No question: It’s hard to ignore the headlines about inflation.
But inflation is just one issue in the universe of a corporate travel or finance manager. And the larger picture—the company’s bottom line—will always be a priority. After all, keeping the business moving forward requires spending money; strategically managing those costs is key.
That’s why TripActions created the guide, Inflation-Fighting Checklists for Travel and Finance Managers, with useful tips, tools, and strategies that will come in handy no matter what the financial climate.
When it comes to controlling costs for travel managers, it’s essential to drive up adoption rates for the company’s travel and expense management solution—or even to have a platform in the first place. A high adoption rate means that more employees are taking advantage of cost-savings features like negotiated rates, which helps keep the cost of travel in check. (It also, of course, decreases the company’s exposure to risk.)
Another way to help the bottom line is to ensure your company is recouping the value of unused tickets, which skyrocketed in volume during the pandemic. Airlines allowed the value of those tickets to be applied to new bookings, then extended that allowance through 2022. TripActions allows companies to automatically recoup that money, and its customers boast of high adoption rates; the result is to make cost control just a bit easier during this time of higher-than-normal inflation.
Travel managers: Get even more tips and tricks on controlling costs with the guide, Inflation-Fighting Checklists for Travel and Finance Managers.
Finance managers also have tools at their disposal for decreasing hard and soft costs. One of them is dynamic policy controls, which allows managers to set spend limits down to a very granular level and makes adjustments easily, to better account for changing conditions.
When policy comes baked into the expense management solution, as it is with TripActions, it eliminates the time-consuming task of rejecting spend after the transaction already took place. Instead, it does the exact opposite—preventing out-of-policy spend before it occurs.
Implementing corporate cards is another way finance managers can rein in costs. One popular misconception is that corporate cards simply escalate spending. But that can only happen when employees are using personal cards, which don’t allow for policy controls. A corporate card solution also lets finance managers see and analyze spend in real time, as they can with TripActions.
While TripActions can’t fix inflation, the innovative solution comes with tools designed to keep costs in check, which will always be an essential part of every company’s mission.
Finance managers: Get more tips and strategies by downloading the guide, Inflation-Fighting Checklists for Travel and Finance Managers.