Travel Story

Webillian.id-One of the things that makes business travel interesting is the fact that your company covers your expenses through your expense account. Since you are running a bona fide business of your business, paying for travel expenses is a chore in the business world. Now we don’t want to abuse expense accounts but if you live reasonably on the road, you can get reimbursed for most of your travel expenses.

But the problem with getting reimbursed for business travel expenses is that you have to file a report when you return. As annoying as it may sound, you can’t expect the company to reimburse you if you don’t know what it is. But this does require some discipline down the road so that you have some documents on hand while you travel that you can use to compile these expense reports when you return. There are several things you can do to make the expense report management process less stressful.

Travel Story

For starters, before you go, make sure you are well-acquainted with the company’s expense policies and what is and is not covered. Some companies use a per diem system which means the company can allocate a set amount each day for room and board and anything they spend on top of that is an expense they will incur. If your company uses the per diem system, make sure you know it well so that you know how much you can afford before you pay the bill.

Keeping track of business expenses on a busy flight can be an inconvenience while traveling. But you don’t want to go home and you can’t document the trip. The good news is that there are some simple systems you can implement that won’t take up much of your time but will keep those business expenses tracked and ready to report for reimbursement when you return. They include…

Use credit. Your credit card statement can be a mobile “travel story” that can act as an emergency backup in case you need it.

Retain acceptance. It’s easy to lose receipts if you put them in your pocket with other documents or leave them in your bag. Keep a daily envelope in which you religiously enter receipts as soon as you receive them. It can be carried comfortably in the inside pocket of your jacket or in your bag so you know you have a record of your expenses.

Record is running. Even if you keep the receipts, going home and finding the job of sorting them out, trying to remember the details about these expenses can be a challenge. Make sitting at night with a small notebook and checking receipts and keeping a ledger of what you spent the day and for what purpose a daily practice.

At the moment you do not get a receipt. Carry a pocket notebook and note when you spend money or don’t get an expense receipt. Note the tips or snacks needed to carry on the day in this way.

Receipt lock. Just as you keep your receipts safe during the day, put them in a safe place at night so that they are locked until you return. Sealed envelopes work well for this.

If you want to take the system to the next level, you can literally take the expense report form and fill it out every day. And then, when the trip is over, just sign it, compile the receipt and send it to accounting. For a more secure method, you can use Microsoft Excel on your laptop or a digital copy of your company’s expense report to update at night while you move receipts to storage for the rest of the trip.

What is important is to develop a system that works for you without failing while you are on the go. Then make your dedication to this discipline a priority when you travel. The thought and effort in managing your travel expenses will save you a lot of trouble when you get home and help you enjoy your travel and expense accounts as well.