Spring is a season known for cleaning, organizing, and refocusing across many different areas of life. Your organization can also benefit by taking a fresh look at your card program controls and certain areas that may need improvement. No matter the size of your card program or the card types used, fresh looks allow organizations to see how effectively each part of their card program is performing and where their program needs improvements. These findings help to ensure the long-term success of your organization’s programs since they focus on continuous process improvements. To help your organization with this process, we created a list below of what to look into.
To begin, one area to take a brand new look into is any common purchase that can negatively affect the efficiency of your card program. There are many items that can harm your card program and reduce its overall efficiency. These items include, but are not limited to:
It’s key that you look for how prevalent these items are in your program. This is a great indicator for which areas to start with then taking on process improvements.
Next, you may want to shift your focus to policy compliance. An organization’s policies and procedures serve as the backbone for the success of your program since they prohibit any items that can greatly harm a card program.
To take a fresh look into how closely cardholders are following the appropriate policies and procedures, ask yourself these questions:
How many monthly violations are we seeing in cardholders?
Do certain card types have greater violations than others?
When not checked for, noncompliance can bring about disastrous results such as fraud, misuse, and abuse.
If the findings in your compliance search reveal any shortcomings, one of the best ways to follow up with this is with cardholder training. Look into the current cardholder training process and see how it can be improved in order to reach compliance.
If you need help with this, CardIntegrity offers custom-built courses that your employees can take online to learn more about your payment methods, preferred suppliers, current policies, and more.
Speaking of preferred suppliers, your organization has worked tirelessly for the supplier and vendor relationships you have today. It would be both a waste of time and money if your cardholders didn’t utilize these relationships.
Take a look into how cardholders are utilizing these relationships and how these relationships could be improved.
Lastly, there are some key areas to look for across your current expense review process as you take a fresh look at your card program. Those include:
After the work of setting up your card program, there is even more work required to take fresh looks into different areas of your card program controls so improvements can be made.
The solutions and financial specialists at Card Integrity can provide the exact fresh looks your program requires and can follow up on the items revealed from each of these looks. We provide:
If your organization would like to see any of the above items in action, sign-up for an online demonstration today.