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Corporate Business Travel: Everything You Need to Know

Katie Miller is a consumer financial services expert. She worked for almost two decades as an executive, leading multi-billion dollar mortgage, credit card, and savings portfolios with operations worldwide and a unique focus on the consumer. Her mortgage expertise was honed post-2008 crisis as she implemented the significant changes resulting from Dodd-Frank required regulations.

Corporate business travel involves the movement of individuals representing their organizations for work-related reasons. Whether it’s attending client meetings, industry conferences, or sealing business deals, this practice covers a range of activities essential for professional growth.

In the interconnected global business environment, where face-to-face connections matter, corporate business travel plays a central role in sustaining and expanding enterprises across borders. Businesses face challenges in optimizing this crucial element of their operations. Strategic considerations must be taken into account to use this element of business to its greatest potential.

Key Takeaways

• Corporate business travel can unlock new opportunities for business growth, offering the possibility of reaching new markets, connecting with a wider pool of prospects, or developing brand presence and reputation.
• Traveling for business has many benefits for individuals as well, providing them the chance to meet fellow employees, grow their career by participating in different opportunities, and network within the industry, not to mention experience new destinations.
• Business traveler safety and security are top priorities during corporate travel.
• To ensure that travel goes smoothly and stays within budget, companies should implement corporate travel policies and best practices for employees traveling on behalf of the company.

Importance of Corporate Business Travel

There are many business-related reasons to travel. It can encourage team building, promote learning, offer different perspectives, provide connection to a wider network, open up new markets, and drive sales. And whether or not the trip is for a specific purpose (such as a conference or a retreat), the benefits for employees and companies alike can extend beyond the stated intent of the trip, building confidence, cultural competency, relationships, and company reputation.

Many employees consider the opportunity to travel for work a desirable job perk, as it can offer the chance to venture somewhere that they may not ordinarily go, or to have a trip paid for by their company. And although expenses are associated with travel from a corporate perspective, they may be well worth the return on investment in terms of potential leads or sales—plus, many travel expenses are tax- deductible .

Types of Corporate Business Travel

Corporate travel can take many forms, including the chance for employees and executives to attend events, such as meetings, conferences, industry networking sessions, and fairs. Or a trip may take advantage of educational opportunities such as training sessions, seminars, and workshops. Retreats and guided trips can make for valuable team-building time in new contexts that unlock different perspectives and strengthen working relationships.

Businesses may send their employees to a different location to network, sell, teach, learn from, or generally connect with external contacts or internal employees in regional offices, or to act on behalf of the company in some way.

Additionally, from a client perspective, business travel may occur as a form of due diligence , ensuring that your vendors or suppliers are legitimate, legal, and compliant organizations—for example, traveling for regular audits to confirm that what you think is happening at your supplier organizations is actually happening.

Creating a Corporate Travel Policy

From a company perspective, travel can be a challenge to administer and manage . Costs can easily balloon out of control; travel logistics can be time-intensive to arrange; employees traveling on behalf of the company must be granted a great deal of trust; and like any form of travel, business travel can open up risks to safety, security, and health.

No matter the size of the business or the frequency or complexity of travel, a corporate travel policy can be a helpful tool for any company to set expectations for its employees, communicate guidelines and processes, keep expenses within budget, and streamline booking and logistics.

In creating a corporate travel policy, companies might consider the following for both domestic and international travel, as applicable:

• Purpose(s) of travel
• Which employees are eligible to travel
• Booking and expense approval processes
• Risks and liabilities of travel and how to manage them
• Expectations for employee behavior, including acceptable and secure uses of technology, personal vs. leisure time, communication, and entertainment while traveling
• Eligible expenses for employees while traveling, including per diem rates if applicable
• Determine if employees will be reimbursed for their expenses or given a corporate credit card to use
• Financial tracking, record-keeping, and reimbursement processes
• Acceptable booking practices and costs, including preferred agents or vendors
• Travel insurance

Of course, policies must also be communicated and enforced to ensure compliance and fairness. Including a travel policy as part of a corporate handbook or reviewing it in an onboarding or training module can be a good way to ensure that all employees receive and understand the information. Making it easily accessible for future reference on a shared drive or company portal will encourage employees to refer to it often.

Business travel managers estimate, on average, that spending on domestic and international corporate travel is at 77% and 74%, respectively, of where it was before the COVID-19 pandemic.

Setting a Corporate Travel Policy

Corporate Business Travel Best Practices

There are many best practices that both employees and companies can keep in mind around corporate business travel to ensure that it is a successful experience. These encompass everything from administration and financing to employee behavior and well-being.

Booking Corporate Travel

Booking travel can be labor-intensive and time-consuming. To improve the booking process, save on costs, and streamline expense reporting, it can be helpful to designate preferred travel agencies, online platforms, vendors, and lodgings for employees and executives to book with. If the size of the company allows, it can also be helpful to hire an employee or team specifically to oversee and administer corporate travel, or designate this duty as part of an employee’s broader job description.

Managing Travel Expenses and Budgeting

There are many financial considerations when it comes to corporate business travel, and expenses and budgets must be carefully managed to keep costs under control. Many travel expenses are tax-deductible and can be written off, representing potentially significant savings for a company. Setting a budget and clear guidelines for employees about what can be an expense and what cannot is a must, as is creating and enforcing policies and procedures around tracking and reporting expenses.

Many corporate credit cards offer travel rewards and cost-saving opportunities for business travel, as do many other vendors and suppliers in the corporate travel industry. Businesses can take advantage of these to reduce inefficiencies and save on costs.

How to Manage Corporate Travel

Ensuring Traveler Safety and Security

As with any trip, business trips are not without safety and security risks, including the potential for political or civil unrest, crime, illness, injury, accidents, emergencies, natural disasters, cybersecurity breaches, or theft.

To protect their employees against unexpected and undesirable circumstances, at a minimum, businesses will want to have a travel insurance plan in place. It’s also helpful for businesses and employees to undertake some form of travel risk assessment to aid them in navigating potential risks, and outline safety and emergency preparedness guidelines within a corporate travel policy.

Employees should also know how to call if something goes sideways, such as hotel booking issues. A travel agent? A supervisor? If there’s a hurricane, you don’t have a car, and your flight is canceled, can you book another last-minute flight to get around the weather to get home? These details should be planned ahead for.

Maximizing Productivity During Business Trips

The overlap of business and leisure, sometimes referred to as “bleisure,” is one of the main draws of corporate business travel. However, there can also be pitfalls associated with this gray area. It can be difficult to stay productive while working remotely, whether due to the many distractions of a new environment (positive and negative), or because the trip entails an increased workload or time spent away from day-to-day job duties.

Employees looking to manage their time efficiently while away should get clarity on the intended purpose and expected outcome of their trip, and their employer’s and teammates’ expectations for their workload and communication frequency. They can also plan ahead to make the most of their travel time and downtime, and anticipate time zone differences to ensure smooth communication and adjustment to jet lag.

It’s important for employees to maintain work-life balance while traveling on behalf of work. Researching food, entertainment, and fitness options and preparing accordingly can pay off in terms of mental and physical wellness, especially for frequent travelers.

Tips for Business Travel Etiquette

Traveling anywhere, whether domestically or internationally, comes with responsibilities and expectations regarding employee behavior. Perception is one of the most important factors to remember when traveling as a representative of your company. You represent your company out in the public, so you need to ensure you’re displaying any key values that your company represents when interacting with vendors, clients, and peers.

This applies to cultural sensitivity as well. Travelers should do research in advance of their trip to ensure that they can be mindful of local customs and professional etiquette and behave with awareness and respect. Even the basics, such as learning appropriate forms of greeting or how to handle money and payment, and committing a few common words or phrases to memory can go a long way toward demonstrating good intentions and building a new relationship across cultures.

Sustainable and Responsible Business Travel

Recognizing that corporate travel can have a negative impact on the environment, many businesses and individuals are reexamining their travel practices and policies to see where they can make improvements. One example is reducing emissions by booking different means of transportation when possible. In general, seeking out vendors or companies that promote sustainable travel practices and responsible tourism, and that support local communities and ecosystems, can be a good first step to reduce environmental impact.

Technology and Tools for Corporate Business Travel

Software and technology tools can be immensely useful across all aspects of corporate business travel. Travel management and booking platforms; apps for tracking expenses, navigation, or converting currency; and translation and communication tools are all things that employees and businesses alike can take advantage of before, during, and after traveling.

When it comes to technology, it’s important to account for cybersecurity risks and only bring what is necessary to reduce the potential impact of damage, loss, or theft.

Managing Business Travel Expenses

What Is an Example of Corporate Business Travel?

There are many work-related reasons to travel, but many businesses will have their employees travel for conferences, events, sales and networking, seminars, meetings, team building, retreats, and to open up new business growth potential.

How Does Corporate Business Travel Work?

Corporate travel is simply travel for business-related purposes, so the nature of the trip will depend on its length and purpose. Companies whose employees travel frequently on behalf of the business should consider creating a corporate travel policy with information and guidelines for their employees.

Who Handles Corporate Business Travel?

Some businesses employ internal teams or individuals to manage corporate travel and business trips. At other times, employees are responsible for making their own arrangements within guidelines laid out by the company. There are also corporate travel agencies that businesses can leverage to streamline and optimize their bookings and costs.

The Bottom Line

Corporate business travel can be an invaluable path to both business growth and individual career development, building strong relationships and teams. No matter what form it takes, it’s prudent for companies to collect, implement, and communicate best practices for business travel to their employees in a company handbook or corporate travel policy. This should incorporate areas such as expense and booking management, safety and security, productivity, sustainability, technology, and employee behavior and etiquette.

Michela Buttignol / Investopedia

Internal Revenue Service. “ Understanding Business Travel Deductions .”

Global Business Travel Association. “ GBTA Business Travel Industry Outlook Poll .”

Harvard Business Review. “ How to Work and Travel at the Same Time .”

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What Is Corporate Travel Management?

Corporate travel management addresses all functions associated with supporting business travel for employees, customers, vendors and business partners. Companies may rely on in-house corporate travel management teams, travel agencies, online booking tools or any combination of those options to perform these functions. Corporate travel management policies create or enforce meeting and travel procedures while passing along travel data to accounting and finance systems and teams.

How Does Corporate Travel Management Work?

In addition to ensuring employees comply with a company’s travel policy, corporate travel management supports other tasks such as arranging business trips, establishing preferred arrangements with carriers (airlines, rental car companies, etc.) and hospitality providers, and issuing real-time reports that relay travel spend to accounting departments and other corporate stakeholders.

Why Is Corporate Travel Management Important?

Business travel management plays a key role in helping companies get the most out of their travel budgets by ensuring they are not overpaying for transportation and accommodations. It also establishes how employees arrange business trips and ensures all travel spend is allocated in the best interest of the company. A well-managed corporate travel program is also important to ensure traveler safety.

What Tasks Fall Under Travel Management?

Itineraries, accommodations, transportation.

• Meeting & Events
• Costs & Policy Compliance

Travel Support

• Reporting & Data Analysis

Companies have different approaches when it comes to how employees create itineraries for their business trips. Considerations include cost, balanced with an employee’s business responsibilities and the company’s travel polices. In most cases, employees now use online booking tools to create their own itineraries. Some larger companies may have personnel or travel agency resources to create itineraries for senior leaders or those who travel frequently. Companies with a corporate travel program can configure travel management software with online booking tools to ensure travelers create itineraries that meet the firm’s travel guidelines while providing a mechanism for trip approval and the reporting of travel and expenses.

Corporate travel management is responsible for keeping costs in check, as travel prices are notoriously variable. Optimizing pricing can have a measurable impact on maintaining budgets and help companies fund more business trips without significantly expanding the budget. Corporate travel management can set guidelines for how much employees can spend on various travel costs, based on reasonable and customary prices in a given locale.

Some companies negotiate prices with certain providers, while others rely on agencies and other third parties who may have more leverage. Some might rely on both internal teams and a travel management company. Where it makes sense, companies should also leverage any business client relationships they may have with those who provide transportation, hospitality or other travel support functions.

Lodging costs are cyclical depending on economic conditions, location, time of year and other factors. The cost of accommodations also varies considerably throughout the world. Thus, corporate travel management may negotiate prices with major hotel chains or those who provide alternative accommodations such as Airbnb —or oversee an agency who does so. In addition to costs, businesses should consider accommodations that meet employees’ business needs and have favorable cancelation polices or are willing to waive certain fees.

When it comes to transportation, corporate travel management plays several roles, including determining the best mode of transportation for a given destination. It is the conduit through which employees make their arrangements with preferred carriers and ensures transportation arrangements comply with company polices.

Meetings and Events

Companies that host their own meetings and events need resources with which to book restaurants, hotels, convention centers or other venues that can accommodate everything from small executive meetings to large conferences. A corporate travel management team or tool facilitates these bookings.

For important meetings and events, the team will scout various venues and ensure each can meet the needs and budgets of a meeting or event. If it’s a major gathering that will bring together customers, investors or other influential stakeholders, corporate travel management teams will visit the venue. Besides evaluating the meeting facility, the team will ensure the surrounding accommodations and logistics are suitable.

Costs and Policy Compliance

Many companies require corporate travel management to not only set cost thresholds but also track and enforce employees comply with them. Ideally, corporate travel management ties compliance to reimbursement policies. Moreover, its systems should prevent employees from making arrangements that fail to meet the company’s policies.

Because circumstances at times may necessitate exceptions, corporate travel management should have flexible approval mechanisms. Many businesses also issue a corporate credit card, which allows for better tracking of travel and expenses, simplified travel booking, faster reimbursement and access to real-time data regarding employees’ costs.

Sometimes, corporate travel management teams will serve as a conduit between employees, their supervisors and accounts payable. Larger organizations may outsource this role to travel agencies, such as American Express , which have sophisticated travel management platforms. Some organizations will provide higher levels of support, such as arranging for transportation to airports, making dinner reservations or serving as a liaison to travelers when they need assistance. In both scenarios, other than top executives and VIP guests, employees are increasingly expected to rely on self-service tools to address common travel needs.

Reporting and Data Analysis

Corporate travel management must report all travel expenses to accounting. Finance departments use that information to not only track expenses incurred during an accounting period but also inform current and forward-looking budgets and forecasts.

Automated Travel Management vs. Hiring a Travel Manager

Until recently, companies had to decide whether to hire people to support and manage travel or to rely on outside agencies to oversee those functions and then let accounts payable departments enforce policies when reimbursing employee expenses. While some companies choose one or the other and others go with a blend of both, nowadays companies have the option to automate much of the travel management process.

Some business management platforms, for example, offer corporate travel management capabilities. Many of the leading platforms have features including expense management , analytics , client management and project management , which together serve to automate travel management. These platforms also give accounting teams real-time information on travel’s impact on financial performance.

How Is AI Changing the Travel Management Landscape?

Business travelers are now actively using tools to automate travel management. With recent advances in artificial intelligence (AI), they can now book a business trip with online booking tools even faster. For example, American Express Global Business Travel (GBT) is among the firms using AI to automate business travel planning. The global travel agency now has a recommendation engine that uses a traveler’s history to help find suitable accommodations when planning a trip.

But it is not just the giant travel agencies that are using AI to help automate business travel booking and related processes. Airlines, hotel operators and car rental agencies have started introducing chatbots to address routine inquires and issues. People are using voice commands for recommendations and to place reservations. These technologies are starting to appear in workforce automation, help desk and other business process management systems to enable increased self-service to routine processes.

The true potential of AI for corporate travel management comes from using all the data amassed by travelers to eliminate as many tasks in the planning of trips as possible, according to Travel & Hospitality magazine.

By analyzing how travelers across companies behave in creating their itineraries, AI automation tools can become more precise in predicting preferences, according to the report . “When preferences can be catered to without even asking for them, search time is heavily reduced, and traction is increased. Even shifts in traveler partners can be detected beforehand while negotiating with properties. Ultimately, an AI-powered recommendation mechanism could eliminate the dependence on potential complications of last-minute changes.”

Challenges of Corporate Travel Management

• Employee desire for flexibility and comfort can conflict with a company’s efforts to manage costs.
• Services that were once included in the cost of airfare or a hotel booking may now cost extra, creating disparities in company policies.
• Escalating cancellation or change fees are costly if employees make errors when booking.
• Company polices can often limit employees’ ability to choose lower-cost services that they discover on their own.
• Many companies still lack ways to calibrate the needs of the business with costs and changing business conditions when it comes to travel.
• Accounts payable policies are not always aligned with corporate travel management. The reimbursement process is very manual and requires significant resources to review and verify receipts for travel expenses.

How to Institute a Travel Management Policy

Every company should have a documented travel management policy and one that they enforce. The policy should be reasonable and ideally put together with input from employees who frequently travel. Gathering that input will reduce non-compliance, which by various accounts is high. Corporate travel surveys show more than half don’t understand or meet their companies’ travel policies. The Society of Human Resource Management, a non-profit trade association for HR professionals created a template that offers a baseline policy that companies can adjust to meet their own compliance requirements and what leadership believe fits within their organization’s best practices.

Trends in Corporate Travel Management

Business travelers expect every aspect of their trips to be accessible from their phones and their computers. Gone are the days of calling a travel agent to book their travel and submitting manual expense reports.

Businesses that can integrate all of the information pertaining to the planning of trips, expenses and how employees spend their time on the road are better positioned to determine the value they are receiving.

Improvements in technology and advances in AI are helping companies ensure they are receiving the most competitive rates, more flexibility and better visibility.

Improve Expense Management Efficiency

Best Tools for Corporate Travel Management

Many companies expend significant resources on corporate travel for business development, sales and marketing. Besides widely variable travel expenses, there’s a cost in terms of human capital management—organizations that use modern corporate travel management tools effectively are better positioned to get higher ROI.

Ideally, organizations should ensure their corporate travel management solutions are integrated with, or include, expense and vendor management systems. Likewise, organizations should integrate corporate travel management with core financial management and accounting platforms and resource and planning solutions.

On the front end, tracking expenses for travel has become easier now that employees can use their mobile devices to scan receipts when they receive them. As a result, many organizations have simplified their formerly paper-intensive expense management processes.

Accordingly, companies should make sure their expense management solution includes configurable mobile apps that can scan receipts and allow employees to easily itemize and categorize each expense.

Tools that can track polices will automatically reject unallowed expenses. The platform should offer flexible and configurable workflows that can avoid bottlenecks that delay approvals. The best expense management tools also offer connectivity with ERP, project management, accounting, billing, and analytics systems.

Travel expense management solutions that offer certified integration with leading platforms and help organizations reduce the amount of data entry among those in accounts payable departments. Likewise, they make it easier for employees to compile expense data, especially those that provide integration with approved credit card providers.

Financial Management

Extended Planning and Analysis (xP&A) Defined

Finance departments in well-run companies have for years developed best practices around financial planning and analysis (FP&A), which provides useful insights and analytics that help guide a business’s future direction…

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The ultimate guide to corporate travel management

The days of businesses operating and growing within a small city radius are long gone. In today’s fast-paced and tech-savvy business world, companies have easy access to global talent and clientele.

As such, transporting stakeholders long distances is standard practice. Recent forecasts project that there will be more than 470 million domestic business trips taken in the US alone in 2024.

While corporate travel is a necessary part of operating a modern business, it can also be logistically difficult and costly to manage—especially as your business scales. This article will help cover what you need to know to improve your corporate travel management operations.

What is corporate travel management?

Corporate travel management is the process of coordinating, analyzing, and managing a company's business travel needs.

Effective corporate travel management is crucial for keeping business trips organized and efficient, ensuring that travel arrangements align with the company’s policies, helping to enhance the safety and comfort of travelers, and adhering to budgets.

What does a corporate travel manager do?

Craft and implement comprehensive corporate travel policies.

Corporate travel managers develop detailed travel policies that align with the company's unique goals and needs.

For example, a travel manager would establish policies for:

Booking procedures. Define processes for booking rides, flights, and hotels.

Travel class guidelines. Set standards for business or economy class based on distance, duration, or employee level.

Accommodation standards. Specify the type, budget, and class of accommodations allowed (for instance, hotels or home rentals).

Expense reporting and reimbursement. Set limits on daily allowances for meals and incidentals, and establish procedures for tracking and submitting travel expenses.

Technology use. Implement travel management software or apps to simplify travel arrangements, data analysis, and reporting.

Orchestrate seamless experiences

Corporate travel managers oversee the coordination and execution of business travel plans for employees. They either directly arrange all aspects of travel themselves, manage an internal team of travel coordinators, or work with third-party travel agents.

Today it’s also essential to adopt corporate travel apps , as they assist managers with streamlining travel plans across their organization. A corporate travel app helps with the following:

Automated expense tracking. Eliminates the need to save hard copies of receipts by automatically adding to the system the trips and meals to be expensed.

Centralized control from a dashboard. Provides complete visibility into travel policies, procedures, expenses, budgets, and plans.

Real-time reporting and tracking. Offers a comprehensive look into customized travel programs with real-time updates for travel, meals, incidentals, and more.

Simplified travel management. Includes flexible and customizable limits for booking rides, buying food, and processing payments (such as charging to a personal card for reimbursement or to a business card).

Control the budget for optimal financial outcomes

Travel managers navigate the line between providing comfortable travel experiences for employees and sticking to the business’s travel budget.

To do this, managers research cost-saving opportunities, identify the most cost-effective times to travel, and negotiate discounts with travel vendors.

A travel manager might, for instance, identify and book off-peak flights for a team attending an international conference. They could also track rideshare prices to find optimal travel times and book hotel rooms with corporate discounts.

Analyze data to inform future travel policies

Corporate travel managers are also responsible for monitoring travel data. Keeping a close eye on travel analytics helps with:

Tracking expenses. Examining corporate travel expenses reveals spending patterns and shows where the company can reduce costs.

Identifying travel patterns. Historical travel data helps managers find patterns and trends, which helps with forecasting future travel needs and preferences.

Benchmarking against industry standards. Travel managers compare their company’s travel spending and policies against industry benchmarks to better understand performance.

Analyzing supplier performance. Evaluating data about suppliers can uncover their reliability, service quality, and value.

Managers capture this data with feedback surveys from employees, travel industry reports, travel management software, and third-party travel platforms.

Prioritize duty of care for employee well-being

Corporate travel managers work closely with HR managers to develop duty-of-care protocols for their employees.

Duty of care in corporate travel includes:

Ensuring the health of employees. Maintaining the well-being and health of traveling employees and making sure they have access to necessary healthcare and support.

Providing for basic needs. Arranging for essential amenities like quality food and beverages, and comfortable accommodations.

Protecting employees. Keeping travelers away from situations where they may experience harassment, stress, or discrimination.

Collaborate with industry partners

Corporate travel managers’ duties don’t start and stop with coordinating and managing business travel. They’re also responsible for building relationships with top industry partners and vendors.

This includes establishing discount and comfort agreements with airlines, negotiating deals with hotel chains, and selecting the best rideshare apps.

They also work closely with internal teams and senior management to ensure that travel strategies and contracts align with overall business goals.

For travel policy setters or managers

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Challenges within corporate travel management

Successfully managing corporate travel requires so much more than simply booking plane tickets and hotel rooms for employees. Below are some of the top challenges corporate travel managers face.

Cost-benefit analysis

In corporate travel management, this involves quantifying all costs associated with travel and weighing them against the benefits, such as networking opportunities, employee development, client relationships, and successful sales.

Imagine a scenario where a company is considering sending an employee to an international conference that costs $3,000 in total. The corporate manager would need to research the potential benefits (such as networking, business development, and employee growth) of spending that $3,000 and determine if it’s worth it.

Cost-benefit analysis can also be nuanced. Consider this data point, for example: 48% of business travelers say their last work trip was too long. If an employee can accomplish what they need to in 2 days of travel and a manager books a trip for 4 days, it results in 2 extra days of employee time and corporate travel budget.

Cost-benefit analysis, in this instance, would involve analyzing past data, including post-travel feedback surveys, to understand how long employees need to travel to accomplish goals while optimizing the travel budget.

Traveler satisfaction

Research shows that 60% of employees say business travel positively affects their satisfaction with their job. And Slack’s 2023 “State of Work” report found that most employees say feeling happy and engaged at work is a key motivator. What’s more, when employees are happy and productive, businesses thrive, according to The Economist .

The tricky part for travel managers is accommodating employees’ diverse travel needs and preferences within a corporate (not a luxury vacay) budget.

To keep employees happy and productive, travel managers must understand what satisfies employees while they travel and then develop a plan to deliver a positive experience while working within a corporate budget.

Adapting to changing business needs

Shifts in business priorities, such as targeting new international markets or altering strategic partnerships, directly affect travel requirements.

A shift toward more in-person client meetings, for example, can increase travel frequency. Corporate travel managers must adapt policies and budgets to align with evolving business needs.

And efficient corporate travel management requires monitoring shifting political, economic, and health climates worldwide and being ready to respond and adapt. Travel needs can change in an instant, and corporate travel managers must remain adaptable to adjust travel strategies as necessary.

Environmental sustainability

A 2023 Deloitte study reported that climate concerns will likely limit corporate travel growth in the coming years. Deloitte found that “4 in 10 European companies and a third of US companies say they need to reduce travel per employee by more than 20% to meet their 2030 sustainability targets.”

This statistic highlights the growing pressure on corporate travel managers to devise travel strategies that meet the needs of a growing business while being efficient, cost-effective, and environmentally responsible.

4 tips for managing business travel

Now that we’ve discussed some of the job responsibilities and top challenges of corporate travel managers, let’s cover the best tips for managing business travel.

1. Establish clear communication channels

When employees don’t know your travel policies and procedures, it’s impossible for them to comply.

In other words, they might not know how much they can spend at a corporate dinner, whether they should take a taxi or use a rideshare app, or what safety and security policies they need to follow when traveling for business.

Consider establishing a clear communication channel where every employee can access critical travel information. This could be a dedicated travel portal or intranet page, regular email updates, or travel management software that provides real-time communication.

2. Conduct regular training sessions

Another way to fine-tune communication and increase awareness about travel policies is by conducting regular training sessions.

Create a live or digital training course that covers the following:

• Travel policies: Review company-specific travel guidelines and booking procedures.
• Safety measures: Explain all protocols and emergency procedures for travel. Draw special attention to areas people may be visiting that are undergoing political or civil unrest.
• Changes in procedures: Provide updates on any new or altered travel-related processes. This is especially important during health crises.
• Duty-of-care responsibilities: Educate on and provide clear definitions of the company’s commitment to traveler safety and well-being.
• Per diem amounts: Outline the daily allowances for expenses while traveling. Include a definition of what is and isn’t allowed. For example, is alcohol part of a per diem or excluded from corporate expenses?
• Expense reporting: Give instructions on how to accurately report and submit travel expenses.

3. Adopt travel technology

When you’re managing travel for multiple employees across different offices, it’s challenging to educate everyone, track expenses, and ensure compliance with travel policies. To organize and streamline everything, you may consider a travel management system (TMS).

A TMS is a comprehensive travel platform that helps companies book, track, and report travel activities. It typically also provides real-time data and analytics, helping you monitor travel spending and optimize your travel strategies.

4. Evaluate and update travel procedures and policies

Any changes in technology, the world economy, political climates, global health status, and industry have a profound effect on business travel.

As such, it’s essential to establish a process for continually evaluating and updating travel procedures and policies.

This could include:

• Reviewing policies to make sure they’re relevant, cost-efficient, effective, and safe
• Surveying your employees to see how happy they are with your travel policies
• Evaluating your TMS data to identify where you can optimize travel, innovate, and improve processes

Move your business forward with Uber for Business

In today’s fast-paced business world, getting corporate travel right is more important than ever. Adapting to changes quickly and embracing new technologies are key to staying ahead in managing business trips effectively.

You may also consider leveraging Uber for Business , a game changer in managing your company’s travel needs. It simplifies the entire process of corporate travel management with features like automated expense tracking and centralized control, making it easier to stick to policies and budgets.

With Uber for Business, you’re not simply organizing travel. You’re also saving time and money while giving your team a smoother, more efficient travel experience. Learn how to get started .

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What Is Corporate Travel Management and Why Do You Need It?

By Randi Gollin | American Express ® Freelance Contributor 4 Min Read | September 17, 2021

Whether your organization has mushroomed from a mom-and-pop shop to a larger business with a traveling workforce, or arranging business trips has become too much for your human resources or finance department to handle, there comes a time when it makes sense to implement a corporate travel management program.

Here’s an overview of how corporate and small business travel management programs work, including how they can benefit companies that prioritize both domestic and global travel.

What Is Corporate Travel Management?

Corporate travel management (CTM) is the framework that companies administer to successfully handle business trips and travel and entertainment (T&E) expenditures. CTM programs oversee, organize, and manage business travel end to end, including activities such as approving and booking flights and hotels, managing business credit card spending , ensuring employees comply with company travel policies, and recordkeeping.

Though these programs are commonly referred to as corporate travel management, even small organizations can benefit from a dedicated business travel management program.

How Does Corporate Travel Management Work?

As travel becomes more expensive, safety concerns heighten, employees become more mobile, and companies more global, the job of arranging everything from travel visas to restaurant reservations becomes more challenging. To effectively manage travel tasks, it’s often necessary to develop a CTM program. Depending on the company’s needs, this could mean one or more of:

• Hiring a corporate travel manager.
• Establishing an in-house corporate travel management team.
• Hiring an external corporate travel agency.

Smaller companies may be better off developing and hiring in-house business travel management teams to ensure that the workforce complies with company travel policies like spending caps and using approved vendors. Depending on the organization, a CTM program may grant employees the autonomy to self-book travel and accommodations that comply with company travel policies. Companies may even integrate automated travel management software systems that can be customized with budget restrictions and approved suppliers to better manage travel spending.

For larger corporations with major travel requirements, it can make sense to hire an external corporate travel agency that takes over all tasks related to business travel. As specialists in their field, they may be better able to negotiate the best rates while keeping employees’ comfort top of mind, handle global business travel management tasks, and take the time-consuming job of booking trips away from busy HR or finance departments. These professionals might implement corporate travel software that includes a booking tool, expense management tools, and reporting and analytics capabilities. These software tools may even use Global Distribution Systems (GDS) to pull up real-time data about hotel room availability, flight data, car rentals, and other pertinent travel information.

Benefits of Corporate Travel Management

The benefits of CTM programs are important to some companies because, for many employees and executives, company travel is so vital a part of doing business. Though video-conferencing calls have become routine, when it comes to building and nurturing relationships with clients and colleagues, converting prospects into customers, and networking with industry professionals, there’s no substitute for personal interaction. In fact, it’s reported that U.S. travelers took 462 million domestic business trips in 2019, and that number is expected to climb to 499.4 million by 2022. 1

Given the importance of business travel, companies may wish to consider the benefits of CTM programs, such as:

• Cost reduction : CTM agents, teams, and specialists should have greater travel expertise than the typical employee. They’re usually better fit to negotiate or find the best deals for flights, hotels, insurance, and other travel-related expenses.
• Time savings : Organizing a business trip takes a lot of time and effort, especially if your workforce travels often. CTM teams relieve your employees or finance department of that burden, allowing them to focus on their jobs.
• Policy enforcement : CTM professionals can help enforce corporate travel policies, enabling companies to monitor and reinforce compliance around hotel, car, and airfare spending caps, vendor stipulations, and more.

How Business Credit Cards Can Help Streamline Corporate Travel Management

Some companies manage business travel expenses by asking their team to report expenses with the promise of reimbursement. But expense reporting can become difficult to manage as an organization grows, and the paperwork can become onerous.

For many companies, a more workable approach is to integrate corporate credit cards into their CTM programs. This can make it easier to monitor expenses and reconcile transactions. For example, business and corporate credit card programs often come equipped with expense tracking tools that can ensure spending visibility for employees and management. Stakeholders can monitor compliance with travel policies, validate expenses without paper receipts, and see what employees are spending. Automatic reconciliation can save time, while expenses can be integrated into a company’s accounting system, simplifying the often-tedious approval process. What’s more, card activity may be fed into the travel management software to further streamline the process.

Other benefits to integrating CTM programs with business credit cards for employees include:

• Closing loopholes for fake receipts or receipt manipulation.
• Increased security protection against theft, loss, and unforeseen incidents like accidents and mishandling, thanks to common business credit card benefits like travel insurance.
• Access to credit card perks, such as earning rewards, saving money on air travel and hotels, and gaining access to airport lounges.

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The Takeaway

Corporate travel allows employees and executives to forge bonds with colleagues, turn business prospects into clients, and gain inspiration from new horizons. Corporate travel management (CTM) programs help to minimize the time-consuming aspects of business travel, like bookings and reporting paperwork, along with some of the other pain points of business travel. An effective CTM program can help organizations implement company travel policies, booking, track T&E expenditures, and successfully integrate business credit cards .

View Article Sources

1 “ Number of domestic and leisure trips in the U.S. from 2008 to 2019, with a forecast until 2024 ,” Statista

Randi Gollin

A freelance writer and editor who’s covered topics including shopping, travel, dining, and food for tech and media brands and digital publications.

This content was written by a freelance author and commissioned and paid for by American Express. 

The material made available for you on this website is for informational purposes only and is not intended to provide legal, tax or financial advice. If you have questions, please consult your own professional legal, tax and financial advisors.

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The comeback of corporate travel: How should companies be planning?

It seems that, finally, the light at the end of the pandemic tunnel is in sight—at least in some parts of the world. In 2020, total global business travel expenses contracted by 52 percent, while managed corporate-travel spending in the United States plummeted 71 percent, or $94 billion. Last year, when we reported  on the impact of COVID-19 on corporate travel, we projected that the road to recovery would be a long and uneven one.

Much has changed since then, thanks largely to progress on the vaccination front. Even though there’s much debate  surrounding the timing of herd immunity in the United States, it’s indisputable that vaccination rates are on the rise across the country. At the time of writing, more than 40 percent of the US population has been fully vaccinated , with more than 50 percent having received at least one dose. Companies are starting to bring employees back to offices. Corporate executives are planning in-person meetings and gatherings with customers and colleagues.

In light of new developments, to what extent will videoconferencing replace business trips? How should corporations prepare for the next phase of business travel? While our insights from last year still hold, we’ve sharpened our understanding of how business leaders could be thinking about the postpandemic role of corporate travel. In this article, we identify four categories of business travelers—the “never left,” the “never returning,” the “fear of missing out” (FOMO), and the “wait and see” segments—and provide recommendations for how key players in the corporate-travel ecosystem can make effective plans in this context.

What’s changed: Increased vaccination is expanding flexible work arrangements

The most significant change shaping our thinking about the return of corporate travel is the rising vaccination rates in the United States and Europe. We project that the United States and the United Kingdom will slowly transition toward normalcy in mid-2021, with the rest of the European Union following shortly after (Exhibit 1).

Notwithstanding the risks presented by new virus strains and limited visibility into the duration of vaccine immunity, rising vaccination rates are ameliorating some of the travel anxiety. Many organizations are now proactively figuring out the future of work —which includes the role of business travel.

For many companies, COVID-19 has proven that more workplace flexibility is possible . Around 70 percent of executives said their companies will employ more temporary workers than before the pandemic, and 72 percent of executives report that their companies have started to adopt permanent remote-working arrangements for a subset of their employees. Nearly 40 percent of the workforce in the United States has the potential to work from anywhere. These signals and others suggest that many organizations are reevaluating working and organizational arrangements , including when, why, and how their employees should hit the road.

There’s no consensus, however, among business leaders about what to do with this newfound flexibility, and many organizations have not yet clearly communicated a vision for postpandemic work: around 30 percent of executives in a recent survey  say they have not heard about specific plans for corporate travel after the pandemic, while another 28 percent described their companies’ plans as vague.

Four key segments in the return of corporate travel

Breaking down corporate trips into different segments can help travel planners and suppliers plan for the return of corporate travel. We’ve identified four different business-travel profiles, each sitting at a different point on the travel-resilience spectrum. Three indicators were used to define each archetype and determine its position on the spectrum: sector, travel purpose, and whether the trip was domestic or international. For travel purpose, if in-person interactions remain critical for a company, then the more resilient such business trips are. Some assumptions were made on how likely it was that some forms of corporate travel would recover rather than be substituted by videoconference technology.

The profile mix varies from company to company, and it’s possible for all four to coexist within the same organization, although some might feature more prominently in some companies and less in others.

• The “never left” segment. On one end of the spectrum, employees for whom travel is deemed essential for conducting business resumed their trips as soon as lockdowns eased. This category accounted for around 15 percent of all corporate travel expenses in 2019 and includes managers in manufacturing companies with a wide distribution of factories and plants and field-operation workers. Those who were reluctant to fly opted for rail and private cars instead.
• The “never returning” segment . On the other end, business travelers that contributed to one-fifth of business travel spending in 2019 present an enticing opportunity for corporations to permanently slash their corporate-travel budgets. Digital adopters who are able to maintain high levels of effectiveness while working remotely may never return to corporate travel. Furthermore, advances made in digital technologies that enhance oversight of outposts have paved the way for corporate travel to be further reduced. For instance, many chain restaurants found ways to minimize corporate travel by replacing in-person visits with virtual alternatives, as well as establishing more local oversight systems. They are likely to want to keep these significant cost savings; although a certain number of business trips will continue after the pandemic even in this segment, they will do so at much lower levels than before.
• The “fear of missing out” (FOMO) segment. The bulk of business travel (60 percent of business-travel expenditure in 2019)—which will likely drive the rebound of corporate travel—will be fueled by the FOMO segment: those traveling to cultivate important client relationships. Small and medium-size enterprises (SMEs) will likely increase corporate travel at much faster rates, as they are not subject to the heightened approval process that large enterprises have to follow. SMEs are likely to trigger a domino effect where one company’s resumption of business trips will catalyze its rivals’ return to work-related travel. Faced with intense competition, different players in the company (leadership, management, staff) coalesce to reinstate corporate travel at scale to seize a first-mover advantage over rival businesses. An April Global Business Travel Association (GBTA) member survey reported that more than 50 percent of respondents are developing or plan to develop a timeline for resuming travel, updated travel policies, or new safety resources and information for travelers.
• The “wait and see” segment. This segment consists of workers in relatively noncompetitive industries and roles; it contributed 5 percent of total business-travel spending in 2019. These corporate travelers tend to come from the public sector, professional associations, and nonprofits. During the pandemic, many professional associations were able to hold virtual events to replace in-person conferences and will likely be more cautious in their return to travel.

Taken together, the trajectories of the four travel categories confirm our earlier projection of an uneven recovery for corporate travel. Overall, we can expect a 20 percent reduction in corporate travel spending by 2023.

In addition, it’s worth noting that even within these segments, business-travel recovery will vary depending on the purpose and distance of the business trips (Exhibit 2). For instance, even for firms in the “never left” segment, overseas travel to attend international conferences has not returned because of government-imposed restrictions due to public-health concerns. Furthermore, given the uneven rollout of COVID-19 vaccines internationally, the return of international travel may be further suspended in regions with limited or delayed access to vaccines due to sustained public-health restrictions and/or disease outbreaks. On the flip side, “never returning” business travelers may still make exceptions for key events that are held regionally.

In the United States, a comparison of a multinational conglomerate’s internal and external travel spend and that of a private health insurer provides an example of how the recovery trajectory may differ from business to business (Exhibit 3). Internal travel encompasses trips taken for intracompany purposes, where employees participate in activities such as training, team building, or inspection of field operations. External travel, on the other hand, refers to trips employees take for engagements outside the company, including in-person meetings with clients and suppliers, trade conferences, and customer sales calls.

The multinational conglomerate we examined, a manufacturer of building products, had a total travel spend in 2019 of around $80 million. As a customer-driven business, the company spends the majority of its travel expenses on external travel. Much of this falls into the FOMO segment, which is already recovering at a faster pace this year relative to internal travel even though the overall travel expenditure remains depressed. The bulk of its internal travel was for the purposes of internal collaboration in 2019, a third of which is expected to be permanently eliminated, while the rest should gradually return over the rest of this year and 2022.

A McKinsey Live event on 'Returning to corporate travel: How do we get it right?'

Approaching the future of corporate travel: Four steps

Charting a safe and effective road map for future corporate travel requires all players to collaborate. Key players in the ecosystem—suppliers (including airlines, hotels, car-rental and rideshare companies), corporate-travel planners, travel intermediaries such as online travel agencies (OTAs), global-distribution-system (GDS) providers, and travelers themselves—need to master four critical skills: leveraging real-time data, planning with agility, aiming for comfort and safety, and communicating with clarity.

Leverage real-time data

Planning for the future can feel like flying through a fog of uncertainty, which makes it even more important for players to leverage real-time data to inform their decision making. Organizations could invest in data capabilities to identify and monitor the first signs of an acceleration in business travel.

Planning for the future can feel like flying through a fog of uncertainty, which makes it even more important for players to leverage real-time data to inform their decision making.

OTAs and GDS providers may be worth exploring as new data sources. Travel intermediaries such as these are uniquely situated to provide aggregate data for each industry. For instance, they can inform a corporate-travel planner how many seats are being booked by the rest of the company’s sector, signaling whether the company is ahead of or behind the curve. Many corporate-travel planners are also concerned about the fluctuations in the cost and availability of tickets, given the volatility of flight schedules during this time. Intermediaries can provide data that suggest which flights are more likely to stay on an airline’s schedule, helping clients build more agility into their decision making. Intermediaries may be able to create a new revenue stream from these data.

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Real-time data also help suppliers of corporate travel, such as air carriers and hotels, become more agile. As corporate travel returns, these suppliers will need to deploy the right resources in real time to match demand, which may shift abruptly. For example, one airline made a costly mistake by being unprepared for the sudden spike in demand for leisure flights over the recent Easter holiday. As recovery will likely be uneven, airlines will have to figure out how to have aircraft, pilots, and crew on standby so they can increase capacity quickly whenever there’s a need. Organizations can meet regularly to discuss data-driven insights and align on next steps.

Embed agility into planning

It pays to have a detailed plan and strategy for different recovery scenarios in place. When demand picks up, many firms may find that they don’t have the time to pause and think through their strategies.

When it comes to organizing business trips for employees, corporate-travel planners will need to take into account four considerations:

• First, the factors that affect whether corporate travel should increase: for example, local and regional infection levels, customer demand, and competitive actions.
• Second, the relevant data sources used to evaluate these factors: these could include public-health indicators, customer surveys, data from travel partners on industry trends and competitor behavior, and real-time pricing from GDSs consistent with typical corporate agreements, even as airline-fare classes go through realignments.
• Third, company policies on business travel: What distance-based policies should staff adhere to? Should they use rental cars, rideshares, taxis, or flights? When should they wear masks or engage in group gatherings? How (and should) companies distinguish between what activities vaccinated and unvaccinated employees can participate in?
• Fourth, information needed by travelers: this includes websites, travel help desks, and messaging.

A US health-products wholesaler and manufacturer provides an example of how these considerations work together. Currently, the company’s factories are open, while corporate offices remain closed and corporate travel is at a standstill. The company recently decided to stage-gate the resumption of corporate travel, starting with executives. Critical sales meetings and conferences will be in the next wave of business trips, followed by general sales and internal corporate activities, and finally, internal training and events. The level of corporate travel varies by state, based on local infection and vaccination rates. The company also set up tracking codes in its customer-relationship-management system to monitor when sales are won or lost due to competitive travel, which involved working with its corporate travel agent to get data on corporate-travel bookings.

The company instituted different policies for each level, including when masks must be worn, the permitted group size for indoor gatherings, and what lodging choices should be made (for example, home shares are avoided for safety and sanitation reasons). The company is developing internal brochures and a communications plan to keep its employees informed.

Personalize experiences based on safety and comfort

Safety and comfort are crucial elements in the travel experience, and they can sometimes pull in opposite directions. More can be done to bridge this gap. Both employers and travel companies could find ways to give passengers peace of mind and improve comfort and convenience. The guiding principle here is giving the traveler greater control over decisions that affect their sense of comfort and security.

For instance, airlines can personalize flight experiences by improving the functionality of their mobile apps to allow passengers to preorder their meals and snacks or make special requests. Hotels may let guests decide on the frequency and timing of housekeeping. They might consider offering initiatives that improve guests’ physical and mental well-being, for example, by offering virtual trainers to guide meditation or fitness practices. Suppliers could also consider offering radically transparent flexibility policies and allow customers a greater range of options with different associated fees for cancellations and changes.

Communicate with clarity

Even the most seasoned travelers have to accept that traveling has changed. Masks have become ubiquitous, and border restrictions, boarding procedures, and hygiene requirements seem to be ever changing. It’s critical that organizations communicate clearly what their corporate-travel policies are at any given moment in time, for every stage of the journey—from pre- to post-trip.

It helps for organizations to be extra proactive in communicating any type of change, whether regarding company-wide strategic policies or more granular details such as the company’s preferred rideshare or car-rental options for corporate travel. When changes in operations are made, companies can take special care to ensure the availability of amenities. Leadership can play a prominent role in modeling how to travel in this new reality by clearly reiterating company policies. Information websites, travel help desks, and easily digestible infographics could all be used to get the message across. Keep channels of communication open and allow employees to give feedback and raise concerns as and when they arise.

Employees, too, will go through an adjustment period as they resume their business trips. Leadership can communicate that it’s OK for them to take it slowly and that they should raise concerns if they ever feel unsafe.

Some corporate travelers will find they have to adapt quickly to the many changes in business travel, while others will have the luxury of easing themselves in over a longer period. Unpredictability will continue to be a fact of life, but one thing is certain: if everyone plays their part well (and smartly, by leveraging the technologies and processes at our disposal), the resumption of corporate travel is possible.

Jenna Benefield is a consultant in McKinsey’s Philadelphia office, Vik Krishnan is a partner in the San Francisco office, Esteban Ramirez is the capabilities and insights team leader in the San Jose office, and Matthew Straus is an associate partner in the Chicago office.

The authors wish to thank Guenter Fuchs, Jennifer Heller, and Jillian Tellez for their contributions to this article.

This article was edited by Jason Li, a senior editor in the Shanghai office.

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The Strategy Guide to Corporate Travel Management

Download the PDF eBook version

Developing a corporate travel management strategy is one of the most important decisions you will make because it sets the framework for all your future travel plans.

With a solid plan in place, you can develop a budget, determine your objectives, identify your target audience, then build a program to achieve those goals.

It's also a way to build credibility with your employees and to encourage them to be responsible and accountable when they travel.

What Is Corporate Travel Management?

Corporate travel management is a business process used by companies to control, plan, and monitor the expenses of corporate travel. The changing global economy has affected the travel industry and, with it, the pressure on companies to reduce costs has grown.

Corporate travel management attempts to reduce these costs by streamlining company policies and procedures, which then translates into more effective and efficient business practices.

Here are some simple yet effective ways you can achieve this:

Plan the Logistics of Your Business

To plan for the logistics of your business, it’s important to first define what this term means. According to Investopedia , logistics refers to the “overall process of managing how resources are acquired, stored, and transported to their final destination. Logistics management involves identifying prospective distributors and suppliers and determining their effectiveness and accessibility.”

In the context of corporate travel management, logistical details may include what resources are needed by employees to travel safely and reach their destination. One example is financial resources, which can include the procurement of travel tickets, as well as the cost of lodgings and local transportation. Logistics in this sense can also include suppliers like the travel agency your company works with to make travel arrangements.

Identifying the logistical needs of your business will make planning and managing the trip easier. Additionally, you’ll be able to outline, adjust, and schedule corporate travel procedures accordingly.

Track Your Travel Costs on the Go

It’s easy to lose track of how much you’re spending when you’re moving from one place to another. The problem with travelling is that some unplanned costs can happen, especially when immediate problems arise. Some examples of this include going off-route in a taxi or the flight is delayed. This can lead to problems in the long run, especially if you’re travelling on a budget.

Thus, it’s important to keep track of your travel costs while in transit. Fortunately, it’s a lot easier to track travel costs through expense tracker apps, which can be web-based, cloud-based, or with mobile integration.

Not only can you track costs with these apps, but you’ll also be able to scan receipts, submit reimbursement reports, switch between currencies for international travel, compare actual costs with your set budget, and many more. Here are seven expense tracker apps specifically designed for travelling:

• Expensify (our top pick)
• Trail Wallet

Plan for Long-Haul Travel, but Also for Shorter-Haul Flights

In some cases, long-haul flights are not only necessary but also more appealing to corporate travellers as they may be able to save on costs.

According to a study published in the Journal of Air Transport Management :

“Business travellers are particularly attractive to book flights as they tend to travel more frequently than leisure passengers, and they tend to be prepared to pay higher prices than leisure passengers. In short-haul markets, such as those within the European Union (EU), business travel may represent a large proportion of a scheduled airline's traffic.”

This means that shorter-haul flights tend to cost more than long-haul travel, compelling companies to plan in advance and opt for long-haul flights.

However, effective corporate travel management should also take short-haul flights into account depending on the needs and nature of your business.

By planning for and allotting a budget for both long-haul and short-haul flights, you can meet business goals in a timely fashion without shortchanging other travel expenses, such as lodgings or local transportation.

Key Takeaway

Corporate travel management can be a necessary tool for companies, but it's also a huge money saver. Understanding how to properly use it will help you stretch your costs and make sure that you're following the right procedures .

Define Your Corporate Travel Management Goals

Most corporate travel managers can use some practice and advice on how to improve their skills. Corporate travel managers are responsible for planning, negotiating, and organizing travel for employees. While most employees rely on their employers to help them book flights, hotel rooms and rental cars, corporate travel managers complete those tasks for an entire company. Here are tips from a seasoned corporate travel manager on how to master the art of corporate travel management:

Understand Your Company's Travel Policies

For effective corporate travel management to happen, there should be clear guidelines about the company’s travel policies. This can include, but is not limited to, the following:

• Clear details about the company’s travel procedure
• Travel agency approved by the company
• Rules and regulations while employees are travelling, such as conduct and behaviour
• Method of travel, whether by land, air, or sea
• Procedures for procurement, cancellation, or loss of travel tickets
• Boarding and lodging details
• Travel arrangements while heading to and upon reaching the destination, such as car rentals or taxi services
• Expenses, such as per diem and meal expenses, or miscellaneous and emergency expenses
• Safety and security of travelling employees
• Insurance coverage for international travel

Clearly outlining and understanding these policies can help corporate travel managers to plan ahead and tailor travel arrangements according to the company’s business goals.

Additionally, employees will have a smoother time planning for the trip without disruptions to their day-to-day tasks and the company’s overall workflow.

Understand the Needs of Your Employees

Before the pandemic, corporate travel management tended to focus on getting the best arrangements for accommodations or the best deals for ticket prices.

These factors and many others are still important today, but the pandemic has brought to the fore another element in corporate travel that necessitates a higher priority: the safety and well-being of travellers.

In keeping up with the current changes, corporate travel managers should also ensure that partners and suppliers, such as their airline of choice or hotel accommodations, have solid health protocols in place.

It’s highly unlikely that employees will be willing to travel when there’s a high risk of getting infected. Thus, corporate travel managers should look into safety guidelines, quarantine policies, and local travel restrictions for the trip to be both safe and successful.

Use a Travel Management System

Similar to tracking travel expenses, corporate travel managers need to stay on top of all the necessary steps to organize and execute the trip successfully. This begins with making travel requests all the way to the return trip home. With a travel management system in place, it will be much easier to achieve the following:

• Streamline processes
• Gain approvals in a timely manner
• Create up-to-date reports
• Manage scheduling
• Anticipate emergency scenarios
• Smooth booking experience
• Compare prices for tickets, accommodations, and local transportation
• Manage other expenses
• Get the best value-for-money deals

If you’re using an expense tracker, be sure that your travel management system can integrate well with your chosen software.

Build Relationships With Vendors and Providers

In the industry of corporate travel management, vendors and providers can mean airlines, travel agencies, hotels, and other third parties providing goods and services that corporate travellers need.

As the ones spearheading the planning and managing for corporate travel, corporate travel managers will benefit a lot from building strong relationships with vendors and partners.

Communication is the foundation of strong relationships, so you should first be clear about what you need, as well as your travel goals and policies, so expectations can be properly set.

At the same time, it’s important to be responsive to prospective suppliers so you can engage with them and weigh your options.

Similarly, just as the supplier should understand your needs, you should also take into account the supplier’s needs as a business. If you aren’t able to come to a satisfying agreement, consider partnering with another vendor from which you can mutually benefit.

Create a Travel Calendar

A travel calendar will ensure that you’re making timely travel arrangements and you won’t encounter any delays. Keep in mind that delays can easily translate into extra costs, so be sure to allow time for possible unforeseen circumstances.

Proper scheduling also prevents disruptions, whether that’s on the employee’s side or the vendor’s side. With a timeline set in place, you’ll also be able to make the necessary adjustments that can address scenarios such as delayed flights or a high volume of travellers, especially if you’re planning arrangements during the holidays or vacation months.

Creating a travel calendar can also be made easier with an effective travel management system. Find one that works for your company’s processes, policies, and budget so you can maximize the app to suit your needs.

Follow Up To Make Sure All Goes Smoothly

Further to communication, following up on the progress of your corporate travel plans is necessary to ensure that all steps have been accomplished by all parties involved.

For instance, you can check whether all employees have the required travel documents or if approvals have already been signed by the relevant departments or managers.

Following up on your suppliers and providers can also smoothen out potential issues early on, especially when it comes to the availability of tickets or accommodations.

Follow-ups also keep everyone up-to-date about where they are in your set time frame. If someone still hasn’t accomplished their requirements, you can still make timely changes that won’t significantly affect the other stages of planning and executing the trip.

You can achieve corporate-travel-manager success if you are organized, diligent, and prepared to work hard. Keep these tips in mind while planning and managing business travel, and you'll be well on your way to mastering the art of corporate travel management.

Build a Program To Meet Those Goals

It’s not an easy task to manage corporate travel, especially if you are responsible for managing multiple teams and travel budgets. So, what are the best practices that a corporate travel manager has to follow?

Create and Manage a Travel Policy

A clear outline of travel policies will steer everyone involved in the right direction. This also ensures that corporate travel managers themselves are in line with the company’s overall rules and regulations, as well as the destination’s local laws and guidelines.

Having a travel policy will also let your employees know how to conduct themselves while travelling. This is especially important if you’re travelling internationally, as there are certain things you are expected to do and not do according to the local culture.

Aside from creating and managing an internal travel policy , it also pays to do research on where you’re going, even if it’s just a different state or a different country altogether.

Compile your research and summarise the information in a way that travelling employees will be able to easily digest. At the same time, get employee feedback while preparing travel policies to make sure that you’re covering all bases.

Know Your Budget

Of course, knowing your corporate travel budget is important. As previously mentioned, some airlines tend to charge corporate travellers a higher amount since they know that this is a necessary business expense.

Knowing and understanding your budget, its allocations, and limitations will allow you to build an effective corporate travel program that meets all your goals and needs.

Having an understanding of your budget will also allow you to properly adjust expenses and prioritize certain elements of the trip.

For instance, you can save on flight tickets in exchange for higher-end lodgings. Additionally, you can anticipate unplanned costs, such as emergencies, delayed flights, or even when travellers get caught in the middle of a natural disaster.

Plan for the Worst-Case Scenario

Speaking of emergencies and natural disasters, nobody can tell when these things might happen. Accidents, whether major or minor, are also highly unpredictable.

As such, it will be to your advantage to plan for the worst-case scenario. It’s always good practice to anticipate that something untoward might happen during the trip so employees in transit won’t be in a bind when it actually happens.

Aside from allocating a budget for worst-case scenarios, it will also help employees if you include these scenarios in your corporate travel policy. This way, they’ll know what contingency plans the company has in store for them.

Use Technology To Make Travel Easier

In the past, spreadsheets were typically used to manage corporate travel procedures. These days, however, there are more advanced travel management solutions that can centralize, systematize, streamline, and even manage risks while employees are on-the-go.

Take advantage of the available technology so you can have a better view not only of travel expenses, but also policies, relationships with vendors, local rules, and all the updates needed to accomplish travel requirements.

This way, you can plan for the trip effectively while staying on top of all tasks required of you, employees, and suppliers.

It’s important that you understand what a corporate travel manager does and how they are responsible for their team's travel projects.

Execute With Excellence

There are many businesses that struggle with their travel management, spending countless hours a week dealing with the logistics of getting their employees to the right place at the right time.

Technology has made it easier for businesses to manage their own travel, but there’s still a lot of room for improvement.

Here’s how companies can take the leap from struggling with their current travel management system to enjoying a seamless and efficient experience:

Design Your Corporate Travel Schedule

Managing schedules is just as important as managing costs, so it’s important to design a detailed corporate travel itinerary.

Generally, this can be a checklist list that lets your employees know what happens during a specific date and time. This can be especially helpful when they have conferences or multiple events to attend.

A well-designed corporate travel schedule can include, but is not limited to, the following:

• Ticket and flight details
• Boarding and departure dates and times
• A list of activities that will happen during an event, conference, or meeting
• Event venues and attire
• Scheduled mealtimes
• Time for rest and leisure
• Estimated time of travel from the hotel to the event location, and vice versa

Again, it’s also beneficial to get employee feedback when designing the corporate travel schedule to see if your list covers all their needs.

Implement a Flexible Itinerary

Although it’s important to list down all the things that can happen during a trip, it’s equally important to make your schedule flexible. Take into account the possibility of delays, traffic, or other difficulties and emergencies that might happen along the way.

As mentioned, unforeseen events can happen and a flexible itinerary can help buffer the consequences of those scenarios so your schedule and the trip won’t be significantly impacted.

Create a Budgeting System so You Can Track Expenses and Benefits as They Are Needed

Corporate travel expenses can easily skyrocket when they’re not tracked properly. At the same time, employees might not immediately realize the benefits they can gain from undertaking corporate travel.

In this regard, a budgeting system will help them have an overview of what’s important to spend on and what they can gain from certain budget allocations.

Generally, it’s ideal to save on all expenses but everyone knows that you can only cut down on expenses so much without severely impacting the quality of the trip and the well-being of corporate travellers.

In this case, you need to go back to your company goals to properly assess which factors you can save on and which ones need a higher budget. There are no hard-and-fast rules for this, but a good rule of thumb to follow is if allocating a lower budget for, say, airline tickets, won’t affect the fundamentals of the trip, then it can be beneficial to pursue that route.

In turn, you can use what you save to arrange better lodgings for employees or allocate that for emergency scenarios.

Corporate travel management is a process that requires you to know your employees and plan accordingly. Find out how to improve it, then implement it. This ensures that everyone is on the same page.

A Successful Corporate Travel Management Plan Is One That Is Developed Strategically

Business travel management solutions can ensure smooth travel and procedures for all parties involved. This section will cover the different business travel management solutions and how they work.

Reporting Tools

According to a November 2020 survey , “roughly 66.5% of respondents stated that their organizations used an online expense reporting platform that includes mobile solutions.

In contrast, only 8% of the surveyed travel buyers claimed that their companies relied on Excel spreadsheets or other offline processes to track their travel expenses.”

Locomote offers a centralized dashboard for corporate travel management that makes sense of your data so you can pinpoint areas for improvement and review how well your corporate travel policy is performing.

With its breakdown of real-time data, you can track expenses, receive a detailed invoice, and even apply unused tickets to book your next trip.

Budget Management

Budget management refers to the financial resources corporate travellers are allotted for the entire trip and what they are used for. This can also refer to points, benefits, and deals offered by suppliers and partners.

With an effective budget management tool, each expense can be tracked quickly and efficiently, allowing corporate travellers to focus on why they went on the trip in the first place. At the same time, they can gain travel points and even access to different airport lounges.

Booking Tools

Booking tools for corporate travel management make it easier to acquire the best accommodations and book trips in a more convenient manner. There are many booking tools that you can compare depending on your trip’s goals.

Our booking tool focuses on features such as hassle-free group and solo travel, a user-friendly interface, and providing a safer and better travel experience.

Manage Your Business Trips Effectively

Corporate travel management can help cut down costs, get the best deals, and provide a safe and productive trip for travelling employees.

Having a strategic approach aided by technology can ensure that the trip is successful and rewarding to all parties involved.

Contact us today if you want to see a platform that can do all of this for you and more.

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What is Corporate Travel?

• VinciWorks Group
• 1st April 2022

Corporate travel – also known as business travel – refers to any journey undertaken for the purposes of a business. Sales and supplier meetings, networking, training sessions, trade shows and trips between different company locations all fall within the definition, though commuting to and from work is usually not included.

Business travel is a key part of many jobs and plays an important role in strengthening partnerships between suppliers and customers. Even with the growth of teleconferencing technology, face-to-face meetings can make a huge difference to business relationships and drive sales by adding a personal touch that it’s difficult to replicate over Skype. In fact, business travel is generally on the rise in the UK; already accounting for an estimated £39 billion in spend in the UK alone, it’s forecast to increase by 3.7% a year over the next decade.

Types of Business Travel

In 2017, there were 6.8 million business trips abroad from the UK – the third most common reason for leaving the country after holidays and visits to loved ones. In the same period, 8.8 million people visited the UK for business purposes. Although this was a dip from the previous year’s figures, it represents a large boost to the economy, and clearly businesses still see value in conducting corporate travel. The general trend is towards an expansion of business travel.

Of course, not all business travel involves trips overseas. For companies with multiple sites, it’s often necessary for people to travel between them regularly. Sales pitches and supplier evaluations are often more effective when conducted in person. Physical deliveries require business travel. In these cases, it’s often an expectation that the income raised from these activities will more than compensate for the initial outlay of sending the employees out to other locations.

In many industries, trade shows are very important for keeping up to date with the latest developments and meeting with partners and competitors, as well as advertising a company’s products and services to a relevant market. For exhibitors at larger shows, this may require several employees to travel to the show.

Business travel is central to SMEs and larger organisations alike and the amount required varies between companies.

Knowing the Risks

Whilst corporate travel can be beneficial and often enjoyable, it’s also one of the riskiest parts of many job roles.

• Irregular hours and unfamiliar surroundings can contribute to fatigue and accidents.
• Road travel over long periods can become dangerous, though  proper training in road safety  can help.
• Travelling abroad can put employees at greater risk of crime or health issues, depending on their destination.
• Keeping track of employees and making sure they’re safe can be more challenging when they’re in transit or staying elsewhere. If possible, it can be safer for colleagues to travel together so no-one is left alone for extended periods of time.

Just as for office-based workers, employers have a legal and moral responsibility to ensure the health and safety of their staff at all times. Making sure employees are aware of the risks,  properly trained in dealing with them  and fully supported before, during and after their journey can go a long way towards avoiding any hazards.

Benefits of Corporate Travel

When done correctly, corporate travel can be great – both for the company and for the person travelling.

For the employee, it can be a valuable opportunity to experience different cultures, including the working culture of the place they’re visiting. Assignments abroad (or involving lots of locations within the UK) can be an eye-catching addition to their CV, especially if the logistics involved required lots of forward planning. In an increasingly interconnected world, fostering business relationships with colleagues, customers and suppliers in a different part of the world can be a huge bonus.

It’s increasingly common for members of staff to use annual leave to extend their stay and spend the extra days exploring a new place without having to pay for their flights. An estimated 80% of Millennial workers have considered taking this option. For people whose family obligations allow, this can be a major perk of the job.

On the business side, face-to-face meetings can be very effective in securing new business. Many people are more likely to trust someone who they’ve met in person, and for some larger contracts it can be a requirement before any paperwork is signed. Though it can be costly, corporate travel is often a huge benefit to new and existing business relationships.

Contact VinciWorks Team

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What is a corporate travel agent? Business travel management

• What is a corporate travel agent?

When it comes to business travel, most companies quickly learn that planning, booking and making sure that business trips go smoothly can involve a large amount of administrative work. This often falls on the individual employee to deal with, raising a number of issues, from making sure that travel is booked correctly to monitoring travel cost effectiveness.

Having a centralized travel booking platform aligned with a corporate travel agent not only meets these challenges head-on, but also improves any inefficiencies in your business’s corporate travel program. Throughout this post, we’ll address:

• The challenges of decentralized business travel management programs
• The role of a corporate travel agent

Combining corporate travel agents and travel management

The challenges of having a decentralized travel management program  , some key problems of decentralized travel management strategy include:.

• Solution: A corporate travel agent’s job includes helping to book travel compliant travel and education on a TMC’s online booking tool.
• Solution : Booking through a centralized platform, with a reliable agent for escalation or support can avoid the headache of reimbursement forms, as well as unlock significant cost savings for businesses.
• Solution : A one-stop shop prevents your travelers from acting as part-time accountants and lets them focus on their travel and main duties while traveling. With a corporate travel agent’s support, traveler bookings are compliant, easy to approve and more cost-effective than other booking methods.

These are just some of the reasons why organizations often turn to a business travel agent to help with the travel booking process.  

So, what is a corporate travel agent?

Corporate travel agents, or business travel consultants can be described as business travel curators; working full-time to create customized and bespoke itineraries that fit the bill for travel needs and the specific trip while aligning with the company’s travel policy and restrictions. Like traditional travel advisors, corporate travel agents have the travel experience and knowledge to make sure that travel is seamless, regardless of travel services used.

When placed at a corporate travel management company (or TMC) , like Egencia, the job of a corporate travel agent is to support individual and group travel itineraries, and answer questions about travel management tools. With years of experience in travel, a good corporate travel agent is an indispensable component of business travel.

What does a corporate travel agent do?

Corporate travel agents connect organizations with resources and providers in the travel industry. They hire corporate travel consultants who are experts in their field and who are trained in arranging business travel on behalf of their customers. An arranged travel plan provides traveler safety as well as risk management and duty of care adherence.

Some of the benefits you can expect from using a corporate travel agent are:

Reduction in travel spend.

You can get better rates for your business travel when you use a corporate travel agent. Over time, these travel savings can have a big impact on your travel spend and make hiring a professional company quite cost effective. 

 Dedicated corporate travel agencies have access to a network of travel providers they can use. This means you can save money, since you avoid the higher or premium rates charged when going directly.

Professional travel itineraries

Another great benefit is professional travel itineraries. If you need travel visas for international travel, a business travel agent will provide the essential documentation and take care of all the administrative work and complex details. Or, if you have a complex journey and need to book connecting flights, a business travel consultant will have the expertise to complete these travel bookings easily and effectively – simple! 

Provide recommendations and business travel advice

It can be difficult to know what a hotel is going to be like until you’ve stayed there yourself. Online reviews aren’t always accurate, and personal preferences can vary while still searching for the best rates, so booking accommodation can be stressful. Corporate travel agents understand which hotels are recommended and which are best avoided. This expertise comes from experience in booking, arranging and speaking directly to travelers and customers about their stay and overall experience. If a hotel room wasn’t up to scratch, you can be sure a customer will provide that feedback to their corporate travel agency to make sure that future travel arrangements are up to par while within the corporate travel policy.

Corporate travel agents are becoming less popular since companies want more management over their travel management and have gained important benefits through centralizing their travel booking process internally.

However, modern travel management companies such as Egencia offer the best of both worlds. With Egencia, you can get all the latest technology, automation, and modern travel and travel expense integration, while enjoying all the benefits of speaking to a business travel consultant if you need additional help.

Combining the benefits of a traditional corporate travel agency with a modern travel management company provides a comprehensive travel solution. A business will be able to get travel consultancy and advice when needed, as well as automation, efficiency and cost savings on their business travel.

Request a Demo Today to learn how you can implement an effective corporate travel solution into your business.

Learn more about the benefits of a corporate booking platform by downloading the toolkit here .

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What is a corporate travel agent?

What does a corporate travel agent do.

• Arranging travel visas
• Making flight bookings and other transport bookings, such as car rentals
• Ensuring duty of care responsibilities are met
• Creating travel itineraries
• Making hotel bookings
• Working finance departments to align on travel expense processes
• Providing assistance for business travelers

What are the advantages of using a corporate travel agent?

• Corporate travel agents understand travel costs: Their job is to ensure that your travel budgets are respected, by making sure they obtain the best deals possible on transportation, accommodation, etc. They have established relationships with suppliers to get better deals and discounts.
• They manage complex expense processes: Handing over travel expense duties to corporate travel agents relieves businesses of time spent poring over paperwork and reimbursement submissions.
• All of your business travel needs are accounted for: Corporate travel agents are trained in understanding each business and each traveler’s specific needs and adapting business travel for them.
• Provides traveler support: Employees can contact the corporate travel agent directly when they run into issues during business trips. Agents can easily rearrange transportation, advise on safety measures specific to each country, and facilitate changes to itineraries.

What are the disadvantages of using a corporate travel agent?

• Businesses can rack up costs when using corporate travel agents: Each corporate travel agent or agency is different, but most charge businesses an annual fee, plus transactional fees every time you use their service. This alone can eat up a large chunk of businesses’ travel budgets.
• They’re working for them, not for you: Since they have established relationships with suppliers, you can’t always be sure that the deal they’ve obtained is the best one for you, or the best one for them.
• Less transparency into travel processes: Whenever you outsource a business process, you automatically have less insight into how and why decisions are made. This gives you less opportunity to keep an eye on your travel management KPIs .
• They may not be available when you need them: Generally speaking, corporate travel agents only work during standard business hours. If your employees face issues after working hours or during the weekends, they’ll be left unable to contact someone for assistance.

Should you use a travel management platform to manage your business travel?

• Searching, booking, and managing flight expenses all from within the TravelPerk platform. Plus, you’ll have access to an industry-leading inventory for booking corporate flights to help you find competitive rates.
• Booking accommodation from within one platform, by giving you access to an extensive inventory for booking corporate accommodation , such as hotel rooms.
• Defining and automating your travel policy guidelines and approval workflow for better compliance.

Start saving money on business travel for your company today!

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What is a business trip? Definition and examples

If you visit somewhere for work purposes, i.e., on behalf of your company, that is a business trip. The term applies to both the journey to your destination and your trip back. In most cases, the trip is not a short one.

Collins Dictionary has the following definition of the term :

“A journey made somewhere and back again for business purposes in one’s working capacity.”

Business trip vs. business travel

The two terms refer to the same action or activity. However, their uses are not the same.

Business travel

Business travel refers to traveling on behalf of your employer generally. Although it is a singular term, i.e., business travel and not business travels , it refers to all trips for work purposes. It is a general term .

I might say, for example: “Business travel is becoming a significant part of our airline’s income.” In this case, we are talking in general.

I cannot use business travel for just one journey. For example, I cannot say: “I’m sorry, Jane is away. She is on a business travel.” I would have to say: “I’m sorry … She’s on a business trip.”

Business trip

This term refers to just one journey. We need to use the plural if we are talking in general.

For example, if I wanted to talk about my airline’s revenue, I would say: “Business trip s are becoming a significant part of our airline’s income.” I would not be able to use the singular form.

Reasons for business travel

In all the examples below, your employer is paying for travel, accommodation, etc.

• Meeting with customers or clients.
• Visiting suppliers.
• Attending a conference.
• Attending a course.
• Identify new markets, trends, and consumer traits elsewhere.
• Visiting somewhere to check the progress of a project.
• Visiting a prospect. A prospect is a company or person that you think could turn into a paying customer.
• Apologizing to a customer.
• Your purpose is PR or public relations , such as taking part in a press conference.
• The ROI from the trip is more than its cost. ROI stands for return on investment .
• Your employer sends you somewhere to fix, for example, equipment.
• Networking. There are many people you can meet away from work with whom you or your company could do business.
• Face-to-face meetings are usually more effective than using email, VoIP, texting, etc. Sometimes they are necessary.

Business travelers typically claim their expenses by filling a report , in which they list how much they spent on local public transport, meals, taxis, phone calls, etc.

Negatives and positives of business travel

Business trips may be extremely rewarding experiences. However, for some people, especially if they have families, there is a price to pay.

Regular business travelers frequently feel loney. Some of them may show signs of deteriorating mental health and even depression. According to Adam Perotta in a Business travel News article in December 2019, over 20% of business travelers said they experienced negative mental health effects.

Regarding the survey, Perotta wrote :

“22 percent of respondents reported that business travel had a “very” or “somewhat” negative impact on their mental health. Twenty-one percent indicated that even thinking about an upcoming work trip caused stress. Factors causing that angst include the toll travel takes on physical health, sleep schedules, personal relationships, personal finances and productivity.”

Traveling regularly on behalf of your company may mean missing major family events, which can contribute significantly to relationship problems.

Jet lag can play havoc with our body clock, productivity, and mental and physical health. Eating small meals before and during your flight, refraining from consuming alcoholic drinks, drinking plenty of water, and getting plenty of rest beforehand can help reduce the negative effects of jet lag.

In a Small Business Trends article, Samson Haileysus wrote that the vast majority of small company owners enjoyed their work-related trips. Approximately fifty-five percent of small business owners travel for work purposes at least once each month. Sixty percent of them spend three nights away from home during each trip.

Haileysus added:

“Surprisingly enough almost all (88%) small business owners who travel for business do enjoy traveling. In fact, just under three in four (72%) say they wish they traveled for business more often.”

Corporate travel is a huge market

Business travel is worth hundreds of billions of dollars each year globally. The biggest spenders on business trips are the United States and China.

In the United States, there are over 405 million business trips annually (long distance). For every working day, approximately 1.1 million Americans are traveling for work purposes.

The world’s most popular destination is New York City, while Shanghai is the fastest growing. Trondent Development Corp. made the following comment regarding the importance of business travel for airlines:

“Business passengers represent 75 percent of an airline’s profits despite only being 12% of their total passengers. But the money is well spent: every $1.00 spent on business travel creates $15 of profit for increased sales.”

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New Report: Exploring the Rise of Purposeful Business Travel

Accor Group + Skift

September 25th, 2023 at 10:00 AM EDT

As travel demand returns, a new report from Accor uncovers some of the challenges and opportunities facing corporate travel decision makers as they reexamine the value of business travel in a post-pandemic world — and points to what they need to prioritize in 2024.

Accor Group

This sponsored content was created in collaboration with a Skift partner.

Amidst financial and geopolitical uncertainty, business travel demand is increasing due to a robust return to in-person corporate and industry events — even though a full recovery to 2019 levels may not be possible until 2024, according to Skift Research .

As the market continues to level out post-pandemic, business leaders are seeking a new status quo that balances business needs with social and environmental pressures.

“Demand for business travel is back, with forecasts indicating continued increases in business travel spend,” said Karelle Lamouche, chief commercial officer, premium, midscale, and economy brands at Accor. “Business needs travel, and its value is undeniable, but the how and why of business travel has never been such an important question to explore. Understanding and evaluating the purpose of a trip has become more important than ever.”

This idea that purposeful travel is now key to the business travel value equation was recently explored by a panel of global business leaders and senior Accor executives at the company’s annual Masters of Travel advisory board meeting.

“Our Masters of Travel advisory board brought industry leaders from technology, law, energy, engineering, and pharmaceuticals together with Accor executives to create a future vision for business travel and corporate meetings, digging deep into the real value of travel, evaluating the demands it makes in environmental, social and governance (ESG), and understanding what businesses need to prioritize in 2024 and beyond,” said Sophie Hulgard, chief sales officer at Accor.

Key insights from the Masters of Travel event appear in Accor’s Business of Travel 2023 report , which provides a snapshot of the current state of business travel via new research and data analysis.

Understanding the Why of Business Travel

Business travel demand is coming back. A recent survey of Accor’s corporate clients revealed that their business travel expenses had declined by 24 percent compared to 2019, a 10 percent improvement over 2022. Meanwhile, a Deloitte survey projected that business travel spending will fully rebound to pre-pandemic levels by 2024. Accor data reinforces this forecast. The group’s recent client business travel study revealed 57 percent of respondents expect a travel budget increase in 2024 over 2023.

But while the financial value of in-person meetings is clear — Accor research shows that business professionals estimate 25 percent more revenue when meeting face to face rather than virtually — the question of return on investment must be accompanied by a question of purpose that goes beyond the financial bottom line.

“Understanding why you’re traveling, how it will benefit your client relationships, how it will affect the overall health of you and your company, and how it will impact the environment, are key factors for your corporate travel manager to decide whether you should be traveling,” Hulgard said. “Beyond return on investment (ROI), trips are being evaluated in terms of return on expectation (ROE) — so hospitality companies need to deliver against the expectations of the experience, which can vary greatly from company to company, industry to industry, and even trip to trip.”

Delivering Positive ROE (Return on Expectation)

The panelists at the Masters of Travel event represented a wide array of industries — including technology, energy, engineering, pharmaceuticals, and professional services — each with different expectations about the experience and the importance of employee satisfaction, cultural development, and corporate social responsibility (CSR).

“Our goal as a hospitality company is to meet and exceed all of those different expectations and ensure a return, whether we’re building brand loyalty with one employee at a small company or hosting a large conference for a major corporation,” Hulgard said. “Each company has its own definition of purposeful travel, but one shared expectation on the experience is traveler well-being and the need for hotel brands to delight the traveler.”

With travel stress at an all-time high due to external factors like flight disruptions, inflation, labor shortages, and longer queues, one way hotel brands can deliver a return on expectation is by training hotel teams to approach guests with empathy and communicate with emotional intelligence (EQ).

“We’re very focused on making sure every guest always feels welcome,” Hulgard said. “Fulfilling that promise means accommodating all types of requests and elevating the importance of neurodiversity within our training.”

Accor research shows corporate decision makers place “traveler experience” as the second most crucial consideration in 2024, after cost savings.

“More than ever, the well-being of business travelers should be the priority,” Hulgard said. “This is also where blended travel comes into play. Stay longer, do more, go down a gear. In short, think about what you want to achieve from your time and carbon output. If you stay longer, you can pack in more meetings and enjoy some purposeful leisure time, which is beneficial to your mental health and well-being. And why not add on a pleasure trip if it means one less flight?”

The advisory board concurs. One delegate commented on how cost- and time-effective blended travel is to an employer: “Work is paying for the trip anyway and the employee feels like they’re getting extra value. Morale is boosted at no extra cost — so it’s a win, win.”

Recognizing Social and Environmental Pressures

The client survey found that 54 percent of respondents put carbon emissions as their number one CSR priority, with “supplier sustainability performance for 2024 hotel sourcing and selection” ranked as highly important in their booking decisions.

“A growing number of companies are implementing company-wide carbon budgets,” Hulgard said. “Accor is an ideal partner because more than 70 percent of our hotels already have carbon measurement tools in place. In addition to the detailed carbon offsetting data travel managers are looking for, we can deliver reports on water consumption and other environmental and societal impacts.”

Earlier this year, Accor committed to supporting its 5,400 hotels in obtaining external sustainability certifications by partnering with Green Key and Green Globe. These third-party environmental certification bodies will help Accor reassure corporate travel managers who want all hotel brands in a group to follow the same standards.

“It’s all tied together,” Lamouche said. “With businesses trying to strike a balance between carbon and cost, productivity and purpose, it’s a time of great change and revaluation for the industry — change that we can lead. Today’s corporate decision makers are mindful of value, sustainability, and striking a balance between the time and well-being of employees. Purposeful hotel brands and travel managers can respond to this need and give business travel a new lease of life. Businesses can uplift revenue and reinvigorate teams, culture, and employee well-being through face-to-face meetings and purposeful travel.”

This content was created collaboratively by Accor and Skift’s branded content studio, SkiftX .

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Tags: accor , business travel , corporate travel , hospitality , SkiftX Showcase: Hospitality

Corporate Travel Invoicing: Definition, Requirements, & Creation

Home » Technology » Corporate Travel Invoicing: Definition, Requirements, & Creation

Business travel expenses are a significant investment made to grow a business across countries. Employees take innumerable trips to various leading cities globally to crack deals in favor of the organization. With increasing trips and huge money involved invoice management becomes a problem. Most of the businesses use digital invoices to clear the clutter and quicken the whole process. However, a considerable number of organizations are still using obsolete paper invoices for tax filing, analysis, reporting, and reimbursement processes. Let us understand the basics of corporate travel invoicing and how you can customize it for your organization.

What are invoices?

Invoices are well-structured records of the services offered by an organization to individuals or other organizations. It mentions accurate pricing and service names in an official document that can be referred to in case of conflicts and tax filings. As invoices are to be sent to global clients, it is important to be tactful while designing them. The invoices should include your company name, services, pricing, total, company registration, and other necessary details.

Why are invoices necessary?

Invoices are the final payment record apart from the bill receipt that defines the association with you and other companies. Travel companies and corporations should ensure to provide accurate invoices to clarify the services anyone is charged for. Transparent and professional invoices establish trust and respect among the clients for the organization. Additionally, these invoices help organizations segregate the expenses and ease their tax filing and reimbursement process.

Essential Requirements in Invoices

1. client information.

Invoices should include accurate information on the client such as name, address, contact information, and other required details. There should be typing errors and it is best to cross-check the information provided before sending invoices. Ensure that the invoices reach the correct recipient with blind copies if necessary for privacy.

2. Invoice number

All the invoices should be numbered uniquely to differentiate them from each other. This will help you organize and track transactions. It makes the process of referencing and locating the invoices during discussions, audits, or dispute resolution easier.

3. Company description

Apart from the details of the clients, the invoices should also include the business name, address, contact number, email, and other information in the invoice. These details will help you establish credibility about your business in the minds of the clients.

4. Service details

You should clearly outline the services rendered during the business trip. Include a detailed breakdown of each service, specifying the nature of the service, quantity, unit price, and total cost. This level of transparency ensures that clients understand what they are being billed for and minimizes the risk of misunderstandings.

5. Dates of the trip

Specify the duration of the services provided, including the start and end dates of the business trip. This information is essential for both parties to reconcile the services with the corresponding period, offering clarity and transparency.

6. Gross cost

Once listing down the services and mentioning the cost of individual services you should provide the total of each service. You can further break down the costs of the services if necessary or requested by the client.

7. Terms for payment

Organizations should define the terms for payment, including the due date and any applicable late fees or early payment discounts. Having clear payment terms reduces ambiguity and contributes to a smooth invoicing process. Additionally, specify the accepted payment methods and any relevant banking details.

Suggested Read:  Complete Guide To Business Trip Expense Management

How to create perfect invoices?

Select the appropriate software to customize and create your brand’s invoice. You should consider the factors such as user-friendliness, customization, and integration capabilities.

The next step to create invoices is to set up the account on the system. You should include your business name, business name, address, and contact details. One should also include tax identification numbers during this step.

Most of the invoice tools provide customization options. You can create personalized templates and reflect brand identity through your invoices. The tools are equipped with functionalities such as layout creation, color palettes, logo inclusion, etc.

Once you have created a custom template for the invoice, it is time to fill in the necessary details such as client information, invoice number, service details, dates, gross cost, and payment terms. Ensure accuracy and consistency in entries to avoid confusion.

Tax is a critical element that you should be aware of while designing the invoices. Stay informed about the tax regulations, and ensure that the invoice complies with every rule.

The final step in any invoicing process is sending it across to the clients. There are numerous software that help automate the process and send the invoices as soon as any service request is generated by the client.

Common issues with invoice generation

1. due payments.

You should track due dates and implement automated reminders for clients. Establish a clear communication channel for addressing any payment delays promptly and professionally.

2. Errors and conflict

Regularly audit your invoices to identify any errors in calculations, descriptions, or client details. Resolve conflicts by maintaining open communication channels and providing clarifications as needed. Consistent attention to detail minimizes the risk of disputes.

Suggested Read: How To Efficiently Use Travel Expense Reporting In Corporates

Invoices are crucial for establishing trust and act as an authentic document for paid partnership between you and your clients. It is essential to create professional invoices for enhancing the overall credibility and image of your organization.

Corporate Travel Invoicing FAQs

Why are invoices crucial for corporate travel.

Invoices establish trust, provide accurate payment records, aid in tax filing, and streamline reimbursement processes for corporate travel expenses.

What are essential invoice requirements for business trips?

Include client information, unique invoice numbers, company details, detailed service breakdown, trip dates, gross costs, and clear payment terms for transparent and efficient invoicing.

How to create perfect invoices for corporate travel?

Choose user-friendly software, set up business details, customize templates for brand identity, ensure accurate entries, stay informed about tax regulations, and automate sending invoices for efficient processes.

Pratyush is a traveling enthusiast who always looks for innovations in business travel management. He has 5 years of experience writing content on corporate travel management and working closely with expert business travel facilitators.

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corporate travel. 1. Travel arranged by a business for business purposes. 2. A division or department of a travel agency devoted to such travel. "Sue's in corporate travel."

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The NDC explained: what it really means for the corporate traveller?

The global buzz around the NDC (New Distribution Capability) is getting louder by the day, as corporate travel buyers increasingly agree that the NDC is ‘a positive thing’ for the travel industry. New research from Business Travel Show reveals that one in five buyers (18%) believe the NDC offers more transparency with pricing.

Although a lot of noise has been made around how this new set of rules by the International Air Transport Association (IATA) will ‘facilitate’ communication between travel agents and airlines, why should the corporate traveller care about this?

Here are your top NDC questions, answered.

What is the NDC?

NDC is a new standard of transmitting data, developed by IATA, that allows airlines to distribute their content (auxiliaries like booking your baggage, Wi-Fi and meals separately) in real-time. Many airlines see NDC as an enabler to deliver better content to everyone and therefore improve the travel experience.

How will NDC benefit my travellers?

1. Offers tailored to your preferences

With NDC, travellers can choose to save their information to their profile.

It’s not mandatory to save your details to your profile, however, by saving your information, you can have the benefit of easily customising your search results.

For example, Wi-Fi on the plane could be included in your company’s corporate agreement with the airline, while for the leisure traveller, Wi-Fi will cost an additional R150 on the same flight. The different pricing results will immediately be reflected on the NDC results, giving you a more accurate overview of what you can expect to pay.

Thanks to the NDC, airlines will also be able to access any personal information you are willing to share to construct an offer tailored specifically to you. Take for example Lufthansa could send you an offer for a Bavarian brewery tour if you have a long stopover in Munich.

2. A faster service from your travel agent

For the travel agent, the new communication standard means they can pay for a preferred seat, add additional baggage or re-order catering on your behalf through any Global Distribution System (GDS) they are using instead of having to book this on the airline’s website.

Right now, if you want to book pre-boarding or pre-pay for your luggage with FCM, the consultant has to leave the GDS. With NDC, we are able to shop for all these services in a single transaction in one place.

For your travellers this means we can offer you a lot more options in a more efficient way, whether you would like extra legroom, extra baggage fees, comfort class upgrades or special meals.

3. A visual representation of what to expect from your travels

Since NDC is based on a high-quality XML standard, both travellers and travel agents will have access to a rich content experience with pictures and videos. That means that you can see exactly how much extra space you are actually buying.  It also makes it easier for you to compare several items (and airlines) at once.

For travel agents, the visual representation means it becomes easier to communicate with you about product differentiation beyond price and schedule.

4. The ability to comparing apples with apples

It can sometimes be hard to understand exactly why your FCM consultant advises you to pay more for a flight that leaves at about the same time and follows the same itinerary.

Why would you fly Air France instead of British Airways for example if you’re headed to Brussels? One will take you via Paris, the other via London, but other than that: what’s the difference?

Thanks to the NDC, we can show you what the seats on your chosen airline look like, and help you compare what you can expect from the lounge and what mileage you earn on each airline.

5. An easier way to book low-cost carriers

The rise of low-cost carriers, which were traditionally outside the GDS, have seen travel bookers lose visibility and control of a growing proportion of their air spend. The NDC could help in this regard.

IATA explains that for low-cost carriers with no GDS presence, NDC will enable such a carrier – which today only sells direct to the customer – to sell via your FCM travel manager.

Why isn’t everyone jumping on the NDC bandwagon?

Firstly, NDC implementation isn’t cheap. The technology is expensive and it’s not a mandatory requirement for any airline or travel agency.

The NDC is not a uniform technology either and can look different from one organisation to the next. There are different versions of NDC as well as different levels.

What surcharges have airlines started charging?

A number of airlines have started charging fees for bookings made in the GDS, instead of through their own channel or through the NDC. Among these are Lufthansa, British Airways, Iberia Airlines, and Air France - KLM .

The Flight Centre Travel Group has signed multi-year distribution deals with most of these airlines to eliminate the booking surcharge. This means that FCM Travel Solutions’ clients will be exempt from the surcharge.

Further good news is that the three main global distribution systems: Amadeus, Travelport and Sabre, have all decided to get on-board with NDC capability.

When will NDC be rolled out?

Developing this new standard is a gradual process with rollout largely dependent on travel industry suppliers investing in and transitioning to NDC technology.

FCM Travel Solutions’ parent company, the Flight Centre Travel Group, will start running a series of NDC pilots in the second quarter of 2019 that will allow travel bookers to search, book and service NDC content across multiple channels.

NDC promises content tailored to the company’s travel programme and business needs. If fully implemented, it could free companies and their business travellers from a one-size-fits-all approach when it comes to choosing suppliers and indeed flights.

Want to know more about NDC (New Distribution Capability)?

Let's talk..

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Find the best credit card for you

5 best credit cards that offer pre-approval or pre-qualification in 2024, pre-approval doesn't guarantee approval, but it can help you avoid an unnecessary hard pull on your credit..

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

When you apply for a credit card, the issuer performs what is known as a hard pull or hard inquiry , which shows up on your credit report. Hard pulls temporarily lower your credit score, which isn't the end of the world, but it's better to avoid racking up unnecessary hard inquiries since they can remain on your credit report for up to two years. One way to do this is by going through a card issuer's pre-approval or pre-qualification process before applying.

Getting a pre-approved offer for a credit card doesn't guarantee you'll be approved, but it can give you a better idea of your approval odds with no hard inquiry. There is no impact to your credit score until you formally apply.

Not every card issuer offers pre-approvals. Below, CNBC Select details the top credit cards that generally offer pre-approval or pre-qualification and how they work. (See our methodology for more information on how we made this list.)

Best credit cards for pre-approval

• Best for no annual fee: Wells Fargo Active Cash® Card
• Best for balance transfers: Citi Double Cash® Card
• Best for travel rewards: American Express® Gold Card
• Best for cash-back:   Discover it® Cash Back
• Best for premium perks: Capital One Venture X Rewards Credit Card (see rates & fees )

Best for no annual fee

Wells fargo active cash® card.

Unlimited 2% cash rewards on purchases

Welcome bonus

Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months

0% intro APR for 15 months from account opening on purchases and qualifying balance transfers; balance transfers made within 120 days qualify for the intro rate

Regular APR

20.24%, 25.24%, or 29.99% Variable APR on purchases and balance transfers

Balance transfer fee

3% intro for 120 days from account opening then BT fee of up to 5%, min: $5

Foreign transaction fee

Credit needed.

Excellent/Good

See rates and fees , terms apply.

• Unlimited cash rewards
• $200 cash rewards welcome bonus
• No annual fee
• Introductory APR period for first 15 months
• Access to Visa Signature® Concierge
• Get up to $600 cell phone protection (subject to a $25 deductible)
• 3% fee charged on foreign transactions

Who's this for? The Wells Fargo Active Cash® Card (see rates and fees ) is a jack of all trades, with an easy-to-earn welcome bonus , generous intro-APR offer and a lucrative flat-rate rewards structure — all for no annual fee .

Standout benefits: This card earns unlimited 2% cash rewards on every purchase. This simple cash-reward rate takes the headaches out of maximizing the return you get on your credit card spending.

Wells Fargo pre-approval process: Fill out this Wells Fargo pre-qualification form with your name, address and the last four digits of your Social Security Number (SSN). If you have a Wells Fargo online account, you can log in to expedite the process.

[ Jump to more details ]

Best for balance transfers

Citi double cash® card.

Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24

Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

0% for the first 18 months on balance transfers; N/A for purchases

19.24% - 29.24% variable

For balance transfers completed within 4 months of account opening, an intro balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a balance transfer fee of 5% of each transfer ($5 minimum) applies

Fair/Good/Excellent

Read our Citi Double Cash® Card review.

• 2% cash back on all eligible purchases
• Simple cash-back program that doesn't require activation or spending caps
• One of the longest intro periods for balance transfers at 18 months
• 3% fee charged on purchases made outside the U.S.
• Estimated rewards earned after 1 year:  $443
• Estimated rewards earned after 5 years: $2,213

Who's this for? The Citi Double Cash® Card is ideal for those seeking a strong introductory APR offer for balance transfers and still want to earn valuable rewards.

Standout benefits: Eligible balance transfers qualify for an intro 0% APR for the first 18 months, then a variable 19.24% to 29.24% APR applies. There is an intro balance transfer fee of 3% of each transfer completed in the first four months ($5 minimum). The standard balance transfer fee of 5% of each transfer ($5 minimum) applies thereafter.

Citi pre-approval process: See what Citi credit card offers you're pre-qualified for with this form . Enter your name, email, address and the last four digits of your SSN.

Best for travel rewards

American express® gold card.

4X Membership Rewards® points at Restaurants (plus takeout and delivery in the U.S.) and at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), 3X points on flights booked directly with airlines or on amextravel.com, 1X points on all other purchases

Earn 60,000 Membership Rewards® points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership.

Not applicable

See Pay Over Time APR

Read our American Express® Gold Card review .

• Up to $120 dining credit annually ($10 a month) for purchases made with Grubhub, Goldbelly and other eligible restaurants (after a one-time enrollment)
• Up to $120 Uber Cash annually ($10 a month) for U.S. Uber Eats orders and U.S. Uber rides (card must be added to Uber app to receive the Uber Cash benefit)
• Strong rewards program with 4X points earned at restaurants and 3X points earned on flights booked directly with airlines or amextravel.com
• Baggage insurance plan covers up to $1,250 for carry-on baggage and up to $500 for checked baggage that is damaged, lost or stolen
• No fee charged on purchases made outside the U.S.
• No introductory APR period
• $250 annual fee
• Estimated rewards earned after 1 year: $1,074
• Estimated rewards earned after 5 years: $2,969

Rewards totals incorporate the points earned from the welcome bonus

Who's this for? The American Express® Gold Card is great for earning travel rewards thanks to its generous bonuses on common spending categories like dining and groceries.

Standout benefits: Cardholders get up to $120 in annual dining credit (up to $10 per month at Grubhub , Goldbelly, The Cheesecake Factory and other participating restaurants; enrollment is required) and up to $120 in Uber Cash ($10 per month) to put toward rides in the U.S. and dining via Uber Eats (you must add your Amex Gold Card as a payment method in the Uber app to enroll).

American Express pre-approval process: See what American Express card offers you may be eligible for by filling out this form with your name, address, last four digits of your SSN and your annual income. If you already have an Amex account, you may need to open the form in incognito mode or clear your browser's cache to access the page.

Best for cash-back

Discover it® cash back.

Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases-automatically.

Discover will match all the cash back earned for all new cardmembers at the end of your first year.

0% for 15 months on purchases

17.24% to 28.24% Variable

3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Good / Excellent

* See rates and fees , terms apply.

Read our Discover it® Cash Back review.

• Cash-back program
• Generous welcome bonus
• Cash-back categories must be activated each quarter
• Cash-back program limits earnings: Enroll every quarter to earn 5% cash back in various categories on up to $1,500 in quarterly purchases, then 1%

Who's this for? The Discover it® Cash Back is a relatively easy-to-get cash-back card with no annual fee and useful rotating bonus categories .

Standout benefits: This card has a unique welcome offer that can supercharge your cash-back earnings. Discover will match the cash back new cardholders earn in the first year. So, purchases that qualify for 5% cash back would effectively earn 10% back in your first year. Plus, the card has no foreign transaction fees.

Discover pre-approval process: Fill out this Discover credit card pre-approval form with your name, address, date of birth, housing payment, student status and gross income to see what offers you're eligible for. If you don't qualify for an unsecured card, you may want to consider a secured credit card such as the Discover it® Secured Card which doesn't require a credit score.

Best for premium perks

Capital one venture x rewards credit card.

Unlimited 2X miles on all eligible purchases, and 5 Miles per dollar on flights and 10 Miles per dollar on hotels and rental cars when booked via Capital One Travel portal

Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening

19.99% - 29.99% variable APR

$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you

Foreign transaction fees

Read our Capital One Venture X Rewards Credit Card review.

• Large welcome bonus
• No foreign transaction fees
• Up to $100 statement credits for either Global Entry or TSA PreCheck®
• Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
• High annual fee
• No introductory 0% APR period

Who's this for? The Capital One Venture X Rewards Credit Card is geared towards those seeking luxury benefits like airport lounge access, annual travel credits, various travel and shopping protections and more.

Standout benefits: Every year, Capital One Venture X Card members receive up to $300 in travel credits for bookings made through Capital One Travel and 10,000-anniversary bonus miles (worth $100 in travel). Those two benefits alone can offset the card's $395 annual fee (see rates and fees ).

Capital One pre-approval process: You can see what Capital One cards you're pre-approved for by filling out this form . You'll need to enter your name, address, email address, phone number, employment status, education, income, housing payment, date of birth, SSN and what type of bank accounts you have.

More on our top credit cards that offer pre-approval or pre-qualification

The  Wells Fargo Active Cash® Card  is a no annual fee card that can help you earn cash rewards, while enjoying various money-saving benefits.

• Unlimited 2% cash rewards on all purchases

Earn $200 in cash rewards after spending $500 in purchases in the first three months of account opening.

Notable perks

Cardholders can take advantage of cell phone insurance when they pay their monthly bill with the card. This insurance covers damage, theft and loss of a cell phone and has a $25 deductible. You can be reimbursed for up to two claims per 12 months and up to $600 per claim.

Cardholders can also save on interest with the card's intro-APR offer. Purchases and eligible balance transfers qualify for an intro 0% APR for 15 months. then a variable 20.24%, 25.24% or 29.99% applies. To qualify for the intro APR, balance transfers must be completed within 120 days of opening the account. There is an intro balance transfer fee , and for the first 120 days you'll pay 3% of the amount of each transfer ($5 minimum). After the intro period, the balance transfer fee increases to 5% of the amount of each transfer ($5 minimum).

[ Return to card summary ]

The Citi Double Cash® Card is a cash-back credit card , but it earns cash back in the form of Citi ThankYou points , which which can be redeemed in lots of ways, including the option to transfer them to travel partners.

• 5% total cash back on Citi travel bookings (through Dec. 31, 2024)
• 2% cash back on all purchases: 1% back when you buy and 1% back as you pay

Earn a $200 cash bonus after spending $1,500 on purchases in the first six months of account opening.

The ThankYou® points can be redeemed for cash back, gift cards and travel at a rate of one cent per point. Cardholders also have access to a small number of Citi's travel partners, including Wyndham, Choice and JetBlue. If you have a Citi card that enables full transfers, such as the Citi Premier® Card , you can combine the points you earn with your Double Cash and then transfer those points to all of Citi's partner hotel and airline loyalty programs.

There are also several special cardmember programs, including Citi Entertainment℠, which gives cardholders first access to purchase tickets for thousands of concerts and events. The card also provides access to Citi® Identity Theft Solutions, a service that will help you if you're a victim of identity theft.

The American Express® Gold Card is a travel rewards card with a long list of benefits that can easily make the annual fee worth paying (see rates and fees ). Plus, the Amex Membership Rewards points you earn with this card are some of the most valuable travel points out there since they can be transferred to a variety of airline or hotel partners.

• 4X points at restaurants (plus takeout and delivery in the U.S.)
• 4X points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X)
• 3X points on flights booked directly with airlines or on Amextravel.com
• 1X points on all other purchases

Earn 60,000 points after you spend $6,000 on eligible purchases within the first six months of card membership.

$250 (see rates and fees )

Cardholders receive up to $120 in dining credit per year ($10 per month) at participating partners and up to $120 in Uber Cash per year ($10 per month) after you add your Amex Gold Card as a payment method in the Uber app. The card also offers no foreign transaction fees (see rates and fees ), baggage insurance, rental car coverage (secondary), extended warranty, purchase protection and trip delay insurance .

Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.

Please visit americanexpress.com/benefitsguide for more details.

Underwritten by New Hampshire Insurance Company, an AIG Company.

The Discover it® Cash Back is a no-annual-fee cash-back rewards card that allows you to earn a generous 5% back on rotating spending categories.

• 5% cash back on the first $1,500 in purchases in rotating categories each quarter (when you activate), then 1% cash back. Check out Discover's 5% cash-back calendar .
• 1% cash back on all other purchases

Discover will match the cash back you earn at the end of the first year.

New card members receive an intro 0% APR for 15 months on purchases and eligible balance transfers, then a variable 17.24% to 28.24% applies. An intro balance transfer fee of 3% of the amount you transfer applies to eligible transfers. The standard transfer fee on future balance transfers is up to 5% of the amount of each transfer. (See rates and fees )

The card charges $0 in  foreign transaction fees , which can save you money when traveling abroad.

The Capital One Venture X Rewards Credit Card (see rates and fees ) is a premium credit card with a straightforward rewards structure, a long list of benefits and a lower annual fee than other high-end cards with similar features.

• 10X miles per dollar on hotels and rental cars booked through Capital One Travel portal
• 5X miles per dollar on flights booked through Capital One Travel
• 5X miles on Capital One Entertainment purchases (through Dec. 31, 2025)
• 2X miles on all other purchases

Earn 75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening.

In addition to the annual $300 Capital One Travel credit and 10,000 anniversary bonus miles, the Capital One Venture X Card comes with airport lounge access for the primary cardholder and authorized users. One great feature of this card is that you can add up to four authorized users for free and each cardholder gets access to Priority Pass lounges, Plaza Premium Lounges and Capital One Lounges .

Other benefits include:

• Hertz Presidents Circle status (enrollment required)
• Global Entry/TSA PreCheck® application fee credit (worth up to $100)
• Cell phone protection
• Visa Infinite Concierge
• Rental car collision damage waiver (primary)
• Trip cancellation and interruption coverage
• Trip delay reimbursement
• Lost luggage reimbursement
• Extended warranty protection
• Return protection
• Purchase security

What's the difference between a pre-approval and a pre-qualification?

The terms pre-approval and pre-qualification both refer to the card issuers' pre-screening process that can help you determine whether you'll qualify for a credit card without a hard pull on your credit reports. Prequalified offers are typically initiated by consumers who want to check their approval odds, while preapproved offers are generally unsolicited offers from card issuers.

Does pre-approval or pre-qualification result in a hard credit pull?

Most credit card pre-approvals do not result in a hard pull of your credit. Some issuers require a Social Security Number (SSN) or the last four digits of your SSN to process a pre-approval, but this is generally done to verify your identity and shouldn't result in a credit check unless otherwise stated.

Does pre-approval guarantee approval?

If you qualify for a pre-approved credit card or receive a pre-screened offer in the mail, that does not guarantee you'll be approved. Your credit score, income and history with the card issuers are all taken into account, but won't be fully reviewed unless you submit a traditional card application.

Bottom line

Getting a pre-approved, pre-qualified or pre-screened credit card offer doesn't guarantee you'll get approved for the card if you apply. However, seeing whether you're pre-approved for a card offer is easy and typically doesn't require a hard credit pull. So it doesn't hurt to explore what offers you may qualify for.

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Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card   article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card   products .  While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See  our methodology  for more information on how we choose the best business credit cards for LLCs.

Our methodology

To determine which business cards offer the best value and pre-approval, CNBC Select analyzed the most popular credit cards available to U.S. consumers that also had a publicly available pre-approval or pre-qualification process at the time of writing. We compared each card on a range of features, including the annual fee, employee card fee, rewards, welcome bonus, introductory and standard APR and foreign transaction fees. We also considered additional perks, the application process and how easy it is to redeem points.

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For rates and fees of the American Express® Gold Card, click  here .

For rates and fees of the   Discover it® Cash Back, click here .

For rates and fees of the Wells Fargo Active Cash® Card, click here .

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