Search
 

Are you sure there aren't a few dozen pay-per-view movies and lots of room service in that hotel bill?

Containing travel and expenses (T&E) costs is a top priority for most finance departments.

By Staff Writer | Updated on September 25, 2007

Containing travel and expenses (T&E) costs is a top priority for most finance departments. That’s not surprising considering that U.S. businesses spent $171 billion on air, car, hotel and meals for domestic travel in 2006, according to PhoCusWright Inc., a travel research firm based in Sherman, Conn. Now, American Express Co. says its new Room Rate Analysis Report promises savings through increasing transparency by breaking out specific charges for individual products and services from the overall hotel bill. As a result, finance teams know exactly how much money is being spent in each of various categories, such as the daily room rate; room tax; food and beverages (and whether they come from restaurant or room service); parking, and such business services as faxes, Internet connectivity and photocopies. The precise data can be used to ensure, for example, that daily room rates match previously negotiated prices and fall within allowable employee expenses. The parsed information can also be used to negotiate new corporate rates, based on proven buying power or implement new policies to cut down on expensive and unnecessary costs. Corporations can also use the information to assess average, minimum, maximum and “most popular” ratings on hotels and cities.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.