Expense Reporting: Personal Cards

Use of personal cards instead of company credit cards is a weak (as opposed to best) expense reporting practice. Yet, it is tolerated in almost half of all organizations despite the fact that these organizations have company cards. In this short episode, we take a quick look at why this is such a bad practice and why it is tolerated. Stick around until the end when we share a nifty trick that will convince your travelers to use the company card, even if the company doesn’t mandate use of the company card instead of a personal card. #expensereport #accountspayable #accounting

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For many organizations, the review of expense reports and the requests for reimbursement of expenses, is handled in accounts payable. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses.

Use of personal cards instead of company credit cards is a really poor expense reporting practice. Yet, in almost half of all organizations it is permitted despite the fact that these organizations have company cards. There is a nifty trick that will convince your employees to use the company card, even if the company doesn’t mandate use of the company card instead of a personal card.

Link to Questionable Expense Reporting Practices
https://youtu.be/zfimnwx64IE

Link to Expense Reporting Trends: Receipts
https://youtu.be/ftWRVfF9glQ

Link to Expense Reporting Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcjS9jyGWaV2-gJV5c1aTv0

Link to AP Now’s Invoice Series
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

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Learn more about AP Now at www.ap-now.com

Host: Mary Schaeffer (www.ap-now.com