Get Business Travel Budget

For a typical trip within the U.S., people spend an average of about $581 and go away for about four nights (the cost of a domestic vacation was less than $500 back in 2005). Their travel costs per day are now about $144.

Travel may not be the largest cost line item on your financial statements, but at approximately 1 percent of revenues for the average company, it is a significant area of spend. It is also one of the hardest cost areas to control and therefore an area of significant waste for most companies.

Single-day business trips must be paid to the employee at her current rate of pay. An employer can deduct the time it takes for his employee to arrive at the airport, but he must pay her for all hours during the trip that are work-related, notes the U.S. Department of Labor.

REPORT: Companies Spend $111.7 Billion Annually on Business Travel. A new study found that companies spend more than $111.7 billion on business travel every year, with the average cost of a work trip totaling $1,286.

Create a Business Travel Policy. Look at the upcoming business travel calendar. Look at past business travel expenses. Consider future goals. Control business travel costs. Build in a contingency.

For example, recent data indicates that the average cost of domestic travel is $111.7 billion each year. Additionally, business travelers spend an average of $949 on airline costs, hotel fees, and other expenses during trips around the U.S. annually.

The average vacation costs $1,145 per person (or $4,580 for a family of 4). Here's what to expect to pay for airfare, hotels, food, and activities.

Travel may not be the largest cost line item on your financial statements, but at approximately 1 percent of revenues for the average company, it is a significant area of spend. It is also one of the hardest cost areas to control and therefore an area of significant waste for most companies.

Administrative passports, visas, maps. Tickets boat, train, or plane. Auto car rental, gas, tolls. Lodging camp sites, hotels. Food pack your own, restaurants. Entertainment attractions, museums, concerts. Shopping gifts, souvenirs. Pet/Child Care.

Generally, $20,000 is the baseline cost for a trip around the world for one person for one year. This estimation falls in line with popular recommendations that budget travelers can spend an average of $50 a day on the road, and allows additional budget for flights and vaccines.