As your business grows and expands, managing business travel costs can get complex—and it can become a big line item within your overall expenses. Consider this: Canadian business travelers took a total of 35.1 million trips in 2016, up 5.7% from the previous year, and spent $29.4 billion on travel goods and services, according to a 2018 report by Global Business Travel Association (GBTA)*.

If your company is increasing the amount of business travel as it scales, it's in your best interest to explore tools and strategies to help you manage it all in an effective way. See how American Express® is helping middle market businesses manage costs and maximize business travel benefits.

Monitor and manage travelers' expenses

Think of how simplified your business travel would be if you could consolidate all travel expenditures into one account, one bill and one payment, even without issuing cards. That's what American Express offers its business customers who open a Business Travel Account (BTA).

Having a centralized approval and payment platform can help simplify travel expenses, and make sure your staff doesn't spend beyond their expense budget, that they use preferred suppliers, and that everyone can stay in compliance with your travel policy. What's more, it gives you access to detailed transaction data for easy expense visibility, analysis and control.

Simplify your bookkeeping

BTA enables easy allocation of travel charges within your financial systems when using one or a combination of online travel reconciliation tools including online statements that can easily be exported to PDF and Excel formats, and files designed to feed statement data directly into your financial or expense management system.

Protect your workforce when they're traveling

Your company's business travelers will be in safe hands when using an American Express Corporate Card. Some of the protections include:

•  Free access to American Express Global Assist, a 24/7 hotline to help with unexpected situations that may arise.
• Travel accident insurance¹ of up to $500,000 for Accidental Death and Dismemberment for travel on a common carrier when tickets are paid in full using your Card.
• Receive up to $500 in coverage (aggregate maximum with Flight Delay Insurance) for reasonable and necessary emergency purchases for essential clothing and sundry items purchased within four days of arrival at your destination when your checked-in baggage on your outbound trip is delayed for 6 or more hours when you fully charge your airline ticket to your Card².
• Receive up to $500 in coverage against the loss of most personal items (excluding cash) if your accommodation is burglarized when you fully charge your accommodations to your Card ².
• You can be covered for theft, loss and damage of your rental car with an MSRP of up to $85,000 for rentals of 48 days or less when you fully charge your rental to your Card. To take advantage of this protection, simply decline the Collision Damage Waiver (CDW), Loss Damage Waiver (LDW) or similar option offered by the car rental agency³.

For BTA users, your company's sensitive financial information will be safeguarded when you go cardless, since there are no cards to carry or keep track of.

Earn rewards for your travel spend

If you choose to use credit cards to book your business travel expenses, your company can earn Corporate Membership Rewards^®, which enables the business to consolidate the points earned across multiple enrolled Corporate Cards into one account. As you accumulate points, you'll save money by redeeming them for business expenses like future travel, statement credits or to reward your employees with corporate gifts.

Travel is an important part of any growing business as you meet new clients and partners all over the globe and expand into multiple locations. By leveraging American Express business travel tools, you can get more mileage out of your travel commitments, whether it's saving time on administrative and financial bookkeeping tasks or enjoying benefits from insurance to rewards.

⁽¹⁾ Underwritten by Chubb Life Insurance Company of Canada (“Chubb Life”). You may contact the insurer at 1-877-777-1544 in Canada or visit www.chubb.com/ca.

⁽²⁾ Underwritten by Royal & Sun Alliance Insurance Company of Canada. You may contact the insurer at 1-888-877-1710 in Canada and the U.S. or visit www.rsagroup.ca.

⁽³⁾ Underwritten by Royal & Sun Alliance Insurance Company of Canada. This coverage can only apply when you are authorized and permitted by law to operate the rental car.

All insurance coverage is subject to the terms and conditions of their respective master policies. Certain limitations, exclusions and restrictions apply. Please read your Certificates of Insurance carefully.

 

^* https://www.gbta.org/blog/business-travel-responsible-for-40-1-billion-in-canadian-gdp-creates-over-573000-jobs/

 

 

This article is intended for general informational purposes only and does not constitute legal advice or an opinion on any issue. It should not be regarded as comprehensive or a substitute for professional advice.