The MacNair Travel Leadership Blog

Ancillary Fees and Beyond: Cut Costs with a TMC

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

Ancillary fees can have a significant impact on your travel budget. As airlines continue to charge for services that were once provided at no cost, the task of tracking various ancillary fees for air travel becomes a complex challenge for Chief Finance Officers (CFOs).

However, these costs can be controlled when CFOs thoroughly track and assess all data related to ancillary fees previously incurred by your travelers. This information will contribute to a travel policy that makes sense for your business, while providing clear guidelines and flexibility to your travelers.

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Topics: Travel Management, Ancillary Fees, CFO, TMc, Travel Management Company

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

5 Strategic Meetings Management Myths Debunked with Travel Management

Posted by Mike MacNair on Jun 14, 2016 12:00:00 PM

You might ask yourself what Strategic Meetings Management is. After all, every business requires meetings. Some of those meetings require travel in order to reach them. So, where’s the strategy? 

In this article, we’ll define what a strategic meetings management program (SMMP) is and how it affects your business objectives, cost savings, duty-of-care and other important elements of your travel program.

What is Strategic Meetings Management (SMM)?

The Global Business Travel AssociationBusiness Travel Association defines SMM as “the disciplined approach to managing enterprise-wide meeting and event related processes, activities, metrics, standards and supplier strategies to achieve business objectives, quantitative cost savings, risk mitigation, and optimal service levels.”

In other words, it covers everything that goes into preparing for a meeting and ensuring your employees are able to maximize their attendance. Whether a large, company-wide event or a small meeting with only a couple of key members of your team, a SMMP affects them.

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Topics: Travel Management, Strategic Meetings Management

4 Systemic Corporate Travel Trends You Can’t Ignore

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

The small and medium sized enterprise (SME) is finding that corporate travel is essential for the success of their business. Making the conscious choice to make travel a driver for growth is critical to remaining competitive and relevant in today’s global economy. As the person who manages the T&E budget within your company, it’s imperative that you take a proactive approach to managing your T&E line item – the second largest controllable expense within your business’ budget.

Fortunately, the travel industry and corporate travel trends are making the travel management process more cost effective, easier for finance and offers other staff the ability to provide unprecedented support for your road warriors. As you review the following travel industry trends that can positively impact your business (and your bottom line), understand and assess how they are applied within your travel program, and then incorporate them into your corporate travel policy where necessary.

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Topics: Travel Management, Travel Trends

Is Your Travel Management Company Taking Travelers’ Welfare Seriously?

Posted by Mike MacNair on May 24, 2016 12:00:00 PM

Businesses are connecting with customers all over the world. Whether you’re a large multi-national corporation, a small government contractor or a small-medium sized enterprise (SME), the success of your business often requires your employees to travel to both stable and unstable regions of the globe.

Managing your corporate travel program – balancing your travel and expense (T&E) budget with travel policy compliance and meeting the needs of your travelers – can be incredibly time-consuming. Adding in the potential uncertainty and responsibilities that come with traveler safety can contribute to an undue amount of stress. In fact, a recent study from BCD Travel states that travel managers rate “traveler safety and security” even more importantly that savings and cost control.

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Topics: Travel Management, TMc

Travel Management Software: The Key to Travel Program Optimization

Posted by Mike MacNair on Apr 26, 2016 12:00:00 PM

Travel Management Software: The Key to Travel Program OptimizationAccording to market research firm Ruigrok | NetPanel, the estimated cost of unclaimed expenses every year by U.S. employees could be as much as $9.7 billion. Much of that is due to missed reimbursement deadlines and lost receipts. To be exact, the researchers found that in the U.S., American workers average a loss of $390/year apiece due to business travel for their employer.

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Topics: Travel Management, technology, TMc

Your Bottom Line is Deteriorating With Employee Booking

Posted by Mike MacNair on Apr 21, 2016 12:00:00 PM

With how busy employees can get, the last thing they want to worry about is how to travel in the cheapest way possible. In most cases, in their minds, they’ll simply expense it. This mindset can result in last minute bookings, unused airline tickets and choosing more expensive hotels. All of which can add up to tens of thousands of dollars in unnecessary T&E expenses over the course of the year.

This doesn’t even take into account the lost productivity that occurs when your employees book their own travel, which some reports say can be two or more hours spent comparing fares and schedules.

It’s no wonder that T&E is the second largest budget line item for most companies and that organizations want to take a closer look at the expenditures. There’s usually a lot of waste that can be cut once you fully assess the situation.

For example, in today’s connected world, on the surface, it might seem efficient to let your employees book their own trips and then submit the receipts. However, it may be costing you far more than you think. Last minute bookings, flight changes, ancillary costs that fluctuate depending on airline, lost productivity, and lack of leverage with preferred suppliers, all can add up to hundreds of extra dollars spent per employee, per trip.

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Topics: Travel Management

Travel Management vs. Travel Agency: The Value is Clear

Posted by Mike MacNair on Apr 7, 2016 12:00:00 PM

According to Skift, U.S. and foreign carriers flew more than 895 million passengers through U.S. airports in 2015 – a new record. Millions of people, both business and personal travelers, used online services to manage the sometimes-complicated travel booking and reservation system, many of them enlisting the services of a travel agency.

Business travelers benefit from organizations that utilize the services of a travel agency or travel management company (TMC) to effectively organize their travel services. Yet, travel agencies do not provide the high level and high value of service that a travel management company can provide to a business; and in fact, there continues to be a disconnect between the added value a TMC brings to your businesses’ corporate travel management program versus that of a travel agency.

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Topics: Travel Management

How Travel Managers Eliminate Fraud With Virtual Payment Cards

Posted by Mike MacNair on Mar 31, 2016 12:00:00 PM

Virtual payment cards (VPC’s) are revolutionizing corporate travel. It’s no longer necessary to risk the company credit card falling into the wrong hands, nor do employees have to put business travel expenses on their own cards and wait weeks for reimbursement.

Instead, Travel Managers can issue travelers virtual credit cards for individual payments. These one-time use numbers and convenient pre-pay options offer increased security when making online payments for travel expenses like hotels, airlines and car rentals. Imagine your top road warriors, it’s not unlikely that their names and the preferred credit card along with the credit card number, CSV code and billing address has been shared hundreds or thousands of times via the Internet.

Credit card fraud is on the rise. In fact, in 2015, more than one billion credit card accounts were compromised. Maybe yours was among them. And even though you’re not liable for the charges, rectifying the fraud can cause considerable lost productivity.

That’s where virtual payment cards can help. Also known as vCards or eCards; these cards mask the true identity of the card so it can’t be traced to a specific person. That means, less risk.

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Topics: Travel Management