San Francisco Scores for Most Expensive US Business Travel Location (Again)
A daily allowance of $550 might take you far for a night out on your hometown, but it won’t go all that far at all on business trip in San Francisco. The City by the Bay ranks as the most expensive U.S. business travel location, again, with an average day’s expenditures totaled at $547.34.
Business TravelEurope, Worldwide Travel Security Tips Update after Brussels Bombings
Travelers across the world are still feeling the after-effects of the Brussels bombings in the form of heightened security across the board. Many international airports, key transit systems and high-profile areas have beefed up their safety measures as a routine precaution, even without a specific threat of attack.
Business TravelChew on This: One Way to Get Biz Travelers to Eat at Preferred Restaurants
While travel managers can often negotiate preferred rates with hotels and even airlines, the same strategy typically doesn’t work with restaurants. Getting your business travelers to eat at preferred restaurants can be a major headache, as can tracking and managing dining expenses that come from a vast variety of different eateries.
Business TravelExpense best practices to delight your employees AND your CFO
Anyone who has looked at some of the perks that companies offer will understand that any forward-thinking organization places a premium on attracting and retaining the best talent. When you factor that it costs an average of 6-9 months’ salary to replace an employee, spending a little extra to keep your team happy is a sound investment. The hard cost of employee turnover is, of course, just one issue here. Companies’ ability to thrive is reliant upon attracting and retaining the best talent. Being unable to keep and hire staff can have a seriously detrimental impact on an organization’s overall health.
For CFOs, Business Travel, Expense PolicyGaze Beyond the Star Ratings: What Hotel Ratings Aren’t Telling You
Many business travelers may choose their hotels based on one part expense policy compliance, one part colleague input, and one part online reviews. But if looking at online reviews means glancing at the overall numerical or star rating average for the hotel, they could be missing out on some key information that could make or break their stay.
Business TravelHow could your organization be exposed to expense fraud?
Employee expense report fraud is a considerable issue across the world – in fact in a recent survey, it was estimated to cost $2.8 billion a year in the U.S. alone, with more than 1.1 million American employees admitting to submitting deliberately falsified expenses. The impact of expense fraud goes far beyond the financial loss suffered. Organizations’ liabilities can range from audits to loss of investor confidence, and of course for those responsible for expense management and approval, failing to stop fraud can be somewhat career limiting.
Expense FraudHow much does business expense fraud cost?
We recently surveyed more than 1,000 frequent business travelers, to see just how honest they are when it comes to submitting their expenses. The good news is that 94.7 percent say that their expense reports are done honestly. The bad news is that the other 5.3 percent equates to about 1.1 million business travelers, who combined cost their employers $2.8 billion per year. Those who admit to committing expense fraud do so to the tune of almost $2,500 per year on average.
Expense FraudWhy is streamlined expense management automation so critical for law firms?
Let’s face it, we pretty much all procrastinate when it comes to submitting expenses. For most people in the workforce, the biggest pitfall of late expense submission is that you don’t get paid on time, so you may have to cover a credit card bill out of pocket. A bit of a pain, but rarely more than that. However, the impact of this for law firms can be much more far reaching. A tardy submission often results in a write-off absorbed by the firm, since the client will not pay beyond a certain cut-off date. As profit margins at law firms tend to be narrow, losing profits due to poor or delayed expense reporting can be critical.
Expense ReportsExperimental Airfare Pricing to Take Flight in 2016
New pricing games are hitting the airlines, with 2016 expected to be a ground-breaking year for all types of pricing experimentation. Ever since the great recession led to cutbacks at airlines, carriers discovered they could easily charge for items and perks that used to be free. That lesson isn’t one they are apt to forget anytime soon. In fact, airlines are looking for more and more ways to push the trend to capitalize on their products.
Seven tips for creating an expense policy that your employees will love (well, almost)
We’d all love to fly first class and eat steak dinners on somebody else’s dime, but if everyone did that, many companies would run out of cash pretty quickly. Therefore, creating a sensible expense policy is a must for any organization to both control costs and, as we recently said in our white paper, reduce business expense fraud. Without a clear policy, staff are left in the dark about what is and isn’t allowed, and will just assume how much they can spend. And we all know what “assume” does.
For Travel Managers, Expense Reports, Expense Policy