Minimizing the Risk of Procurement and Travel Cards
Many companies use procurement cards (p-cards) and company travel cards are issued to streamline the procurement and travel & expense processes. Although p-cards are efficient and convenient, distributed “buying” power also carries the inherent risk of mistakes, fraud and misuse.
Oversight Systems maximizes the process-improvement benefits while minimizing the risk by monitoring all of your financial systems and automatically analyzing p-card and T&E transaction data along with other financial and employee data. Oversight identifies suspicious activity and gives you the tools to quickly investigate and resolve mistakes and violations as they occur.
Keeping Control of Employee Spending
Is your company managing its liability for employee purchases made with p-cards and travel cards? While card supplier's controls do not enforce company specific policies to prevent and identify potential mistakes and misuse throughout the purchasing process, Oversight puts you in control of employee spending. Oversight gathers data from all of your financial systems, including those that don’t typically talk to each other, to find exceptions that present potential errors or violations:
| |
|
|
|
| |
 |
Procurements split across time periods to avoid spending thresholds
|
|
| |
|
A single purchase billed on a p-card and an invoice
|
|
| |
|
Purchase of prohibited goods or services
|
|
| |
|
Personal purchases / personal travel expenses
|
|
| |
|
Purchase of items the company doesn’t need
|
|
| |
|
Duplicate or invalid charges by merchants
|
|
| |
|
Purchases made outside of the preferred vendor list
|
|
| |
|
Expenses that violate travel & entertainment policies
|
|
| |
|
Falsified or exaggerated expenses
|
|
| |
|
Multiple people splitting the cost of larger ticket items
|
|
| |
|
Use of p-cards and/or travel cards after employee termination |
|
| |
|
|
|
|
Oversight allows you the cost efficiencies of procurement and travel card programs while reducing the risk by
ensuring that you are properly charged and invoiced by merchants
and that employees are reimbursed accurately.
Oversight reduces the potential for employee collusion and ensures that established policies are properly enforced. Instead of waiting for monthly reconciliation, Oversight
lets you track electronic merchant invoices and travel & expense reports as frequently they arrive. You can determine the validity of each purchase and expense, and easily
identify and address unnecessary and/or missing constraints throughout the purchasing and expense reimbursement processes.
Providing valuable business insight, Oversight evaluate spending patterns over time to fine-tune policies and negotiate discounts. By eliminating the work of discovering issues, Oversight reduces costs and facilitates active, 100-percent auditing. Compliance with Sarbanes-Oxley is built in, with permanent documentation of exception handling. Oversight also provides proof of policy violations and fraud in support of employee termination and recovery actions.
|
