One of the great things about using a corporate credit card for business travel expenses is just how convenient it is. When you combine this with something like ExpensePoint expense reporting software, the sheer ease of use for both employees and financial staff is obvious. The employees no longer even have to file credit card transactions in an expense report, as ExpensePoint does it for them, and this means that finance departments can easily file and process these claims. There isn’t even any reimbursement required, since the credit card was using company money anyway.
However, this ease of use can bring with it some potential abuses, but only if you get careless.
Every Item Still Counts
Even if ExpensePoint and the credit card companies are now accurately tracking every single purchase made with a company credit card, one danger still remains. Unethical employees can still use the card to make purchases that actually shouldn’t be the responsibility of the company. Using the card to take a client out to dinner is obviously one area where the exact intent of a company credit card is being used to full effect.
However, buying a gift for a spouse or other partner is definitely a breach of trust. This is why it’s important, even with the convenience of a credit card and expense report software to actually monitor and review every transaction made. One of the great things about expense report software is that it’s possible to get automatic notification the moment a new transaction occurs, so it’s very easy to review all purchases made and come to a quick decision about whether the new item is in line with company policy, or falls out of compliance.
With more robust software, like ExpensePoint, it’s even possible to approve items on an individual basis, meaning that all the other expenditures are valid, but only one purchase is suspect, that single item can be flagged or declined while the other entries can be approved.
Even with great convenience, a little diligence is required, but that diligence is helped by the speed and efficiency of a good expense report system.