Did you know that business credit cards average 20 transactions each month in the United States of America? Corporate credit card expense management is often much more difficult than you might think. There is a delicate balance to maintain when you look to manage your credit card expenses.
Setting goals and monitoring your spending will go a long way for credit card expense management. That is the beginning of keeping your spending under control. The good news is that you’ve found the perfect corporate credit card expenses management guide to help you with using your corporate credit card.
Keep reading this article to learn how to stay on top of your corporate credit card expenses today!
The biggest key to keeping your corporate credit card spending under control is monitoring how much money you’re spending. Keep an eye out for expenses that you rack up that are meant for your personal use rather than for business purposes. You could end up accidentally double-dipping with your spending if you don’t account for personal expenses.
Keep Your Receipts
Another key to corporate credit card expense management is keeping all of your receipts from each transaction. Having your receipts on hand makes managing corporate credit card expenses much easier. You can track your spending and document everything. Using Bento is also a great idea when it comes to your corporate credit card expenses.
Set Credit Card Alerts
You also need to look into setting up alerts with your corporate credit card in order to detect suspicious activity with your account. These alerts will send you an email or a text when suspicious spending activity occurs with your card and it could go a long way towards protecting you from fraud.
You also need to set expectations for yourself as well as your employees when it comes to using a corporate credit card. Start by developing an annual corporate credit card user agreement as a way to hold cardholders accountable for their spending.
You need to set clear expectations for how your employees should use the card and the responsibilities of your employees that have them. You and your employees also need to provide proof of purchase with each transaction that they make. Keeping receipts will help a lot when it comes to documenting the purchases that you make.
Set Spending Limits
It is also possible to set spending limits on certain transactions like hotel rooms and meals. It is wise to put limits on these things to keep your employees from racking up massive bills that could have been avoided and that wasn’t necessary.
Take Your Corporate Credit Card Expense Management To New Heights
Corporate credit card expense management is vital for any business that wants to provide corporate credit cards to employees. You need to make sure that you set expectations with your employees about how to use their corporate credit cards. Don’t be afraid to set spending limits.
You also need to look into setting up security alerts for your card in order to prevent fraud with your corporate credit card.
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