Kevin Harrison, CEO, Good Travel Management stated that: “A recent report has revealed the forecasted business travel expenses are set to continue to rise next year, though not as sharply as the sudden surge in demand and cost witnessed in 2022.

“Average ticket prices for flights, accommodation prices, daily car rental costs and even the average daily cost per attendee for meetings and events are all expected to rise into 2024. With heightened costs, businesses will need to set up projections to set realistic travel budgets.

“While there will inevitably be a cost increase, there are several ways businesses can strategically reduce their travel expenses. “Seasonal peaks, particularly during the summer months and winter holidays, can inflate travel expenses by 50 percent depending on your destination. Flights, accommodation, and transportation also cost more during high-travel months or school holiday weeks. Where possible, optimal scheduling during late winter, early spring or late autumn can prevent high costs.

“Negotiating rates and making use of reward schemes is also key. You can negotiate corporate rates with both chains and more boutique options, especially if your company frequently stays at these places. A travel management company can take the lead on this if you use one.

“If you use a travel booking platform with an integrated expense policy, be sure to leverage its broad content coverage for complex itineraries.

“Savings can also be made in decreasing a business’s taxable profits, which, in turn, could lower the tax bill for the year. Eligible expenses for business tax reductions usually include transport or fuel costs, hotel accommodation and food and drink. Plus, other extras associated with travel like bridge and road tolls and parking fees.

“Because of this, it’s important to communicate with staff the importance of maintaining precise records and following company expense policies. However, two-thirds of employees admit they haven’t even read their company’s travel and expense policy.

“Although business travellers may think they’re helping cut costs by sourcing a great flight or hotel deal on their own, they might still get in trouble for being out of policy if their companies require them to book through an official booking tool or with a designated airline or hotel.

“To avoid this, company policies regarding business travel should be clearly communicated and widely accessible in company-wide HR documentation, as well as saved in an obvious place on the company server or intranet.”