The Corporate Travel Reporting Black HoleBy Mike Baker
New data about why finance teams struggle to control and report on corporate travel spend
If you’re like most growing companies, you spend a lot of money on corporate travel. Marketing events, customer visits, outside sales, fundraising — it all comes with a ton of expenses for flights, hotels, meals and more.
And as the corporate world becomes more data-driven, you’d think that finance teams would be scrambling to find better ways to measure and analyze all these expenses. But for a variety of reasons, finance teams don’t seem to be giving nearly as much analytical rigor to travel-spend reporting as they do other functions like marketing spend and sales performance.
Need proof? We’ve got it. We recently surveyed nearly 700 finance leaders to understand their pain points and obstacles in terms of measuring and reporting on travel spend. The data makes it clear that finance professionals:
- Don’t feel confident in their ability to forecast or budget travel spend
- Have difficulty keeping employees within policy
- Lack the necessary tools to accurately report on travel spend
But the data goes much deeper than that. Over the next few days, we’ll be sharing specific findings from the study as well as data-backed strategies for improving the way finance teams manage and report on T&E.
Get the full travel spend reporting report here.
The Knowledge Gap. Business trips change all the time, but finance teams often aren’t told about these changes, making it all but impossible for them to know where they stand against budget and keep travelers within policy. Read the post.
Cancel Culture. Changing travel at the last minute can be costly due to exorbitant change fees from airlines and re-booking fees from corporate travel agents. Luckily there are simple steps finance teams can take to minimize the impact of last-minute travel changes. Read the post.
The Corporate Travel Blackhole. This is our full report on the difficulties of measuring and reporting on travel spend. Seven hundred responses, dozens of questions, plenty of actionable takeaways. Read the full report.
Travel Reporting Slideshare. In a visual mood? Check out our slideshare featuring the key findings from this proprietary report.
And remember to check out the full report here.