With the impact of inflation, the COVID-19 pandemic, and other global events, it seems like prices are going up on everything. From food to toiletries and other necessities, many are finding it harder to pay for essentials, as countries like the
Canada, and the
UKexperience a cost-of-living crisis.
If you’re struggling to pay bills or just trying to save money, and your boss has asked you to spend your own money on business travel costs, you might be understandably annoyed. Even if you’ll receive a reimbursement later on, having to put down the money up front could cause you financial problems.You may find yourself wondering if this is legal. Can companies really ask their employees to
pay for business travel out of pocket?Read on to learn more about this issue, and how you can avoid financial strain because your company asked you to pay for business travel.
- Financial strain: You’ll suffer a temporary loss in your personal finances, and then have to wait until your company pays you back. This can put a dent in your financial planning for the month, especially when you don’t know exactly when the payment is going to come in. If you’re struggling with the cost of living at the moment, this can be especially challenging, if you don’t have enough money to pay for these expenditures on top of your personal expenses.
- Interest: If you pay for travel on your own credit card rather than a corporate card, you might rack up interest as you wait for your reimbursement. It could be complicated to get this back from your employer. This could also impact your credit score.
- Inconvenience: Searching for and booking travel options, keeping track of expenses, organizing your invoices, and submitting expense reports manually is very time-consuming. And if you’re doing everything yourself, there’s a greater chance of making a mistake—potentially causing an even more delayed payment.
- Harder to stay within policy: Having to book everything yourself makes it harder for you to stay within policy. You may not be familiar with every detail of your company’s travel policy, so you could end up accidentally exceeding your travel budget.
- Dissatisfaction: The ultimate consequence of all this stress is that you will probably feel less satisfied, since business travel will feel like a burden instead of a privilege. This may have consequences for your employer, in the form of reduced employee retention—you may start looking for a new job.
You can also easily book policy-compliant travel using the software, without having to memorize every detail of your company’s policy. You’ll have access to an extensive, industry-leading travel inventory to choose from when booking.
TravelPerk offers flexible payment options, including credit,
via consolidated invoicing. Your employer will be able to easily understand and categorize invoices in one centralized place, keep track of VAT and tax data, and create custom expense reports.They’ll also be able to configure
built-in travel policies and approvals, so they can gain control, while leaving you the freedom to book on your own. In addition, they’ll benefit from
advanced travel and expense dashboards,
VAT recovery solutions,
carbon offsetting, and more.
Is your company already using expense management software, but doesn’t have all the functionality they need? Good news: TravelPerk integrates with many
popular expense management platforms, so they can stick with their existing partners while enjoying seamless expense management processes.Want to learn more about TravelPerk? Talk to your manager or human resources department today, so they can get your company signed up for a