As a business owner, you have a lot of responsibilities. You are constantly juggling different tasks, roles and pressures. It’s important to keep your eye on the ball and watch out for any challenges heading your way. When your employees are travelling abroad, they need to be financially secure. It is your responsibility to make the necessary arrangements so they can fund their business trip.
What do you need to report?
Business travel comes with a few government guidelines. You need to make sure you follow these government regulations every time your team travels abroad for business. You need to look up any related laws and submit all your paperwork well in advance of travel to ensure you are protected throughout the trip.
Double-check everything before you conduct a payment abroad. It’s better to be safe than sorry. If your employees travel without you, make sure to provide them with a list of everything that is and isn’t covered so there is no confusion. Provide the list in both physical and virtual form so that it can be accessed at any point before, during and after the trip.
Use a prepaid card
Give your employees a prepaid card with sufficient money to pay for extra travel and food. A prepaid card lets them see exactly how much money they can spend so they will avoid overspending. Letting them know how much the business will cover will also allow them to accurately budget for any extra money they may wish to take for luxuries or mementos.
It also gives you an idea of affordability and expenses for future business trips. You can keep a close eye on cash flow and make sure business travel is the right decision for your team. An open banking platform is perfect for business travel. You can watch your employee’s business spending and make sure they are responsible with company funds.
Plan and book ahead
Booking ahead will reduce the cost of travel, accommodation and much more. You can reduce overhead costs and potentially find a few discounts here and there. If your employee is travelling for a few weeks, you might be able to secure a discount on accommodation.
Planning well ahead and setting out a well-defined plan for your trip will also help any employees who may be nervous about travelling post-covid by providing them with a clear plan of exactly what is expected to happen. Booking ahead may also help you secure a partial refund or reschedule should travel restrictions change.
Business travel insurance will not reduce the costs overall. In fact, it is an added initial cost that can seem quite expensive at first. However, it will help your employees feel safe when travelling and give you some peace of mind. Outline the details of business travel insurance to your employees, so they know what is covered. Hopefully, business travel insurance will stop you from facing unexpected costs.
Business travel is a fantastic opportunity for your team. They can explore different countries, cultures and sectors of the industry. However, a business trip can also be quite stressful for nervous travellers. Make sure your employees are financially covered on their trip so they can focus on work.