Revealing the hidden costs of taxi travel
As crucial as taxis are for moving employees from A to B, it may be surprising to find that very few organisations have a true understanding of the hidden costs surrounding business taxi travel.
As the UK’s leading managed taxi service, Cabfind has commissioned independent research to highlight both the time and cost impact of taxi travel and the implications this can have on organisations across the UK, a summary of which can be seen below.
IMPACT ON TIME
The administrative task of processing expense claims is a burden most organisations have to face. Our survey found that 60% of respondents fill in expenses during working hours.
When combined with the average amount of monthly receipts and the time taken to process a single receipt, an individual can be spending over an hour a month on expense administration.
Multiply this across an entire business and the time impact can be severe.
Cabfind’s managed taxi service reduces this burden, as the passenger is no longer required to retain receipts or process taxi expense claims. With a robust taxi management policy in place, companies benefit from time savings and operational efficiencies.
60% of travellers fill out expense form in work hours
Average of 10 minutes to fill out a single claim
5 taxis taken per month on average
90% of travel expenses are monitored by another person
Impact on Cost
The traditional practice of providing a blank receipt by taxi drivers leaves organisations exposed to a number of issues when reconciling expense claims. We found over half of respondents round taxi expense claims up by an average of 25%, while a third admit to forgetting the fare before they write it down, leading to potential discrepancies and over-claiming, whether intentional or not.
Cabfind’s managed taxi service removes the risk of claiming errors, with a consolidated invoice providing full visibility of taxi costs across your business.
forget taxi charge before they write it down
companies don't have a defined taxi expense policy
travellers will round up taxi expense claim by an average of 25%
use the same taxi provider for every journey
pay by cash
75% of respondents tip drivers by an average of 13% fare
Want the full picture?
To find out more about the hidden costs of taxi travel, download our free taxi expenses review todayGet Review
How can we help?
Cabfind has been helping organisations optimise their policies for over a decade, providing a convenient service while driving down costs and saving time across multiple business functions.
With the most extensive network of private hire vehicles in the UK, our team of industry experts are equipped to provide a car anywhere, anytime within 20 minutes.
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Find out how much your taxi policy could be costing your organisation with our free reviewGet review