MENUMENU
  • FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • LOGIN
  • SIGN UP FREE

CFO Daily News

MENUMENU
  • FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • Accounts Payable
  • Credit and Collections
  • Payroll
  • Accounting
  • Benefits
  • Finance Technology
  • More
    • Employment Law
    • Strategy
    • Policy and Culture
    • Fraud
    • Payments and Transactions
    • Budgeting and Forecasting
    • Banking
    • Staff Management
    • Cost Control
    • Supply Chain
    • IT

T&E in 2015: New forecast helps you set your budgets

Jennifer Azara
by Jennifer Azara
August 29, 2014
  • Accounting
  • Accounts Payable
2 minute read
  • SHARE ON

Just in time for budget time! New business travel forecasts have been released that can help you determine how much more you’ll pay when road warriors take to the skies and roads next year on the company dime.

Plus, it’ll help Accounts Payable know what it should be looking for on expense reports they process.

The 2015 Global Travel Price Outlook was just released by Carlson Wagonlit Travel and The Global Business Travel Association.

The upshot: Expect to open your wallet wider across the board. Business travel costs are predicted to increase in most major categories.

By just how much? Take a look at the specifics of the data, so as you set your company’s spending levels for 2015, you’ll know you’re working within reasonable expectations.

Plus, we’ve included a few based on biz travel pricing trends to help you offset some of these increases.

Airfares: Up 2.2%

Little surprise here, it will cost your company more when travelers fly the friendly skies in 2015.

Airfares are expected to rise by an average of 2.2% next year.

But you might not see it right away. Airfares are expected to rise gradually throughout the year. So let A/P know that air charges in the early months of 2015 might look very similar to the way they did this year.

Cash-conserving tip: Steer employees towards the lower-cost carriers. Insiders say they’re trying to hold rates steady next year. So your Spirits and jet Blues may be a better option (or at least worth checking out before folks book).

Hotels: Up 2.6%

Unfortunately, the category that eats up the most budget dollars will be the one with the greatest price increases in the coming year.

Due to stronger demand, you should factor in an average increase of 2.6% for lodging expenses in 2015.

This news makes now a great time to go over strategies with employees on how to keep hotel costs down. Think about having A/P distribute a list of helpful hints for the best hotel bargains. Hint: If they include a few tips to make their hotel stays easier, they’ll likely return the favor with greater compliance. (A great source for such tips: http://www.independenttraveler.com/travel-tips/hotel-and-b-and-b/33-ways-to-sleep-better-at-a-hotel)

And if you already have arrangements with preferred suppliers you might want to approach them ASAP on how you can keep a lid on increases for next year.

Ground transportation: Flat

The one bright spot is, of course, the place where companies tend to spend the least. You likely won’t see any change in rates for car rentals, taxis, etc. The reason: An abundance in supply.

So let A/P know the numbers should look very close to last year’s in this expense report column.

The only exception? If you have employees who travel to Latin America on the business. There’s a 2% increase forecast there due to a spike in demand.

 

 

Jennifer Azara
Jennifer Azara
Jennifer, a member of the CFO Daily News staff, has covered business and finance for more than 22 years. She has written for CFOs, credit and collections professionals and accounts payable practitioners and has spoken at industry conferences on sales and use tax compliance.

Keep Up To Date with the Latest Finance News

With CFO Daily News arriving in your inbox, you will never miss critical stories on accounting, benefits, payroll & employment law strategies.

Sign up for a free CFO Daily News membership and get our newsletter!
  • This field is for validation purposes and should be left unchanged.
CFO Daily News Logo
  • ABOUT CFO DAILY NEWS
  • ADVERTISE WITH US
  • WRITE FOR US
  • CONTACT
  • Accounting
  • Benefits
  • Payroll
  • Policy and Culture
  • Employment Law
  • Fraud
  • Finance Technology
  • Accounts Payable
  • Credit and Collections
  • Strategy
  • Payments and Transactions
  • Budgeting and Forecasting
  • Banking
  • Staff Management
  • Cost Control
  • Supply Chain
  • IT

CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

Privacy Policy Terms of Service
Copyright © 2021 SuccessFuel

WELCOME BACK!

Enter your username and password below to log in

Forget Your Username or Password?

Reset Password

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.

Log In

preloader