COSTS AND BENEFITS OF TRAVEL ‘ARE NOT CLEAR’ TO BUSINESSES

CORPORATE travel and expenses are the second biggest cost to companies, yet 60% of businesses do not have a system for reconciling expenses with revenue data, according to a recent survey of finance directors by software provider Salestrip.

The survey found that 70% of finance teams spend more than one day per month tracking business travel and expenses. Almost half of respondents said they don’t understand the ROI of business travel, and 39% said business travel and expenses are the most unpredictable cost to a business. In addition, 70% of organisations said they lack the insight to accurately forecast spend – and nearly half don’t have full visibility of its benefits.