After all of the travel and the meetings, the last thing you may want to do when you return from a business trip is track your expenses. However, it is important to keep track of business travel expenses in order to account for how and where your money is spent.
“In today’s challenging economy, companies are striving to control costs,” says Stacie Pearson, associate vice-president at TD Canada Trust Credit Cards. “Your business credit card should provide tools to help track spending. Research what tools your credit card company offers and learn how to use them so that you can streamline your budgeting.”
Here are some tips to help track your expenses while you are travelling for business:
- Stay organized: Bring an envelope or folder with you so you can keep all of your receipts together and in one place, rather than trying to track them all down after the fact.
- Consolidate your business spending on one credit card: If you know all of your travel expenditures are on one card, it will be easy to track all of your costs.
- Review your statement: Your credit card statement should provide tools to help you review your spending. For instance, the TD Business Travel Card groups spending into categories such as travel, lodging, food and auto expenses.
“If business takes you on the road a lot, a report that breaks down your spending into categories can allow you to see where you may be able to cut back,” says Pearson. “I also recommend that business travellers use a credit card with a points program that rewards you for the money you spend on travel.”