Corporate Card Best Practices
Last updated May 10, 2024
Introduction:
Corporate cards are a valuable tool for managing company expenses, but their misuse can lead to financial inefficiency. By implementing best practices, employees can effectively use Brex corporate cards while staying within company guidelines and improving accountability.
Steps for Corporate Card Best Practices:
- Define Clear Spending Policies:
- Ensure employees are aware of the specific spending policies, such as transaction limits, approved categories, and required documentation.
- Regularly review and update these policies to reflect changing business needs.
- Regularly Monitor Spending Limits:
- Encourage employees to keep track of their spending limits and request increases if needed for high-priority projects.
- Set up alerts that notify employees when they approach their limits, preventing unexpected declines.
- Submit Receipts Promptly:
- Attach digital receipts immediately after each transaction via the Brex mobile app or dashboard.
- Require detailed descriptions to justify each purchase and link them to corresponding projects or departments.
- Leverage Card Controls:
- Use Brex card controls to set automatic transaction limits and prevent purchases from unapproved categories.
- Temporarily disable cards that aren’t in use to prevent unauthorized transactions.
- Use Cards for Business Purposes Only:
- Ensure corporate cards are strictly used for business-related expenses.
- Employees should report any accidental personal use immediately and reimburse the company if necessary.
- Review Statements Regularly:
- Administrators should conduct regular audits of card statements to identify errors, anomalies, or policy violations.
- Encourage employees to review their own statements to detect unrecognized transactions.
- Educate and Train Employees:
- Provide regular training sessions to ensure employees understand card policies and how to manage their corporate cards effectively.
- Encourage open communication about spending concerns to foster a culture of compliance.
By following these best practices, companies can optimize expense management while ensuring responsible corporate card usage.
Was this article helpful?