How to manage travel expense in an organization? This is a question that most finance professionals face. 

Imagine a scenario where your company sends the sales team nationwide to pitch your latest product to potential clients. There would be a lot of excitement in anticipation of them sealing deals and forging new partnerships. However, amidst the victories, there would be a visible concern—how can we rein in the mounting travel expenses without compromising the company’s expansion goals? 

Therefore, mastering the art of managing travel expenses has become indispensable as every penny counts towards enhancing the bottom line. We will also understand the role of technology and solutions that will help you manage the complexities of travel expenditures and boost operational efficiency.

Suggested Reads: Corporate travel management

What is travel expense management?

Before discussing how to manage travel expenses in a corporate organization, let’s first explore the concept of travel .Travel expense management includes systematically controlling and overseeing expenses incurred during business-related travel activities. It involves the careful tracking, analysis, and optimization of various expenditures associated with travel. Travel expenses can be categorized into the following categories.