5 Ways to Prevent Corporate Credit Card Misuse

Corporate credit card misuse is one of the most common financial challenges across the construction industry. Whether it’s a regular coffee purchase on the fuel card or purchasing a new power tool “for the job” that somehow never ends up in the tool trailer, small, personal expenses add up to significant losses over time.  Unfortunately, many companies don’t realize the extent of the problem until it is too late, and they often don’t know how to prevent it. Well, Outpave is here to help you get your business’s spending under control.

​

5 Ways to Stop Corporate Credit Card Misuse

​

Corporate credit card misuse can feel overwhelming, but preventing it is simple. Follow these five steps to reduce personal spending on your company’s cards.

​‍

Train Everyone on Company Policies

‍

If you don’t already have a clear, written corporate credit card policy, make one. Then make sure everyone in the company is trained on the expectations and guidelines around using a company card.  No one should be able to use the excuse that they “Didn’t know” an expense falls outside the company policy.

​

Make Receipts Mandatory

‍

Keeping track of expenses is one of the fastest ways to spot problematic spending habits among employees.  And receipts are the easiest way to track expenses. So make it mandatory for employees to hand in receipts.  No receipt, no more company card.

​

Assign Fewer Cards

‍

Reduce corporate card misuse by issuing fewer cards. Before issuing, ask why the employee needs a card, or assign a supervisor to handle all project purchases.

​‍

Review Expenses More Frequently

‍

One of the main reasons corporate credit card misuse goes unnoticed is that expenses are only reviewed once a month when it is time to close the books.  Reviewing expenses more often can expose problem spending habits and increase accountability.

​

Sign Up For Outpave

‍

If you really want to eliminate problematic spending habits on company cards, you need better controls on the cards.  Outpave gives the power to control when, where, how much, and for what purchases corporate cards are used.  You can even assign cards to geographic locations or specific vendors. Plus, receipts can be captured digitally with the Outpave app, and you can review expenses in real-time.  

​

Get Started Today

Stop corporate card misuse before it happens - and save your company thousands - with Outpave.  Schedule a demo today. Don't forget to follow our social channels for more information about how we can improve your company's expense management.

‍