Are you losing hundreds in unclaimed travel expenses?
27 July 2016
Research shows that when it comes to travel expenses, business travellers are failing to claim surprisingly big amounts.
If you’ve ever worried that you’re missing out on claiming travel expenses for business trips, you might well be right. Unclaimed travel expenses cost business travellers an average of £142 for every trip abroad they take, according to research this year by currency conversion body the Dynamic Currency Conversion Forum.
Their survey of 500 adults who travel more than once a year for business purposes found that fewer than one in eight people are able to reclaim all of their expenses.
On average, business travellers take over three weeks to recoup their expenses. Meanwhile, over four fifths admit to exceeding their allocated spending budgets by an average of £162, with only one in ten saying they have never exceeded their budget.
Overseas business travel
When making payments abroad, less than 10% of travellers said they were happy to use personal funds, even if they could recoup the costs through expenses.
Credit or debit cards are used for “the majority” of expensed purchases abroad, with less than a tenth using pre-paid cash cards, and one in 20 using mobile payment options such as Apple Pay.
Travel expenses: easier with billback?
So how can you avoid footing the bill for a business trip and letting unclaimed expenses slip through the net?
Many Capita Travel and Events customers are using billback to overcome part of this problem. Billback allows our business travellers to stay at a hotel, or travel in a taxi or train, without having to pay the bill themselves. Instead, the accommodation or travel supplier bills Capita Travel and Events directly, and we then invoice the traveller’s company.
Interested? Let’s have a chat about your company’s travel, meetings and events objectives - from the stuff that keeps you awake at night, to the everyday experiences of your employees! Call us on 0330 390 0340, or submit your details below.