When the Global Business Travel Association holds its annual convention, more than 7,000 travel managers come to learn about the most pressing issues facing global travel and mobility professionals. This year, for the first time, Monaeo will be exhibiting at GBTA about how companies can use data to manage cross-border tax and payroll risks.
Why have we decided to attend GBTA this year? It’s simple. We’ve seen a shift over the past five years: travel and mobility managers are now the front line of cross-border compliance.
In 2015 global business travel spend topped $1.2 trillion. This growth will continue, with spend forecast to surpass $1.6 trillion by 2020. Companies show no sign of reining in their workforce mobility. However, this increase in travel puts new pressures on tax and compliance teams, as they struggle to manage cross-border issues.
Companies know that they need to improve their mobile workforce management. In a recent Ernst & Young survey, 75% of companies stated that they needed greater insights into their global compliance risk. In fact, companies named increasing compliance risks and regulatory requirements as the top challenge they face in managing their mobility programs. Travel and mobility teams provide the key foundational layer supporting cross-border compliance at their companies.
At the root of all business traveler compliance issues is the need to understand where your business travelers are, how many days they’ve spent there, and what kind of work they’re doing. Companies must then analyze their travel footprint with complex tax, payroll, and immigration rules to understand if the travel is creating compliance issues for the company or the traveling employee.
We’ve seen a shift over the past five years: travel and mobility managers are now the front line of cross-border compliance.
This need for real-time travel visibility is added to the many responsibilities travel managers already have. Mobility teams have a host of concerns and may lack the specialized knowledge regarding tax and immigration requirements. Data and technology can provide travel and mobility managers the tools to do their job effectively and efficiently. Many forms of data a company already has – travel bookings, expense reports, jet logs, badge swipes, and timesheets – can help build a map of where your employees are working. By using technology to aggregate and analyze this data, teams can save the many hours they would otherwise spend chasing down employees for self-reporting or working in Excel.
To learn more about how Monaeo’s technology can help your travel team, schedule an introductory demo.