How To Save Money On Business Travel

How To Save Money On Business TravelSource: Pixabay

Does your work require you to travel a lot? Whether you’re travelling locally or taking flights across the globe, getting around can be expensive. Here are some solutions to bring down the cost of travel.

1. Have A Travel Budget

Having a travel budget will stop you from taking every excuse to not sit in the office. It could also to help the travelling that your employees are doing. Let your staff know about this budget and advise them to spend less. Whilst many employees may know all about travel budgeting from holidays abroad, they may be less inclined to spend frugally when it’s not their money. Don’t let your employees believe that your company is running on infinite funds.

2. Book Ahead

There are many times in which booking ahead can save costs. It may allow you to get cheaper rates on flights and train travel as well as hotels. Try to avoid last minute travel plans and start making bookings as soon as something is confirmed.

How To Save Money On Business Travel

Source: Pixabay

3. Lease Vehicles, Don’t Buy Them

If you require your own company vehicles, think twice before buying them. Leasing may be a cheaper option in many cases. Van leasing may be ideal in trades where you may need to deliver items on a regular basis, whilst car leasing may be good in trades such as real estate. Maintenance and repair may be covered by some leasing companies. You should however read the small print as there may be a mileage limit, plus it’s unlikely you’ll be able to customise vehicles with branding.

4. Claim Travel On Expenses

Like many other business expenses, work-related travel is tax deductible. Don’t forget to keep a record of lease fees, fuel, flight costs and train tickets – it could have you paying less when it comes to doing your tax self-assessment. Be aware that commuting costs are not tax deductible. There may also be other exceptions worth talking over with a financial advisor.

5. Use Video-Communication Where You Can

When it comes to most meetings, you may not actually have to realistically travel from your desk. Video-communication has made it possible to talk to people around the world face-to-face as if you were in a meeting scenario. You may not be able to shake your hand, but you have a more interpersonal conversation. Businesses are now using video-communication to do presentations, to remote train staff and even to conduct interviews with candidates. This can benefit both parties in many cases. There are many other ways that digital technology can replace having to travel. Contracts can now be signed digitally, whilst cloud computing has made it possible for people on different sides of the world to work on the same document. When it comes to offering manual work, video-communication won’t be any use. However, for general business transactions, you may find that you don’t realistically need to travel anywhere.