No matter which travel expense reporting software you use, getting a few key statistics is essential to taking full advantage of your reports. Read on to learn about what you should be looking to get out of your business travel reporting.
What Is your Month-to-Month Spending
This data is vital to keeping an eye on your travel spend. It’s one of the most basic reports, but it will help ensure you’re always up-to-date on how much your organization is spending on travel. If it’s a particularly expensive month, are you making lots of sales that explain the extra expense? If costs are down, does it point to a larger problem with lead generation?
Who Are Your Top Spenders?
Your executives should be the people at your organization who are spending the most on travel. They likely have the most expensive airline tickets, accommodations, and transportation, as well as many other miscellaneous expenses. In addition, they’re likely traveling the most.
If one of your “road warriors” is costing the company the most money when it comes to travel, it might be time to reevaluate the process by which that individual searches for and purchases tickets. Are they looking on their own and buying the tickets they prefer? Or are you letting your travel management company find the best deals and negotiate with airlines?
How Soon Are Your Travelers Booking Their Flights?
It’s a well-known fact that inside of 14 days before travel, flyers pay a much higher fare for their tickets. Obviously this is sometimes unavoidable in the world of business, where short-term travel is often essential to closing big deals.
But if one of your employees is planning on traveling to a conference several months ahead of time, when is she or he buying a ticket (or putting in a travel request)? The lowest fares come in between 14 and 21 days in advance of the day of travel. Are you employees hitting that sweet spot?
How Closely Are Your Employees Following Your Travel Policy?
Establishing a travel policy becomes increasingly important as a company grows, and enforcing it helps keep costs in check. Exceptions happen, but you can use your travel reporting to keep an eye on those exceptions and who is taking advantage of them.
See whether particular employees violate your policy more often than others, or whether one particular violation is occurring frequently. This can present opportunities for employee education and reveal places where the policy might need to be adjusted to accommodate your employees’ needs.
Where Are You Spending the Most?
To which destinations is most of your money going? These data can help you catch new sales trends, or spot small problems before they grow unmanageable. Perhaps an increased cost-of-living in a previously inexpensive destination means you need to increase your travel budget. Or if a new route is making fares cheap to a particular destination, it might be time to send more travelers.
Travel Expense Reporting with WorldTravelService™
At WorldTravelService®, we know that tracking expenses and other details of your company’s travel is vital to following policy and maintaining profitability. We offer standard and customized reports so that you can track the elements you need in the way that makes sense for you.
Questions about our corporate travel reports? Contact us.