As the business or company grows, so does the travel need and travel costs. In order to keep a track of these expenses, you need to set a clear travel policy for your employees. Also, in order to save time, you can provide your employees with a travel budget template, and put your resources to better use. Because each business is different, this also means that business trip templates also come in several variations. For your business, you need something very specific. So, it’s useful to learn the best practices of creating a business trip budget. Also, look at the examples we’ve brought together for you. These templates can be helpful to you.
5 Steps to Write a Business Trip Budget
Step 1: Set Travel Policies
Set your company’s travel policies in clear terms as to – how to request trips, the information to be provided, the format of the expense report, authorized person to approve requests, etc. Also, set a limit on the amount of every expense during the travel. These policies need to be the same for every employee in the company.
Step 2: Make a List of Possible Trips During the Year
Estimate the number of times and the destinations of travel which will possibly take place during the year. It depends solely on the size of your business. Ask your department heads and the months in which the trips will take place. Last year’s traveling expenses can be helpful in determining the amount to be allocated for business travel. It also makes sense to designate a unique numbering system for the template numbering, for proper record keeping.
Step 3: Transportation Expenses
After you have estimated the business trips, estimate the amount which will be spent on it. It will include airfare, local transportation, travel agent expenses, if any, etc. The trips made must add some value to the business. The conferences, seminars, if increase your employees’ knowledge or skills must be approved.
Step 4: Other Expenses
Apart from transportation, there are so many other expenses which will be required to take into account. These are lodging cost, meals cost, registration fee (for any conference or seminar, if any), and any other expenses. After listing all the expenses, make your budget and see if there is any variance from the budgeted amount. Depending on the volume and frequency of peripheral expenses, you may decide the amount of space you wish to allocate to this section.
Step 5: Monitor, Compare, and Review
Monitor the travel expenses and see the areas where change is required. Compare the expenses with those of last year’s and check the areas where spending is more or less. Review your overall budget from time to time. Make sure that your budget does not compromise with the comfort of your employees. It must be facilitated to them then only it will be beneficial for your business. Use these budget sample templates to write a business trip budget and save your time and efforts.
5+ Business Trip Budget Templates
Business Trip Budget Template
Road Trip Budget Template
Simple Travel Budget Template
This budget template is an editable format that you can use or provide it to your employees to make a business trip budget in order to see whether the trip was made under the budget or any other expenses incurred, which will be reimbursed. It covers all the expenses concerning a business trip and their variance from the travel budget. The long itemized display of the template is bound to impress.
Annual Travel Budget Template
In case your business/ profession requires a lot of travel, this budget template in Google Doc can be useful. The whole budget is divided into months. It also maintains your quarterly travel trip data. It is different from the conventional form of budgets in its format. This template provides you a monthly, quarterly and annual business trip budget all in one sheet. The horizontal layout of the budget makes it suitable for trips where there is a small number of recurring expenses spread over multiple days.
Corporate Travel Budget Template
This is another corporate travel budget template that covers almost all of your trip expenses. There is a chart summary in the last so that you can figure out which expense requires the most part of your budget. The budget is simple and professional looking. The template will fulfill the need of every organization irrespective of its business travel policy. The color coding makes this budget easy to understand, so go for it.
Business Trip Expense Report Template
This sample travel budget template will help you keep track of the travel expenses of your employee. It is a 15-page document that includes both a budget and a report. Read the license before buying the template. You can download it anytime. It supports all file formats. It is a fully editable and customizable template.
Free Business Travel Budget Template
This is a simple business travel budget worksheet template which allows you to monitor your expenses during the travel. The format is divided into heads of expenses. You can record your expenses at your own ease. This is free to download instantly. The color used is good, but you can easily change it make it look more professional.
Simple Business Trip Budget template
This travel budget template is not a format but just a document that displays all the expenses spent on travel by an employee. After the basic details of the employee, the destination, reason, and details of travel are there. Then, detail all the expenses based on the current price. If you do not want to use any format, then you can make a travel budget in this format.