Managing expenses is already a complex task, and it becomes even more challenging when nearly half of companies lack a defined taxi policy within their travel blueprint.
This places organisations in a vulnerable position, making them susceptible to significant financial setbacks stemming from taxi expense fraud, coupled with potential consequences due to the failure of meeting duty of care standards.
To address these challenges, we have created an exclusive report which explores the hidden costs of an unmanaged corporate taxi programme.
Within this report, you will discover invaluable insights and actionable strategies to refine your travel policy, effectively curbing financial vulnerabilities while enhancing traveller safety.
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The report points out a significant oversight in many organisations' travel policies. While most incorporate air, rail, and accommodation, taxis are often neglected, despite 80% of business travellers preferring taxis over public transport.
This leads to employees booking their own taxi travel, often through local providers, which lacks proper tracking. This can expose organisations to potential financial losses from taxi expense fraud and raises concerns about meeting duty of care obligations.
The data indicates that 55% of business travellers round up their expenses claim.
Expense fraud encompasses a range of methods that employees may use to manipulate their claims, including exaggerating travel expenses, inaccurate receipts, and rounding up expenditure figures. Such actions can result in substantial setbacks for a company.
The report emphasises the burden that processing expense claims can place on organisations.
The manual and time-consuming nature of the process, with 82% of respondents taking over 15 minutes to complete each claim and 60% of them taking up to 72 taxi trips per month, highlights the inefficiency. Additionally, the need for sign-off from multiple departments and the potential for errors, such as lacking proper receipts, contribute to the costliness of the process.
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This report is a result of independent research, commissioned by CMAC Group, to review the use of taxis for corporate travel and the extent to which organisations are taking necessary steps to strengthen their travel policy and protect their organisation. 500 business travellers took part in this research.
At CMAC Group, we provide a managed taxi service like no other. Our service tackles these challenges by delivering controlled, cashless travel options, streamlining expense processing, and offering consolidated reporting for seamless reconciliation.