4 Key Ways A Corporate Travel Solution Streamlines Travel Policy Compliance

Managing corporate travel can be a challenge, especially when it comes to enforcing travel policy compliance. From on-platform bookings to in-policy expenses, making sure employees follow the company’s guidelines can be an ongoing struggle. 

Enter the corporate travel solution — a tool designed to simplify these challenges and help transform a company’s T&E program.

For travel and finance managers as well as accountants, a corporate travel solution isn’t just a perk — it’s a necessity. By offering automation, transparency, and control, these platforms help keep teams compliant while saving time and resources. 

Here are four key benefits — and why integrating a corporate travel solution with an expense management solution can help achieve optimal results.

What is a Corporate Travel Solution?

A corporate travel solution is a digital platform that centralizes and automates travel bookings, expenses, and policy enforcement. Think of it as your company’s personal travel assistant — always on duty to provide smooth travel experiences and help improve compliance with company policies.

These solutions take the legwork and the guesswork out of business travel by helping employees access approved travel options while giving finance teams visibility into every penny spent.

The Importance of Policy Compliance in Business Travel

Non-compliance with travel policies isn’t just a minor hiccup — it can have significant consequences for businesses. Non-compliant business travel bookings can increase travel costs significantly and lead to overruns in the company’s travel budget. Inconsistent adherence can also result in disjointed reporting and potential audit risks.

Enforcing compliance manually can be labor-intensive and prone to errors. This is where a corporate travel solution steps in, automating compliance checks and helping to make policy adherence a seamless process for everyone involved.

How a Corporate Travel Solution Streamlines Compliance

A corporate travel and expense solution like Navan offers numerous benefits, including a streamlined self-serve booking experience, access to discounted travel rates, and 24/7 support. However, one of its most underrated advantages is its ability to simplify compliance with travel policies — a feature that should undoubtedly rank high on any company’s priority list. Below are a few compelling examples that highlight the far-reaching benefits of this capability.

1. Automated Policy Enforcement

A standout feature of some corporate travel solutions is real-time policy enforcement. Clearly displaying which booking options are in and out of policy reduces the risk of non-compliant choices. For example, when booking a flight, employees can see which options fall within the company’s policy guidelines, helping to reduce awkward, after-the-fact conversations between travelers and finance teams. 

Navan Travel, you can do much more than set custom policy control and enjoy dynamic policies. With this unique tool, the policies are dynamically adjusted based on factors such as market conditions, employee role, or travel destination, allowing for a more proactive approach with room for flexibility.

2. Integrated Expense Management

Integrating corporate travel and expense management platforms into a single solution can take compliance to a whole new level. Expense management seamlessly aligns with company policies, thanks to features like digital receipt uploads, automated spend categorization, and the creation of customized approval workflows.

For finance managers, this means on-demand access to real-time spend data — and no more sifting through piles of paperwork. Every expense, from flights to meals, is tracked and matched against the approved travel itinerary, reducing the risk of errors or fraudulent claims.

3. Customizable Travel Policies

Since every company has unique needs, modern travel management solutions let you tailor policies to suit your organization, from setting spend limits to defining preferred suppliers.

Here are three examples of customized travel policies:

• Flight bookings: Limit booking to economy class for employees’ trips and business class for executives or long flights.
• Hotel stays: Restrict bookings to properties within a specific price range.
• Per diems: Specify daily limits based on the destination.

Customization means that policies can reflect a company’s culture and control costs.

4. Real-Time Alerts and Insights

A corporate travel solution doesn’t just enforce policies — it can also provide real-time alerts when issues arise. For instance, if an employee tries to book a flight outside of policy or submits a non-compliant expense, the system will immediately flag the transaction.

Finance managers can also leverage real-time insights to spot trends, such as frequently overlooked policies or departments that could use additional compliance training.

Benefits for Finance and Accounting Teams and Employees

Here’s how both finance and accounting teams, as well as traveling employees, benefit from a corporate travel solution.

For Finance and Accounting Teams:

• Simplified audits: Automated tracking provides complete records for review, making audits a breeze.
• Reduced fraud risk: Built-in checks help prevent unauthorized spending or falsified claims.
• Improved budgeting: Access to detailed reports helps in planning and forecasting.

For Employees:

• Time savings: Booking compliant travel options is quick and straightforward.
• Transparency: Clear policies and automated tools remove confusion about what’s allowed.
• Convenience: Business travel can be booked independently without contacting an agent or travel manager.

Why Integrate With an Expense Management Solution?

An expense management solution is the perfect companion to a corporate travel solution. Automating manual tasks and consolidating data in one platform can reduce busywork and improve efficiency.

Here’s why to integrate:

• Employees can book travel and submit expenses all in one place.
• With complete, real-time visibility into spend, finance managers can head off issues before they become problems.
• The combination enables companies to scale more efficiently.

From Hassle to Harmony With a Corporate Travel Solution

A corporate travel solution can help enforce policy compliance, save time, reduce costs, and boost employee satisfaction. When integrated with an expense management solution, it becomes a game-changer for businesses of all sizes.

If you’re tired of chasing receipts or untangling non-compliant bookings, it’s time to consider a modern solution. The right platform won’t just simplify travel management — it will give your company the tools to thrive in a competitive landscape.

Discover how Navan’s corporate travel solution can transform your travel management experience. Schedule a demo today.