8 tips for managing your business travel expenses
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Traveling for work is essential across many industries, yet it can turn into a hefty cost if not handled with care. Be it for conferences, client meetings, or scouting new business opportunities, the expenses stack up—from flights and hotels to dining and transportation.
Thankfully, there are smart approaches that companies can adopt to make the most of their travel spend without cutting corners on work quality or employee well-being. In this piece, we’ll delve into some handy advice and savvy ways to help you keep your company’s travel costs in check.
Understanding business travel expenses
For clarity, your tax home is the entire city or general area where your main place of business or work is located, regardless of where you maintain your family home. If you don't have a designated home office, your tax home is wherever you live.
When it comes to tax exemptions, the expenses incurred while traveling for business reasons are generally eligible for a travel deduction. Deductible travel expenses include:
- Airfare: Cost of flights and baggage fees for business trips, whether domestic or international.
- Hotel or lodging expenses: Accommodation costs during business travel, including the room rate and applicable taxes.
- Meals and incidental expenses: Reasonable costs for meals while traveling on business, along with incidental expenses like gratuities, laundry and dry cleaning charges, and internet access charges.
- Transportation costs: Costs associated with transportation during business travel, such as car rentals, taxis, or rideshare services. If you use your car, you can deduct actual expenses or the standard mileage rate, as well as tolls and parking fees.
- Business-related expenses: Expenses directly related to conducting business, such as conference registration fees or client entertainment.
However, these travel expenses are tax-deductible only if they were used for business-related activities. This means that any claimable business expenses must be completely related to doing your job and meeting your company's business goals, not personal purposes. You cannot claim an expense for something that benefits you personally instead of your business. Examples of expenses you can't claim include:
- Commuting to your place of work.
- Personal vacation days or leisure activities.
- Traveling with a spouse or companion.
- Personal expenses like gifts or souvenirs purchased during the trip.
Crafting an effective travel and expense policy
Creating a travel and expense policy is the first step in managing business travel expenses effectively. It’s more than just rules; it’s about crafting a guide that helps everyone in the organization understand how to handle travel-related decisions and spending. A thoughtful travel policy can prevent confusion, ensure fair treatment of employees, and safeguard the company against unnecessary costs.
When developing a travel policy, consider including the following elements:
1. Approval process
Your travel policy should start with a clear approval process. Define who is responsible for approving business travel—this could be a direct supervisor, department head, or a dedicated travel manager. Outline the criteria for what makes a trip necessary and what documentation is needed to support the travel request. This process should be straightforward to prevent delays and ensure that all travel is justified and aligns with business goals.
2. Booking guidelines
Set out specific guidelines for making travel arrangements. This should include a list of preferred airlines, hotel chains, and rental car companies that offer the best value or corporate discounts. Encourage booking within certain time frames to take advantage of lower rates. This proactive approach can lead to significant savings.
3. Expense reimbursement procedures
Clearly articulate the steps for submitting and reimbursing travel expenses. Establish firm deadlines for submitting expense reports post-travel, and require itemized receipts for most costs. Explain the review process, who will be involved, and the timeline for reimbursement. This ensures transparency and helps employees manage their finances effectively.
4. Travel preferences
Clarify the company’s stance on travel accommodations and services. For instance, state that employees should book economy flights for short trips and may opt for business class on longer, international flights if it’s within budget. Define what types of hotel rooms are appropriate and when it’s acceptable to use services like rental cars or ride-sharing. Setting these standards helps control costs while keeping travelers comfortable.
5. Per diem or meal allowances
If your company uses per diem rates, provide a clear breakdown of daily allowances for meals and incidental expenses, which can vary depending on the destination. Include any special circumstances that might warrant a deviation from these rates, such as high-cost locations or special events.
6. Corporate credit card usage
If employees are issued corporate credit cards, outline the do’s and don’ts of using them. Specify what types of expenses are permitted and any spending limits. Also, detail the process for reporting and reconciling credit card statements to ensure accountability and prevent misuse.
7. Travel safety and security
Employee safety should be a top priority. Include guidelines on what to do in case of an emergency, how to stay safe in high-risk areas, and whom to contact if help is needed. Keep this section updated with the latest travel advisories and safety protocols.
8. Compliance and reporting:
Emphasize the importance of adhering to the travel policy and the consequences of non-compliance. Outline the procedures for documenting travel activities and expenses, and specify how and when to report this information. This not only ensures policy adherence but also aids in financial planning and analysis.
Once you’ve developed this detailed travel policy, share it with all your employees. Ensure it's accessible to everyone, even those who don't travel often. Regularly remind your team to consult the policy before embarking on business trips. Effective communication of your travel policy is key to avoiding misunderstandings and ensuring smooth reimbursement processes for travel expenses.
Methods of business travel reimbursement
Different methods are available for employees to manage their travel-related expenses, each with its own set of advantages:
- Corporate credit cards: Companies often provide employees with corporate cards for business expenditures. This keeps travel costs together under a single account, adhering to the company's financial policies. It's an easy way to handle expenses without needing many reimbursement requests.
- Personal cards with reimbursement: In some cases, employees might prefer using their personal cards for business travel expenses. This method allows them to front the costs and later submit detailed expense reports, complete with receipts, for reimbursement. This gives more control over spending but needs careful record-keeping.
- Per diem allowances: For specific travel scenarios, companies may opt to provide a fixed daily allowance, known as a per diem, to cover standard expenses like meals and incidental purchases. The per diem rates are predetermined based on the destination, which means employees are spared the burden of collecting and submitting a multitude of receipts. The IRS has established guidelines for meal allowances during business travel. For 2024, the standard meal allowance for most travel destinations within the continental United States is $59 per day, and higher for high-cost locations. This allowance is intended to cover breakfast, lunch, and dinner expenses.
- Cash advances for travel: Another option is for companies to issue cash advances to employees before they embark on their business trips. This provides a fund from which all anticipated expenses can be paid. Upon returning, employees are responsible for reconciling the actual expenses incurred against the advance received and returning any surplus funds. This method requires careful estimation of actual costs beforehand and diligent accounting after the trip to ensure accurate financial reporting.
Expense submission and reimbursement process
To ensure a smooth and efficient expense submission and reimbursement process, companies should follow these steps:
1. Establish clear expense policies
Develop comprehensive guidelines outlining permitted expenses, documentation requirements, and approval processes. Clearly communicate these policies to all employees to ensure consistent compliance. Outline the types of supporting documents required, such as receipts, invoices, and itineraries.
2. Categorize expenses
Implement a system to group expenses into relevant categories, such as travel, meals, lodging, and incidentals. This practice promotes consistency in reporting and facilitates accurate expense tracking.
3. Calculate trip costs
After the end of a business trip, tally the total expenditure by type of expense. This data aids in setting budgets for similar future travel and spotting any outliers in spending. Study categories like transport, meals, entertainment, and other miscellaneous expenses to understand where your company is allocating funds for business travel.
4. Implement an expense management system
Utilize an efficient expense management system like Ramp, to record and track expenses in real time. This approach streamlines the process and minimizes the risk of errors or lost documentation. Additionally, incorporating travel management software ensures all aspects of business travel are efficiently managed and monitored.
Use Ramp for travel expense management
Ramp offers an all-in-one solution to streamline travel and expense management from start to finish. With Ramp's corporate cards, employees can easily pay for flights, hotels, meals, and other travel costs without fronting their own money. Ramp's software automatically captures and categorizes expenses from the corporate cards, eliminating the need for tedious expense reporting.
Employees can snap photos of receipts through the mobile app, and Ramp will match them to transactions. Managers get real-time visibility into travel spending through customizable expense approval workflows and reporting dashboards.
Ramp integrates with accounting software, saving finance teams from manual data entry. Set digital travel policies to catch out-of-policy spend before trips start and enjoy low rates, rewards, and an intuitive booking experience with Ramp Travel. Let Ramp handle travel expenses to save more time and keep T&E on track, consolidating corporate cards, expense tracking, and automation under one roof.
FAQs
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- Average net savings of 5% due to cost-reducing features
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- Get cashback on purchases
- Provide unlimited physical and virtual employee card
- Access more than $350,000 in deals from various partner
- Use automated software for expense management
- View vendor information and pricing on a single dashboard
- Automate accounts payable
- No fees or interest
- Cashback rewards on purchases
- Built-in expense management software
- No personal guarantee or credit check required
- Must be a registered business to qualify
- Must have most of your business spend in the US
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- The Ramp Card is ideal for incorporated businesses
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- Provides 5% net savings on average
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- No annual fees, foreign transaction fees, or card replacement fees
- Best for businesses aiming to streamline financial operations and enhance savings
- Offers 5% net savings on average through expense-cutting features
- No personal guarantee or credit check required for eligibility
- Automated expense management features like spending limits and receipt-matching
- Integration with accounting platforms including NetSuite, Quickbooks, and Xero
- Offers AI-powered cost-saving insights
- Unlimited physical and virtual employee cards
- Not available to sole proprietors or unregistered small businesses
- Requires $50,000 in a business bank account to qualify
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Card Details
The Ramp Card is an innovative corporate card, particularly suited for LLCs, that combines automated expense management features with cashback rewards. It offers detailed spending insights with AI-powered recommendations for cutting costs, and integrates seamlessly with accounting software to simplify financial tracking and reporting. Cards come with no annual fees, foreign transaction fees, or card replacement fees. Ramp is an excellent choice for businesses that want to streamline their financial operations while saving money.
Pros
- Cashback rewards
- No personal guarantee or credit check required for eligibility
- Automated expense management features like spending limits and receipt-matching
- Integration with accounting platforms including NetSuite, Quickbooks, and Xero
- Offers AI-powered cost-saving insights
- Unlimited physical and virtual employee cards
Cons
- Primarily focused on cost-cutting, which might not suit all business needs
- Geared mainly towards U.S. businesses, which may limit its appeal for international transactions
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Ramp’s charge card program comes with the additional perk of tools designed to help your business track and reduce its spending.
- No personal guarantee
- No annual fee
- Valuable cash back
- Additional tools to track spending
- Unlimited physical and virtual employee cards with custom limits
- Not available to sole proprietors
- Must have $50,000 in liquid assets
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- Unlimited free virtual and physical employee cards
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- Connects with accounting systems like QuickBooks and NetSuite
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- Unlimited virtual cards
- Real-time expense tracking
- Integration with accounting software
- Automated bill payments and invoice processing
- Requires full balance payments monthly
- Limited to businesses with most of their operations in the U.S.
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- Corporate card and spend management platform
- Free employee cards with custom spending limits
- Cashback rewards on all purchases with no fees
- Built-in fraud protection ensures that your organization's finances are always secure
- Offers an average savings of 5% by identifying cost-saving opportunities
- No annual fees or interest
- Custom spend and vendor controls
- High credit limits
- Automatic receipt matching and expense categorization
- Not available to sole proprietors
- As a corporate charge card, balance can't be carried monthly
- Must have $50,000 in a business bank account to qualify
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- Corporate card and spend management platform
- Unlimited employee cards with custom spending limits
- Cashback rewards on purchases
- Offers an average savings of 5% by identifying cost-saving opportunities
- Assists with software price negiotations
- No annual fees or interest
- Custom spend and vendor controls
- High credit limits
- Automatic receipt matching and expense categorization
- Not available to sole proprietors
- As a corporate charge card, balance can't be carried monthly
- Must have $50,000 in a business bank account to qualify
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- Corporate card and spend management platform
- Cashback rewards on purchases
- Unlimited employee cards with custom spending limits
- Accounts payable software
- Uses business revenue to determine eligibility and credit limit
- No annual fees or interest
- Custom spend and vendor controls
- High credit limits
- Automatic receipt matching and expense categorization
- Only available to corporations, LLCs, and LPs
- As a charge card, balance can't be carried monthly
- Must have $50,000 in a business bank account to qualify
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- Corporate card and spend management platform
- Cashback rewards on purchases
- Unlimited employee cards with custom spending limits
- Automated receipt matching
- Accounts payable software
- Must have $50,000 in a business bank account to qualify
- Balance must be paid in full each month
- Integrates with accounting platforms like NetSuite, Quickbooks, and Xero
- No credit check or personal guarantee required
- No annual fee or foreign transaction fees
- Must be a corporation, LLC, or LP to qualify
- Must have most of your operations and business spending in the US to qualify
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- Corporate card with built-in spend management
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- Unlimited free employee cards
- Requires a registered business and $50,000 in a U.S. business bank account to qualify
- Balance must be paid in full monthly
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- Corporate card with customizable spending controls
- Cashback rewards on purchases
- Unlimited free physical and virtual employee cards
- Must have $50,000 in a business bank account to qualify
- Balance must be paid in full each month
- No personal guarantee or credit check required to qualify
- Advanced expense management automations and accounting integrations
- No annual fee or foreign transaction fees
- Must be a corporation, limited liability company, or LP to qualify
- Must have most of your operations and corporate spend in the US (though international purchases are supported with no foreign transaction fees)
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- Corporate card with customizable spending controls
- Cashback rewards on purchases
- Unlimited free physical and virtual employee cards
- Must have $50,000 in a business bank account to qualify
- Balance must be paid in full each month
- Credit limits up to 30 times higher than traditional credit cards
- Sales-based underwriting makes for an easier qualification process
- Advanced expense management automations and accounting integrations
- No annual fee or foreign transaction fees
- Must be a corporation, limited liability company, or LP to qualify
- Must have most of your operations and corporate spend in the US (though international purchases are supported with no foreign transaction fees)
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- Corporate card with customizable spending controls
- Cashback rewards on purchases
- Unlimited free physical and virtual employee cards
- Must have $50,000 in a business bank account to qualify
- Balance must be paid in full each month
- No credit check or personal guarantee required for eligibility
- Advanced expense management automations and accounting integrations
- No annual fee or foreign transaction fees
- Must be a corporation, limited liability company, or LP to qualify
- Must have most of your operations and corporate spend in the US (though international purchases are supported with no foreign transaction fees)
![](https://cdn.prod.website-files.com/5f8dd056c51c1d6ddceaa499/65df84803181648cce0b3c89_65cf819f3fb42a9452ef0295_CARD_HERO_01%201%20(1).webp)
- Corporate card with customizable spending controls
- Cashback rewards on purchases
- Unlimited free physical and virtual employee cards
- Must have $50,000 in a business bank account to qualify
- Balance must be paid in full each month
- Advanced expense management automations and accounting integrations
- No personal guarantee or credit check required for eligibility
- No annual fee or foreign transaction fees
- Must be a corporation, limited liability company, or LP to qualify
- Must have most of your operations and corporate spend in the US (though international purchases are supported with no foreign transaction fees)
![](https://cdn.prod.website-files.com/5f8dd056c51c1d6ddceaa499/65df84803181648cce0b3c89_65cf819f3fb42a9452ef0295_CARD_HERO_01%201%20(1).webp)
- Corporate card with customizable spending controls
- Cashback rewards on purchases
- Unlimited free physical and virtual employee cards
- Must have $50,000 in a business bank account to qualify
- Balance must be paid in full each month
- Advanced expense management automations and accounting integrations
- No personal guarantee or credit check required for eligibility
- No annual fee or foreign transaction fees
- Must be a corporation, limited liability company, or LP to qualify
- Must have most of your operations and corporate spend in the US (though international purchases are supported with no foreign transaction fees)
![](https://cdn.prod.website-files.com/5f8dd056c51c1d6ddceaa499/65df84803181648cce0b3c89_65cf819f3fb42a9452ef0295_CARD_HERO_01%201%20(1).webp)
The Ramp Corporate Card is ideal for startups without a credit history. You just need an EIN number and $50,000 in a business bank account to qualify, and there's no credit check or personal guarantee required. Ramp's corporate card offers cashback on purchases and built-in expense management software to streamline your business finances.
Some of its features include receipt matching, subscription management, and AI-powered spending insights. Ramp is an excellent choice for startups that are aiming to earn rewards on business purchases while managing expenses.
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- Ramp Corporate Card includes built-in spend management and travel-specific features
- Ability to set and enforce your company's travel spending policy on employee cards
- Features a travel dashboard displaying complete trip itineraries and flight information for each employee
- Offers cashback on purchases, including those made through travel booking platforms
- Provides AI-powered finance automation and insights
- Real-time expense reporting, customizable spending controls, and card templates for efficient financial management
- Seamless integration with over 100 applications, including travel management platforms
- No annual, application, or late payment fees
- Universal cashback reward applicable to all types of travel expenses
- Advanced financial management features suitable for tracking travel spending
- Compatibility with 100+ applications for streamlined travel expense management
- Requires a registered business and $50,000 in a U.S. business bank account to qualify
- Balance must be paid in full monthly
![](https://cdn.prod.website-files.com/5f8dd056c51c1d6ddceaa499/65df84803181648cce0b3c89_65cf819f3fb42a9452ef0295_CARD_HERO_01%201%20(1).webp)
The Ramp Card is an innovative corporate card, particularly suited for LLCs, that combines automated expense management features with cashback rewards on purchases. It offers detailed spending insights with AI-powered recommendations for cutting costs, and integrates seamlessly with accounting software to simplify financial tracking and reporting. Cards come with no annual fees, foreign transaction fees, or card replacement fees. Ramp is an excellent choice for businesses that want to streamline their financial operations while saving money.
- Cashback rewards on purchases
- No personal guarantee or credit check required for eligibility
- Automated expense management features like spending limits and receipt-matching
- Integration with accounting platforms including NetSuite, Quickbooks, and Xero
- Offers AI-powered cost-saving insights
- Unlimited physical and virtual employee cards
- Primarily focused on cost-cutting, which might not suit all business needs
- Geared mainly towards U.S. businesses, which may limit its appeal for international transactions
![](https://cdn.prod.website-files.com/5f8dd056c51c1d6ddceaa499/65df84803181648cce0b3c89_65cf819f3fb42a9452ef0295_CARD_HERO_01%201%20(1).webp)
- Corporate card particularly suited for LLCs
- Combines automated expense management features with cashback rewards on purchases
- Offers detailed spending insights with AI-powered recommendations for cutting costs
- Integrates seamlessly with accounting software to simplify financial tracking and reporting
- No annual fees, foreign transaction fees, or card replacement fees
- Excellent choice for businesses that want to streamline their financial operations while saving money
- Cashback rewards on purchases
- No personal guarantee or credit check required for eligibility
- Automated expense management features like spending limits and receipt-matching
- Integration with accounting platforms including NetSuite, Quickbooks, and Xero
- Offers AI-powered cost-saving insights
- Unlimited physical and virtual employee cards
- Primarily focused on cost-cutting, which might not suit all business needs
- Geared mainly towards U.S. businesses, which may limit its appeal for international transactions
![](https://cdn.prod.website-files.com/5f8dd056c51c1d6ddceaa499/65df84803181648cce0b3c89_65cf819f3fb42a9452ef0295_CARD_HERO_01%201%20(1).webp)
Card Details
The Ramp Card is an innovative corporate card, particularly suited for LLCs, that combines automated expense management features with cashback rewards. It offers detailed spending insights with AI-powered recommendations for cutting costs, and integrates seamlessly with accounting software to simplify financial tracking and reporting. Cards come with no annual fees, foreign transaction fees, or card replacement fees. Ramp is an excellent choice for businesses that want to streamline their financial operations while saving money.
Pros
- Cashback rewards
- No personal guarantee or credit check required for eligibility
- Automated expense management features like spending limits and receipt-matching
- Integration with accounting platforms including NetSuite, Quickbooks, and Xero
- Offers AI-powered cost-saving insights
- Unlimited physical and virtual employee cards
Cons
- Primarily focused on cost-cutting, which might not suit all business needs
- Geared mainly towards U.S. businesses, which may limit its appeal for international transactions
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- No annual fee
- Earn a $250 statement credit after spending $5,000 within the first three months of card membership
- Introductory rate of 0% APR for the first 12 months
- 2% cashback for the first $50,000 in purchases each year. Then, unlimited 1% cashback
- Expanding Buying Power lets you exceed your credit limit while still receiving rewards
- 3% balance transfer fee
- No overlimit fees
- 0% intro APR for the first 12 months
- Access to more capital
- No annual fees
- You only get 2% cashback for the first $50,000 before going down to unlimited 1% cashback
- No elevated cashback rewards for specific categories
- $39 penalty fee for late payments and returned payments