Handling Travel Expenses

By Kevin Dennis, WeddingIQ

Being able to travel for work is something that always sounds really fun and glamorous to people, and don’t get me wrong, sometimes it is. However, there is a lot of back-end work that goes into it. From scheduling to booking and of course, managing expenses. Your trip can quickly go from exciting to stressful, but with a few simple tips you’ll have no problem handling your travel expenses.

Get Organized

Good organization is the secret weapon for most seasoned travelers. For your hotels and airfare, using an app that stores everything in one place for quick and easy access is key. I use TripIt, which has been a huge time saver. As for other expenses while on the trip, be sure you’re keeping all of your receipts. I found that having a designated folder in my suitcase makes it easy for me to empty out my wallet at the end of each night. That way, I know everything is there and I can refer back to it when I’m home in the office.

Additional Employees

If you have additional employees joining you, you’re going to want to have some way for them easily get around, buy meals, etc. Issuing a company credit card has worked well for me. They are given a strict spending limit and are required to complete an expense report immediately following the trip. If you aren’t comfortable with that, the next best option is to simply reimburse them. Be sure they are keeping their receipts and have them fill out an expense report for everything they put on their card.

Set a Budget

Set a budget before your trip of what you’d be comfortable spending and stick to it. Remember that you’re there for work and not fun. I’ve seen a lot of people blow off conference classes to go out and see the sights, which means they’re spending money instead of learning how to make money. You paid to be there, so it’s your responsibility to get the most out of it.

Determine ROI

After the conference/trip, sit down and look at how much you spent and determine if the ROI is worth it. It’s going to be hard to evaluate, because results may take some time, but taking a close look at your finances can show you some changes you can make on another trip.

The only question left now is, where are you headed to next?