How to Master Travel Budgets + Tips for Every Stage

Hello, happy Monday!🎉 

It’s Fatimah here.

Your trusted source for travel insights tailored to savvy business group travelers, like you!

Today we’re talking all things money- budgeting for trips and tracking travel expenses.

Here is the breakdown:

• Before the Trip: Planning and Preparing

• During the Trip: Staying on Top of Your Expenses

• After Return: Reconciling Transactions and Getting Reimbursed

Let’s dive in:

Before the Trip: Planning and Preparation

This stage can be a mess: the uncertainty of prices, the chaos of organizing receipts, and worse of all, your travel expenses not being approved in time…. ughhh

Here is how you can stay organized:

1. Use Travel Management Software: Tools like Expensify (not the credit card) or SAP Concur have great features to set budgets and track expenses. These apps will provide a clearer picture of expected costs. Flight prices are very volatile, so book them ASAP.

2. Go Digital with Receipts: Use apps like Evernote or Adobe Scan to digitize your receipts. Organize them in a separate folder so you can easily access them when needed.

3. Streamline Approval Workflows: Use apps like Approve.com or G2 Track to speed up the approval process, ensuring timely reimbursement. Submit the request well before it’s needed to so any delays don’t disrupt your planning process.

During the Trip: Staying on Top of Expenses

Enjoying your trip and accounting for every expense on the move can be tough. What about constantly converting to different a currency? And what if you lose your receipts?

What a mess!

Here are apps that will simplify all of this:

1. Real-time Expense Tracking Apps: Use apps like Zoho Expense or Receipts by Wave to record expenses as they happen.

2. Currency Converter Apps: Install XE Currency or Currency Converter Plus for accurate currency conversion on the go.

3. Digital Receipt Storage: Save digital receipts in cloud-based apps like Google Drive or Dropbox to avoid losing them.

After Return: Reconciling and Reimbursements

You're back! Refreshened, made great connections, and maybe even closed some deals… Awesome! You're almost done, seal the trip to avoid getting your reimbursements delayed.

1. Expense Management Software: Continue using tools like Expensify, Concur, or Zoho Expense for post-trip reconciliation and to match expenses with receipts.

2. Automated Data Entry: Try apps like Smart Receipts or Scanbot to auto-populate expense data from receipts.

3. Faster Reimbursements: Encourage your company to use platforms like Divvy or Paycom for a quicker reimbursement processes.

You're fully off the hook now! Until your next trip, wishing you safe travels and financial peace!

Bon voyage!

Fatimah

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