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Ways To Help Stop Corporate Credit Card Abuse
This type of credit card abuse raises serious issues about how big corporations go about can monitor how company credit cards are being used. The most recent of these allegations coming from the Met where 1000 police officers and staff have been accused of such misuse of their credit cards. In any company, this is a huge problem but with the bigger companies that are using tax payer's money these allegations create a bigger frenzy. The tension mounts when it is discovered as with this case that the officers involved basically received a slap on the wrist from officials.
Steps to help minimize corporate credit card abuse
As public scrutiny of where tax payer's money is going mounts and more revelations of holidays, lingerie and cars etc being purchases under the radar of company bosses. What steps can be taken to prevent the spotlight landing on your company?
The first step
Take advantage of safety measures that are offered by your corporate credit card company that can be used to stop company credit cards being used in certain locations known as a merchant category classification code. This can block cards from being used at certain merchants and for gambling purposes.
Step 2
Create a limit on company credit cards whereby large transactions of money need to be authorized by company bosses before they can proceed. This way monitoring of big sums of money being with drawn can be monitored before they get overlooked.
Step 3
Create tight company policies that clearly state what a company credit card can and cant be used for. By have set guidelines on what is acceptable as a company expense is set out and making sure that the policy outlines what actions will be taken against employees if these rules are broken. These policies need to be measured and enforced to work best.
Step 4
Monitoring card statements for employees and have an administration team to do regular checks would help stop any unnoticed expenditure another way to do this is by bringing in an external auditing team to review this process.
Step 5
Don't assume that some employees are more trustworthy then others this has been known to catch employers out in the past and leaving things unmonitored on a trust basis doesn't always work.
By keeping a watchful eye on company credit card usage and enforcing company policies will give staff the message that a company credit card is a privilege to stop company expenses going on their own card until payday and not a right.
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