from fraud and employee error. It also prevents conflict and confusion for employees, providing boundaries and clarity that helps them do their jobs better.

 

Benefits


Best Practices


Policy Elements


Expenses to Address

 

While business travel can quickly lose its allure, good travel and expense policies will stand the test of time. By clearly communicating the policies, travelers and employers will be on the same page, avoiding tax issues, preventing conflict and reducing expensive fraudulent submissions and inadvertent errors. Contact Cray Kaiser today for help creating your travel and expense policies, developing an internal control system or reviewing your policies to identify opportunities for improvement.

<< Back to all blogs

The ABCs of a Buy-Sell Agreement

What Story are Your Financial Statements Telling?

5 Methods to Achieve Better Cash Management