How to Easily Track Your Company’s Travel Expenses

Posted by Holly Hou on 9/8/20 12:28 PM

Month-end or quarter-end is coming. Are you frustrated looking for receipts and bank statements? Bank reconciliation can be quite time-consuming, comparing each accounting record with what is showing on the bank statement. Chances are the amounts may not tie-out exactly. These tend to happen due to currency conversion, transaction date, and billing period.  We are sharing some tips below on how to save time and easily look into the charges.



How to distinguish between travel expenses:

Charges can easily be determined by looking at the descriptions tab of a bank statement. It usually states the merchant’s name along with the confirmation number for the charge.


Air travel - Charges for flight tickets, seats, or any additional amenities are often distinguished by a 13-digit ticket number next to the merchant name (e.g. UNITED 0162412345678).


Hotel - Unlike flight charges, hotel charges usually state the hotel name and city where the hotel is located (e.g. Bellagio Hotel - LAS VEGAS, NV).


Car Rental - The bank statement may include both the actual rental charge and security deposit(s). The car rental company and location shows up in the description (e.g. ALAMO RENT A CAR RIO S ALAJUELA CR) of a rental charge. Don’t worry, it’s clear enough to identify!


Tips on how to simplify your bank reconciliation:

Set up a clear travel policy. Having a clear travel policy can greatly help you have a better view of the actual expenses and trends. For example, you could require manager approval for hotel bookings greater than $200 per night.


NexTravel’s platform allows you to easily set up a travel policy within the system itself, whether the policy is per department or employee. It also gives you an option to assign approvers and specify expense limits per booking. Security concerned, you may also restrict employees to book any trips to a certain destination.


Use a specific company card. Using a designated company card will help you track which expenses are specifically for business travel. Alternatively, some companies provide their employees with their own company card under their name, which they can use for business expenses.


Track down any refunds. There can be slight to huge differences between the reports, which sometimes can be due to refunds. Refunds may not automatically be reflected on your reports, especially if the traveler did not notify your company about it. In case you came across a refund on the bank statement, check if there is a previously canceled reservation or possibly an early checkout.


Whether you’re a traveler, an accountant, or a traveler, getting to know these charges can help you in case you came across a more complicated billing issue. If you need any help looking for a charge you can’t seem to find in the “Reports” section, we are here to help!


Topics: Air Travel, Hotel

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