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24/08/2011 -
According to a recent study by Travelclick, the number of business travelers who have committed to rent hotel rooms this summer is 8 percent higher than in 2010. The findings indicate an increasingly mobile workforce that is relying on novel payment methods to sustain travel volumes.Consequently, debit, credit cards and, more recently, mobile payment technologies are growing in popularity among traveling businesspeople. But as these services allow professionals to make quick payments, the volume of transaction data imposed on corporate managers increases, underscoring the need for finance officials to keep track or monitor such activity.
A recent report by BMO Spend & Payment Solutions suggests travel managers mandate the use of corporate cards with commonly used providers.
"When the flow of travel spend data is robust and consistent, it becomes more meaningful and easier to track," BMO points out. "Requiring all employees to use a corporate card for travel expenses instantly makes spend more transparent."
The report adds that corporate cards often incite vendors to provide stronger data than usual on such expenses, offering more insight for managers.
