US companies are still investing in business travel – and they’re paying more for it, according to the Q2 Replicon Productivity Index. That data, based on US Bureau of Transportation statistics and information from nearly 10,000 Replicon, shows businesses are spending about $440 per flight, nearly 25 percent more than average domestic airfare of $357. Airfare makes up for nearly half (40 percent) of a company’s overall travel costs.
The Replicon Productivity Index found companies are already spending an average of $323 on hotel fees, accounting for nearly a quarter of their overall travel expenses. Taxi and transportation makes up another 20 percent of travel costs – an expense that will likely increase as gas prices continue to fluctuate.
Replicon is a provider of web-based timesheet and expense management software. Its detailed tracking and reporting helps managers:
- track expenses using an intuitive interface. Users enter expenses in multiple currencies, track exchange rates and tax codes, and can upload digital receipts for immediate processing.
- configure expense types. Define custom tax codes to automatically calculate the appropriate taxes for each type of expense. Manage multiple currencies and exchange rates for accurate tracking and reimbursement.
- manage project-related expenses. Tailor the allowed expenses for each project to ensure accuracy. Track actual expenses incurred against the set estimate to make sure projects stay on budget.
- gather multi-level approvals. Set up approval paths that include people at various levels within the organization (up to five levels) and set specific sequences.
- create comprehensive reporting. Get real-time visibility into reimbursable and non-reimbursable expenses. Configure reports on-the-fly with a dynamic report writing tool. Save and share reports in PDF or Excel format.
- set security and permissions. Ensure that only the appropriate people have access to data. Assign permissions to individual users or groups based on department, user group, or employee type.