If your company has already instituted several time and money saving T&E policies, but still can’t seem to get your expenses down, it may be time to try integrating corporate credit cards into your business.
The Benefits Of A Corporate Credit Card Program
Corporate credit cards provide several benefits for your business that can help save money. The most important one may be the rebates and incentives that your company can earn from partnering with a corporate credit card issuer.
Depending on the size of your business, these incentives and rebates can add up to tens, if not hundreds, of thousands of dollars per year in cash that comes right back to your business.
Corporate credit cards also make it easier to analyze your expense data by centralizing most of your data onto a single account. When paired with automated expense report software, corporate credit cards can even help you save money on expense report processing.
By linking your corporate credit card account to the automated expense report software, records of your credit card transactions can be used to automatically prepopulate most of the entries in an electronic expense report. This saves both your employees and financial staff time in submitting and reviewing expense reports.
By issuing corporate credit cards to your employees, you do increase the risk that your employees will misuse the company coffers. But you can minimize this risk by taking these few steps:
- Set Expectations – Clearly spell out a strict credit card usage policy from the beginning and make sure your employees know about it.
- Monitor Spending Regularly – Don’t just assume that your employees are adhering to the policy and sign a check for the bills each month. Have your managers review the charges periodically and make sure that they adhere to your policy.
- Monitor Individual Accounts When Necessary – If one of your card holders is consistently billing significantly more than other card holders, that could be an indication that the account is being misused. Don’t be afraid to monitor individuals for such outlying usage.