The MacNair Travel Leadership Blog

Is Travel and Expense Occupational Fraud Killing Your Bottom Line?

Posted by Mike MacNair on Sep 27, 2016 12:00:00 PM

The Association of Certified Fraud Examiners (ACFE) defines occupational fraud as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.” In ACFE’s 2016 Global Fraud Study, Report to the Nations on Occupational Fraud and Abuse, they estimated that worldwide, organizations lose up to 5 percent or $3.7 trillion of their annual revenue due to occupational fraud.

According to the same report, expense reimbursement fraud ranked as the fifth highest category for corporate occupational fraud (see Figure 8 below). A lack of corporate travel policy can leave the door wide open for dishonest travelers to commit expense reimbursement fraud unless proper controls are put in place.

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Topics: Corporate Travel, Travel Management, TMc, Travel Fraud

5 Key Data Points for CFOs to Better Analyze Corporate Travel Expenses

Posted by Mike MacNair on Jul 12, 2016 12:00:00 PM

What would it look like if you had better visibility into your corporate travel expenses? What if you had the right technology that integrated booking, authorizations, and payments; and then that technology streamlined your processes? What if your business travelers were happy to follow the corporate travel policy?

Learn how to create an effective travel policy here.

For many companies with unmanaged travel programs, that scenario is far from reality. Rather, your organization may experience rogue travelers and multiple inaccurate or incomplete expense reports that require you to piece together the larger financial picture.

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Topics: Corporate Travel, Travel Management, CFO, TMc, Travel Management Company, Travel Expenses

4 Ways to Make Data-Backed Corporate Travel Decisions

Posted by Mike MacNair on Jun 29, 2016 12:00:00 PM

Travel is essential to the success of your SME even in today’s hyper-connected workplace. Not all meetings can be managed via video conference or work conducted over email exchanges. Quick growth and globalized expansion are hallmarks of enterprise development and travel is essential to developing and maintaining important relationships, providing customer support and securing new business. Travel can also be one of the most expensive line items in your operating budget. 

Striking a balance between a robust corporate travel program and a tightly controlled budget is possible but typically requires the implementation of customizable online corporate booking toolsand the guidance of a professional travel management company (TMC) to help navigate through the complexities of your program. Companies that realize the greatest savings utilize TMCs and typically see a 10-20% cost savings on their entire annual T&E program budget. In addition, these companies witness measurable impacts on program oversight, control, support and overall employee productivity.

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Topics: Corporate Travel, TMc

Is Your Corporate Travel Payment Strategy Hurting Your Bottom Line?

Posted by Mike MacNair on Jun 2, 2016 12:00:00 PM

Developing and executing a travel program that supports your business travelers as well as supports your business objectives can be a bit like walking a tightrope.

You’re balancing convenience for your travelers, with risk reduction and cost savings among other concerns.  

In order to have a highly functioning corporate travel payment strategy there are a few key elements you’ll want to have in place. From strong relationships with your preferred suppliers, to improved reporting procedures, there are multiple facets where your travel payment strategy impacts your bottom line.

Here are two important elements of your travel program that bear reviewing as they can have a significant impact on your bottom line. 

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Topics: Corporate Travel

Uber vs. Lyft: Which is Best for Your Corporate Travel Program?

Posted by Mike MacNair on Mar 22, 2016 12:00:00 PM

The era of the sharing economy is upon us, presenting a myriad of choices for everyone, but especially travelers. Web sites like Airbnb have dramatically changed how consumers look for places to stay while travelling; ridesharing services like Uber and Lyft have transformed the speed by which people get from one place to the next.

Businesses are also being impacted by these services, specifically Uber and Lyft. At first virtually ignored by businesses versus the traditional car services including taxi and rental car companies, ridesharing services are staking their claim with corporate business travelers, expanding their consumer-driven services through the launch of Uber for Business and Lyft for Work for business travelers.

Download this workbook to learn how to create an effective travel policy that  supports the needs of your SME and the demands of your travelers in the sharing  economy. 

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Topics: Corporate Travel, Travel Management, business travel, travel policy, Travel Trends, sharing economy, ridesharing

How to Increase Traveler ROI with Each Trip

Posted by Mike MacNair on Feb 18, 2016 12:00:00 PM

How to Increase Traveler ROI with Each TripCorporate travel is one of the largest expenses that a business can incur, but it is also one of the most controllable. According to the Global Business Travel Association, (GBTA) spending on business travel is likely to increase by 3.7 percent in 2016, meaning an even larger impact on the business bottom line.

In addition to is being a significant expense; corporate travel management is a key component to SME business plans. Scheduling face-to-face meetings with clients or attending a new product launch on-site can create new business, increase profits and successfully contribute to overall business goals.

As the Travel Manager in your organization, how can you increase the return on investment (ROI) for corporate travel?

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Topics: Corporate Travel, Travel Manager, Travel Management, business travel

3 Key Strategies to Reduce Group Business Travel Expenses for Events

Posted by Mike MacNair on Feb 11, 2016 12:00:00 PM

The economy continues to improve and because of this, businesses are willing to plan large group meetings or special events to connect with their customers and facilitate collaboration and innovation. The requests for meeting space and group travel is increasing. In 2014, spending on group business travel ($126.5 billion) exceeded spending on individual business travel for the first time since 2008. The BTN Outlook predicts that group trip volume will grow 3.3 percent in 2016, and spending on group business travel is expected to grow 2.7 percent.

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Topics: Corporate Travel, Finance Executive, corporate events, business travel

4 Tips for Finance Directors to Improve Margins

Posted by Mike MacNair on Feb 9, 2016 12:00:00 PM

Finance Directors are responsible for a myriad of tasks within an organization; from managing accounting functions, providing insight into IT decisions, hiring, firing and strategic planning. With all of these tasks, where should they start? According to results from the 2016 Finance Priorities Survey from the Financial Executives Research Foundation and Protiviti, of the more than 600 finance executives surveyed, 82% indicate that the top priority that will have significant impact within their business is managing margin and earnings performance.

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Topics: Corporate Travel, Finance Executive, CFO

Save Your Company’s Travel Budget: Combat Rising Ancillary Fees

Posted by Mike MacNair on Feb 2, 2016 12:00:00 PM

There are many ways to keep your company’s travel budget under control, including planning ahead for travel, using an unbiased search tool, and strict adherence to your company’s travel policy. In the current global marketplace, small and medium sized enterprises (SMEs) find travel necessary, and are working to keep corporate travel as cost effective as possible. Keeping the budget under control is critical.

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Topics: Corporate Travel, Ancillary Fees

Corporate Travel Mistakes: The Silent Bottom Line Killer

Posted by Mike MacNair on Jan 19, 2016 12:00:00 PM

It’s the start of a new year, and inevitably, everyone wants to start the year off right with a new exercise regimen or a renewed commitment of healthy eating. What about a resolution to avoid mistakes that can negatively affect your corporate travel program?

Often, the corporate travel mistakes that are made by businesses are the result of an unmanaged or undermanaged travel program…and these mistakes negatively impact a business’ bottom line. Because specific items aren’t often talked about and quantified, the organization isn’t analyzing them. As a result, the impact is unclear, and the actions required to address any opportunities aren’t normally taken.

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Topics: Corporate Travel