Almost 88% of small business owners enjoy taking business trips. This is due to the fact that there are many benefits that come with it.
Internal vs external travel
Choosing the right combination of internal and external travel is a tricky task. The internal is the main event, while the other half is a tad more low key. The most important part is figuring out what the budget is, as well as the travel policy in general. This will ensure you don’t miss out on the best of the business. The small matter of finding out if your employees have access to company credit cards will pay dividends in the long run. It’s also a good idea to find out what your employees are tasked with and what they have to do, as well as what they do to avoid churn. The best way to do this is by conducting an employee survey. Taking a few seconds to complete this exercise will provide you with the answers to your most pressing questions and a good chance at a well-deserved pat on the back.
Breaking down corporate travel into different segments
Unlike leisure travel, which is recovering more slowly, the return of corporate travel is more complex. In order to prepare for the coming months, companies need to understand the different segments of business travel, identify potential barriers, and develop a recovery plan.
The return of corporate travel will likely be gradual over the next two years. It will be focused on internal and external travel. These include meetings with clients, trade conferences, and general corporate activities. Many conferences remain in virtual formats, but are starting to return in live and hybrid formats.
Some businesses have yet to open up their offices to employees. This will put an increasing number of workers back on the road, and the volume of trips could increase by four times in the summer of 2021.
Single-trip vs multi-trip plans
Whether you’re taking a business trip or a family vacation, it’s important to get the right travel insurance. The best plan for your trip will depend on your needs and your budget. Single-trip plans are usually better suited for shorter trips while multi-trip policies are more appropriate for longer stays. Regardless of which type of insurance you choose, make sure you shop around to find the best policy for you.
A good example of a multi-trip insurance policy is the Allianz Basic Multi-Trip Plan. It includes emergency medical evacuation and a number of other benefits. This plan is perfect for travelers looking to cover multiple trips in a year.
Multi-trip plans are a great way to save money. The maximum length of a single trip can range from 30 to 70 days, and each trip can be topped up as many times as you like during the policy year.
Using a site like AirBnB or RoomsCo to find the best hotel deals may be the easiest and most stress free way to do it. Taking the hassle out of travel and saving money at the same time is the dream of any savvy business traveler. While not everyone is a seasoned pro, a quick web search can yield thousands of options to choose from. Despite the myriad choices, finding the right hotel for your trip can be a challenge. Fortunately, these sites offer the lowest rates and most reputable accommodations in major cities. They also feature customer service that is second to none, from booking to check-in. Whether you are looking for a boutique hotel or a modern, comfortable suite, the site has your back. It is also easy to use, thanks to the user-friendly interface.
Expense reimbursements for business travel are a great way to pay for employees’ business expenses. However, recordkeeping can be tedious, especially when the company grows.
A tax advisor can help you simplify the expense reimbursement process. First, you need to define your policy. You should outline your policies on the types of expenses and the limits on each category. You should also include a timetable for payment. You should specify how long after the trip the employee should submit his claim.
If you decide to reimburse meals, the taxability of the meal will depend on how it’s connected to your business. For example, if the meals are provided to an employee for business purposes, they are considered overnight travel expenses.
Another consideration is the reimbursement rate. Many businesses prefer cents-per-mile reimbursement, but there are other methods. You may also want to consider an incidental-expenses-only rate.