BUSINESS STRATEGY
Understanding business travel expenditure
From money spent to savings missed , preferred suppliers and buying behaviour , there ’ s a lot to keep tabs on , when it comes to the success of your business travel programme . Kevin Harrison , Managing Director , Good Travel Management , discusses how to better understand your current travel spending to help make datadriven decisions , which drive your business travel policy .
Business travel expenditure means controlling and monitoring all costs associated with company travel . Eligible expenses for business tax reductions usually include transport or fuel costs , hotel accommodation and food and drink . Plus , other extras associated with travel like bridge and road tolls and parking fees . Most organisations usually only pay for the necessary expenses required for you to complete your role effectively .
Unlike other expenses , business travel expenses occur across an entire company at all levels . So , one of the biggest challenges is trying to monitor and collect such a vast array of data , plus getting employees to record their expenses accurately .
Precise records are important because they can decrease a business ’ s taxable profits , which , in turn , could lower the tax bill for the year . www . intelligentcxo . com
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