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Our People: Total Cost of Trip – What is actually measured in your program?

HomeNews hubIndustry insightsOur People: Total Cost of Trip – What is actually measured in your program?

Unveiling the true cost of travel

When most people consider the cost of a trip, they’ll do a quick calculation of airfares, ground transport and accommodation. But the reality is, often these expenses amount to only a portion of a trip’s total cost.

If you add up all the incidental costs along the way, even for a one-night domestic trip, the total cost of the trip can amount to double if not triple, what you had originally anticipated. Your employee spending on incidentals such as taxis, parking, hire car fuel, road tolls, meals or Wi-Fi at the hotel – can all add up very quickly. Additionally, it’s not only the hard costs incurred during travel that need to be considered, it’s also the time you or your people are spending on booking travel, as well as expense management and reconciliation of receipts and invoices.

Wonitta Atkins, Director of Account Management for Stage and Screen, said it’s critical for businesses to be analysing their incidental expenditure and considering the time their people were spending on booking travel, approval processes, claiming back expenses and reconciling receipts.

“Businesses need to be travelling smarter and they can do this easily with the help of a travel management company that knows where savings and efficiencies can be made,” Wonitta said. “When it comes to the booking process you can save your business time and money by using an online booking tool (OBT) that is fast and intuitive for your travellers and travel bookers.

“At Stage, we offer industry-exclusive rates and fares that can be loaded into your OBT to support your travel policy. Our SpecialFX hotel rates often include breakfast, Wi-Fi or other extras and our Travel Managers can pre-book your transport with the likes of Get Picked Up, which will take care of transport incidentals at both ends of your trip. A lounge membership is also essential for regular travellers, as this will help to minimise meal expenses.”

It’s important that travellers also understand what rates and fares are going to provide the most value for them in terms of inclusions.

Wonitta added that Stage and Screen also helped clients with the post-travel processes by ensuring expenses were allocated correctly and tracked to a client’s correct P&L (profit and loss statements).

“Working with your travel provider to automate as much of the expense and reconciliation process as possible is going to improve productivity for your travellers and your finance department,” Wonitta said.

And finally, a good travel management company will be working behind the scenes to analyse where your business can create further cost efficiencies.

“Our team use Stage Analytics powered by Tableau to see how your business is performing against policy, to analyse how much your company is spending on aspects such as incidentals or where your rates or fares could be more competitive,” Wonitta said.

As industry specialists, we know that at every stage of the travel journey there are ways to reduce costs and save on time. Talk to Stage today about how your business can proactively reduce the cost of every trip.

 

 

Incidentals add up!

Ground transport:

Taxis to and from airports, offices or client meetings
Parking at the airport or car hire parking
Fuel for a hire car or a GPS unit
Road tolls

Air travel:

Food & drinks at the airport or onboard aircraft
Onboard Wi-Fi access
Onboard entertainment
Extra baggage costs

Hotel accommodation:
Meals, Wi-Fi, mini-bar items.