Managing Travel Expenses for Growing Companies

With business travel hitting record highs and many employees still working remotely, scheduling client meetings at venues worldwide and managing travel expenses can be tricky.

No matter your company size, managing travel expenses can be a headache. Chasing down travel receipts, untangling expense reports and manually reconciling scattered spending can quickly become a logistical nightmare. This old-school accounting makes you want to pack your bags and hit the road.

However, with a solid travel expense management process, you can streamline manual work and empower your teams. In this article, we’ll explain exactly how to get a handle on your travel expenses with insight from Sophie Dillon at Orbit Accountants, whose clients did exactly that recently using Float. 

Your next destination? A thriving business.

What do you need in place to manage travel expenses with a travelling or remote team?

For a modern-day workforce that’s often hybrid or remote, companies need two key things in place for proper travel expense management:

• A clear travel expense policy so employees know which expenses are covered, which aren’t, and how to get reimbursed.
• An easy-to-use system where they can submit their expenses without friction or delays.

Without a clear policy and user-friendly system, things can get complicated. Dillon explains that her clients dealt with endless receipt-chasing and manual tracking before she recommended implementing Float. Their employees were also reluctant to spend out of pocket.

“It’s really important to put processes in place to save time and administrative effort. Integrating our clients’ existing accounting tools with Float enabled them to make the reimbursement process seamless. With increased employee travel, all of this becomes essential,” she says.

Build a strong foundation with clear policies 

A well-written business travel expense policy addresses everyday expenses like accommodations, meals, commute fares and entertainment. It outlines exactly which expenses are covered and up to what dollar amount. It also clarifies how employees can get reimbursed. This gives your team the confidence to spend wisely and makes managing travel expenses easier.

Reimbursable expenses typically include:

• Hotels
• Transportation, including flights, taxis and Ubers,  car rentals or mileage on a personal car
• Daily food per diem
• Office supplies or development-related costs

Non-reimbursable expenses tend to include upgrades and leisure activities. Your policy should spell this out clearly.

Be sure to define your approval chain, Dillon adds. “Having department-level approvals eases pressure on the Finance department. Clearly state spending limits on daily meals, alcohol and who qualifies as a business guest at a meal to avoid any confusion,” she says. 

Corporate credit card guidelines are also key. Corporate cards are handy but need rules to keep spending in check! So, determine who gets a card, what it can be used for, and what happens if the rules aren’t followed. Make sure your guidelines include:

• Spending limits
• Acceptable use cases
• Required documentation
• A signed agreement from the cardholder

With guardrails in place, you boost accountability, curb overspending and make life easier for your finance team.

“When you’re transitioning from out-of-pocket expenses to corporate cards, start with low limits to make sure the team is playing by the rules,” Dillon says. “Once people get used to the process, you can increase the budgets.”

Make expense management even easier

Streamline your business spending with automation tools built right into Float.

Learn More

Empower teams with the right tools

Spreadsheets might be the default system in some workplaces, but relying on them often results in errors and missed cost-savings opportunities. A modern, automated expense management system can be a game-changer, making travel spending a breeze for employees and giving finance teams the visibility they crave.

With modern tools to manage business travel expenses, your team can:

• Snap receipts on the go
• Submit expenses with a few taps
• Set corporate card controls and spending limits
• Enforce policy compliance automatically

A versatile expense management system also integrates with your accounting tools, allowing you to match bank records with expense reports quickly.

“Float offers real-time visibility, prepaid cards and an easy approval system that even works from a phone,” Dillon says. “There are no more paper trails required to maintain travel expenses, and there’s no more financial guesswork.”

Pro tip: Customize card limits based on role, responsibility and travel needs. For example, your road warrior in sales may need a higher limit than your team lead who travels once a quarter.

Provide regular staff training

Set your team up for success with a proper onboarding session. Explain your policy, show them how to use the tools and create a feedback loop for questions or concerns. Trained employees are better equipped to make cost-conscious decisions that keep budgets on track.

Don’t stop there! Review your policies regularly to ensure they stay relevant. As your business grows, your travel needs will evolve. Keeping your employees in the know on changing policies will enable them to make informed choices. 

Monitor for compliance and efficiency

Once your system is in place, don’t just set it and forget it. Monitor expenses in real time, run audits, and identify trends and areas for improvement. Most importantly, watch for red flags like overspending or policy violations. 

Automated checks and electronic approvals keep everything in line and make it easier to spot trends or fix problems before they snowball.

“Approval documentation is now a built-in part of our clients’ processes,” Dillon says. “It gives visibility to top management and department heads as to where funds are being spent. This has improved budget management.”

Ready to spend smarter? 

Building a strong expense policy, equipping your team with the right tools and keeping a sharp eye on compliance aren’t just best practices. They’re must-haves if you want to confidently scale your business (with fewer financial surprises).

When your policies are clear, your team is empowered and your tracking is tight, travel expenses become a well-oiled part of your operations.

If you’re still chasing receipts or juggling expense reports, it’s time to give your processes a first-class upgrade. Float is your ticket to smarter, faster and more transparent business spending. Ready to take charge of your business travel expenses? Book a demo today.

---

Written by