Having a great Finance Director (FD) can be the difference between having a business which splutters along or powers ahead. They help to ensure the smooth financial running that all growing companies are built upon.
To get the best out of an FD you need to make sure they have the tools required to do their job. Because even a financial wizard will struggle if they’re working with chaotic and outdated systems.
And that’s a particular problem for FDs when it comes to managing and monitoring business travel costs. Thanks to digital technology, this is an area which more companies are now choosing to handle for themselves.
With online bookings and comparison tools, we’re no longer reliant on costly business travel agencies to manage our employees’ travel and accommodation. And many of these agencies are only interested in working with the big fish of the business world.
Alongside the significant costs of these services, agencies will also provide only a limited range of options from their chosen set of travel suppliers. It means you’re never guaranteed to be getting the best deal.
Rather than the cost and complications of an agency, more SME’s are now discovering the advantages of managing matters for themselves, making use of the huge range of online offers and options.
But the travel websites provided aren’t designed with businesses in mind. They’re great at handling a family holiday but not for the kind of scale and complexity of travel required by a company.
And with so many different online sites – requiring multiple registrations, logins and emails – managing business travel can quickly become a slow and painful process, with no easy way to keep a tab on costs.
It’s also likely that you’ll be hit by unnecessary extra costs as employees navigate booking processes that are cleverly designed to hook users into additional expenses.
Trying to root out information, scattered across multiple emails and log-ins, becomes a major hog on admin resources. And without access to fast and accurate data on who’s spending what, no FD can effectively manage costs.
Better Business Travel
It’s the reasonClick Travelwas created – to make arranging your own business travel and accommodation a fast, simple and cost effective process. To give you the benefits of using a business travel agency, without the costs.
It does this by providing a central hub where all your business travel information can be accessed and managed. It strips away any promotional clutter to provide clear and concise information from the best travel suppliers.
It also gives you information on the payment methods required for transport and accommodation – whether payments can be prepaid or will need to be covered via a company credit card.
With no sponsors or hidden costs, your employees have a safe space in which to find and compare deals. Once they’ve found the best option, they can make all bookings and reservations via TravelCloud.
All of the details from throughout your organisation are automatically collated and stored centrally, allowing an FD to pull together a report on business travel costs in seconds.
It provides a finance manager with a forensic overview of business travel spending, allowing them to focus on particular cost codes, departments or client accounts.
With quality data, a finance manager can identify those areas where efficiencies can be made and spot issues before they’re allowed to turn into resource sapping problems.