Putting corporate buying power into the hands of employees makes each employee an authorized purchasing agent of a company. While corporate cards offer convenience and distributed buying power, they also significantly increase the chances for fraud, waste, and policy abuse. Thus, it is important to establish both strong usage policies and restrictions, and implement a monitoring solution to ensure better chances for corporate card compliance.
Our client, a Fortune 500 consumer packaged goods firm, needed a way to proactively monitor their Purchase Card (P-Card) spend. The client’s primary monitoring objectives were to gain visibility into company spending, promote policy compliance, and influence employee actions going forward. The client implemented its P-Card program with Citibank, and currently uses Concur to reconcile expenses.