Business travel nets many companies nearly a 4-to-1 return on their investment, and you can do the same if you travel right. Traveling right means taking stock of a trip’s potential costs, potential income, and engaging in a few strategies that can help you make the most of your trip.Business Travel
Generous business mileage reimbursement rates are a thing of the past, thanks to the IRS revamping the rates for 2016. The new, lowered mileage reimbursement rate for a business vehicle is 54 cents per mile, down a full 3.5 cents from last year’s 57.5 cents per mile. The new rate took effect Jan. 1. Although the mileage reimbursement has decreased by 3.5 cents, the average price of a gallon of gas has fallen from $3.50 a gallon in August of 2014 to $1.77 in February of 2016. That’s over a 50% decrease in the price of gas so even at 54 cents per mile you’ll get a good bang for your buck (or half buck).Business Travel
Although business travellers are largely embracing service options available through the sharing economy, not all companies are equally as keen on the concept. In fact, a recent survey found a notable percentage of businesses outright prohibit the use of non-traditional lodging services, and car rentals still beat out ridesharing services when it comes to ground transportation options.Business Travel
Wi-Fi has become such a necessity that 45 percent of business travellers who use it would actually be willing to go through the arduous security screening twice in exchange for a flight with a more reliable connection. Sixty-six percent of travellers were influenced by Wi-Fi options when choosing their flights, 22 percent have paid more for a flight just to get Wi-Fi, and 29 percent would give up their confirmed ticket for a standby on a flight with faster Wi-Fi.Business Travel
Ever imagine what a business trip would be like without your smartphone? Most of us would shudder at the thought. Business traveller and VentureBeat columnist John Koetsier actually lived through the experience. And he promises it wasn’t a very enjoyable one. To put it as bluntly as he did, the words he used were: “It sucks.”Business Travel
Mobile technology already has such an impact on business travel that most travellers say Wi-Fi is the most precious piece of mobile tech that aids in productivity while travelling. In fact, a majority of corporate travellers from many countries say it’s absolutely vital during every business trip.Business Travel
Even when business travel involves a fabulous location, a quick flight and a light schedule, it can still take a huge toll on your mind, body, emotions and spirit. Harvard Business Review contributor and CEO Peter Bregman found this out the hard way when it took him a full week to recover from one of his seemingly easy, two-day corporate jaunts.
As organisations continue to implement technology designed to streamline their Purchase-to-Pay (P2P) processes, a number of trends and concerns keep surfacing. Both were discussed in a recent webinar hosted by PayStream’s Henry Ijams and featuring Greg Horton of OpenText.Expense Analytics and Reporting, Expense Management
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.