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When Was The Last Time You Looked At Your Corporate Credit?

Jan 4, 2008
When is the last time you looked closely at your corporate credit? Remember how difficult it was to establish it in the first place? If you have been in business for a while then that may all be water under the bridge to you. However, it only takes a couple of acts at the hands of criminals to ruin what you have worked so hard to establish.

It used to be that identity theft was only something individuals had to deal with. However, it didn't take long for criminals to know that they can access larger amounts of money on a corporate account. It also takes longer in most cases for them to find it. Many people don't think it is stealing if it is from a business instead of from a person.

There is more of a chance that you will have corporate credit problems with your employees than with strangers though. The statistics show most of it happens with those that have an opportunity in house. They pay attention to how closely these accounts have been monitored in the past.

You many not think that charging dinner with your spouse or gas for your car on the corporate credit card is stealing but it is. With many businesses you can end up losing your job and even facing criminal charges. The amount of money that slips out of a business due to this type of behavior is unbelievable.

Corporate credit access is often necessary for many of your employees, but establish clear guidelines for it. Make it know that they accounts will be reviewed on a regular basis. Let them know they have to submit receipts for everything or they can be liable for the charge. Have strict policies in place relating to how you will deal with corporate credit being abused.

Corporate credit needs to be readily available when you need it. There may be some amazing deals on the table for you to benefit from. This can result in buying new equipment or a larger building. If your corporate credit has been compromised in any way it can prevent you from accepting such offers. Always know what your corporate credit profile looks like so there aren't any surprises lurking around the corner.

Avoid frivolous expenditures on your credit accounts as well. Too many new business owners see the amount of money they have access to and make unnecessary purchases. As a result their profits go to pay for these items plus the interest that has accumulated for them. This prevents people from being able to use the credit they need when it matters the most.

If you haven't taken a close look at your corporate credit accounts recently, do it now. You may find you need to make some significant improvements to the way things are being handled. Don't wait until you experience a crisis situation to take the time to have safety measures securely in place.
About the Author
Robert Bain writes all about small business. Discover the difference between small business credit and true corporate credit that the banks are hoping you don't discover.
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