Managing employee reimbursements, earning incentives on corporate spend—sounds ideal! If I had to choose between employee reimbursement, employee stipend, or a corporate credit card program, I’d pick corporate credit cards every time.
HOWEVER… with a big however… you MUST have controls, systems, and policies in place to properly manage a corporate card program.
🔹 A Corporate Card Horror Story:
Once upon a time, I worked for a company that relied on a corporate card program—not just for the perks, but because employees couldn’t afford travel costs upfront. The problem? They managed it through… dun, dun, duuuunnnn… Excel.
I love Excel, but this horrified me. 😱
Cardholders got an Excel export of their expenses and free-typed descriptions. No standardized classifications. No receipt tracking. No structured reviews. So I asked, “How do you ensure consistency? How do you audit this?” The answer? Not very well.
That had to change.
We implemented Expensify—a game changer. Automating expense classifications, receipt collection, reminders, approvals, and workflows made all the difference.
💳 Why Does This Matter?
Can you guess one of the easiest ways to commit corporate fraud?
If you guessed credit cards, you’d be right.
📊 The Stats:
✅ 30% of business fraud cases involve corporate credit cards.
✅ Organizations lose about 5% of their revenue to fraud annually.
Some might say, “I trust my employees. They would never steal.”
Well, my banking background and experience say otherwise. Fraud isn’t always committed by some nameless, faceless villain. It’s often the nicest, most trusted people. Not everyone will steal—but in business, this process must be unemotional and purely about risk management.
📌 What’s the Solution?
🔹 A written policy that defines:
✅ Acceptable expenses
✅ Receipt & approval requirements
✅ Consequences for policy violations
🔹 A tool to enforce it (like Expensify, Divvy, or another automation solution)
✅ Automated receipt capture & classifications
✅ Approval workflows
✅ Accounting integrations
📌 Why Automate?
- Saves time—Executives and sales teams should be selling, not filling out manual reports.
- Reduces fraud risk—Finance can review, but cardholders & managers must own the responsibility.
- Prevents costly IRS repercussions—Uncontrolled expenses = potential corporate tax increases and personal tax penalties for employees.
🚀 The Bottom Line:
A well-managed corporate card program isn’t just convenient—it’s essential for financial integrity.
Now, if you need help choosing, implementing, or optimizing a corporate card system, I can help. Let’s make sure your corporate spend is controlled, compliant, and efficient.
#CorporateCreditCards #ExpenseManagement #FraudPrevention #Automation #BusinessEfficiency #Finance #Leadership
ALL2S CONSULTING LLC 