How do we come up with a Trip Budget? We use a blend of real-time market rate availability and company policy to calculate travel costs. That means accurate, predictive budgets so your company and you can know how much to allocate for the upcoming trip.
To set up an expense report for your trip, first you must create your budget and send it to your manager for approval (if you are the manager, the budget is automatically approved). Once your budget is approved you can start adding your expenses to the trip and track your budget in real time.
- Your submitted and active Trip Budgets are always available through the menu under Budgets
- Once you have submitted a Trip Budget for reimbursement it will be available in Reports available through the menu
- Managers can find all active Trip Budgets and those awaiting approval under Manage in the menu
Besides managing business travel or local office expenses, TravelBank can also facilitate budget sharing and expense management for teams collaborating on a project together. Project budgets allow you to enter a predetermined budget that has been allocated for an event, project, monthly spend etc., invite colleagues to collaborate on the budget, and track your spending in realtime against the total. View the quick video below to get started, then scroll down for more details:
To create a project budget, follow the steps below.
1. Select Budgets from the menu and select New > Project Budget
2. Select the department for the Project Budget and team member(s) with whom you are collaborating
3. Complete the details for the Project Budget and select Submit
4. If necessary, on this screen is where you can tap any of your team members to make them the project owner. The project owner is responsible for submitting the project for reimbursement.
Once your team has been invited to collaborate on this budget, they can begin submitting expenses against the total so that you can stay within your budget stress free! Have a colleague working on a project with you that isn't signed up for TravelBank yet? Learn how to invite colleagues here.