When it comes to corporate travel, companies face significant risks. These risks include:
- Fraud:Employees away on business utilising company credit cards incorrectly, or charge, non-business related expenses. A poor booking/management and reimbursement structure could also be taken advantage of by administrators and suppliers.
- Security: Often, business travellers are less aware of the security risks they face in certain countries and how to deal with them should something happen. This can include anything from the risk of company equipment/data being stolen and dangerous political climates to the risk of natural disasters.
- Overspending:Travel authorisation processes that do not communicate properly and are inefficient risk costing companies significantly, both in monetary terms and in terms of productivity.
- Non-compliance:Without an end-to-end travel spend solution that implements your travel policy, your employees and your company are at risk of non-compliance – whether intentional or as a result of an inefficient system.
How travel spend solutions reduce risk:
By giving financial managers the ability to access all available information on corporate travel spending, savings and losses, companies have the ability to fully audit their spending patterns. This will allow companies to more strictly adhere to travel policies and close loopholes where opportunities for mismanaging funds or committing fraud may occur. This system also includes features which assist in creating a Duty of Care culture in your organisation, giving travelling employees full information on their destinations and any security risks they may face. In addition, all information about their whereabouts and trip can be linked to any third party organisation to assist in cases where extraction is necessary.
For more information on our corporate self-booking and travel expense management system, please contact us at TraveluXion today.