Best Practices for Preventing Business Credit Card Abuse
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Understand the importance of having a credit card policy and the actions your company could take if employees violate the policy.Many companies have implemented using credit card programs for their employees as they can see benefits such as: tighter controls in monitoring expenses, less paperwork and processing of expense checks, savings on travel, hotels, and supplies. However, if the proper credit card policy is not in place it could cause issues such as: overspending which will impact a company's cash flow, the more credit cards that are issued the greater chance of them getting lost or stolen, employees could abuse their spending levels or depending on which type of credit card program they enroll in, it could cost additional expense for the company. In this topic, you will learn about the evolvement of credit cards, why companies choose to use them, why they could be more beneficial to smaller companies than large corporations. You will understand why having a credit card policy in place is essential to prevent any credit card abuse as well as why this policy must be integrated with the companies travel and entertainment policy to send a clear message to all employees as to how they must handle their company credit cards. We will also discuss the actions your company could take if employees violate the credit card policy. Plus, we will also discuss other controls that companies I have worked at have implemented to eliminate the challenges they faced with employee's misuse of their expense reports and credit cards.
AuthorsRonald A. Sereika, Mspark
History of Credit Cards in Corporate America
• Why Companies Have Decided to Use Credit Cards for Their Employees
• How to Control Cash and Spending of Credit Cards
• Pros and Cons of Issuing Corporate Credit Cards
Differences in Corporate Credit Cards
• Individual Liability Card Versus Corporate Liability Card
• What Companies Are Eligible for Corporate Credit Cards?
• Credit Cards Specifically for Small Businesses
Corporate Credit Card Policy
• What Verbiage Needs to Be in a Strong Corporate Credit Card Policy?
• Explanation of the Employees' Responsibilities for Maintaining the Card
• Do You Need to Give Every Employee a Credit Card?
Other Controls That Can Be Included When Setting up the Credit Card With the Credit Card Company
• Look at Exceptions and Limits That Can Be Added to Each Card
• Cards Done for Specific Departments
• The Importance of Maintaining Receipts
Corporate Travel and Entertainment Policy
• Examples of a Good Policy
• Actions If Employees Violate Company Credit Card Policy