You Could Resolve for a New Year of Savings, But That Won’t Work

By Tiffany Mast

The year has come to an end and 2018 sits ahead of us all like a blank slate. It’s an opportunity to plan for the changes and opportunities we didn’t get to this year. But here’s the thing, life is going to get busy next year, too.

The key to achieving a New Year’s resolution is to not set a resolution at all. Instead, make a decision. Decisions, it’s been proven, have a much bigger impact than goals (or resolutions). When you make a business decision, it is three times(!) more likely to happen than a goal or resolution.

This year, decide what needs to change and how to fix it. When it comes to your business travel expenses, here’s how you can prepare for a new year of cost savings.

Track your business and travel expenses

Your travel and business expense will only continue to grow with your business. Get ahead of spend before it’s too late by giving employees a simple way to track expenses and submit expense reports. A mobile app that allows them to snap a photo of receipts can speed up tracking, and truly automated receipt scanning turns a collection of photos into an expense report that can be submitted in one tap. Export expense reports to excel, save as a PDF or, even better, sync with your general ledger so they are reflected on company spend and budgets in real time.

Reduce travel expenses by forecasting spend

Maybe you already have a system in place for tracking your business travel expenses, but they are getting too high. You wouldn’t be alone. Business travel expenses are one of the most difficult operating expenses to control because there’s a lack of visibility. With TravelBank, you can forecast the cost of a trip with an accurate budget.

Increase employee satisfaction with a better solution

It’s no secret that most expense reports require a lot of work. Today there are modern solutions that automate the process and make it easy to track expenses on-the-go. The best part is that all the time saved creating expense reports will actually help your company reduce additional spend. Manual expense reports can cost over $25 per report, but automation can reduce the cost per expense report to less than $7.

Overhaul your company’s travel policies

Instead of attempting to tame all the variables in business travel, we focus on a single end goal: beat your overall budget, and then incentivize employees to make better spending decision with features like flexible budgets and rewards.

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