Have you ever heard about Company Credit Card Policy ?

You all must have heard about many company policies, we had earlier written an article on social media policy, It is important to have policies in the organization it brings discipline.

Today's article is based on such an important policy, which we call credit card policy, let's know what it is.

Many people go out in connection with the work of the company, their entire expenses are borne by the company, which is called TA-DA, in simple words, it is Travelling Allowance & Dearness Allowance. But is it possible that you can track their expenditures? your employee gives you a bill, do you agree, but have you ever thought that that bill is worth more than actual expense.

To catch all these expenses, companies issue their credit cards to some of their specialized managers, who'll use this card for the company's expense. But giving a company's credit card to any person can also be harmful, that's why a policy was made for this.

Template-

What is a corporate credit card policy?
A credit card policy is part of a company’s accounting policies. It clarifies the terms of use of a company card issued in employees’ names. These policies also aim to protect the company from inappropriate use and to make sure the repercussions are clear.

You have to pay attention to some important things-
be sure to know what credit cards you want to use, the requirements of your credit card provider, and your own company’s needs. Once you have all the necessary information, start outlining the most important factors. Most company credit card policies for employees include these points:

  • Which employees are eligible to hold a company card.
  • What the responsibilities of the cardholders are.
  • The limits and limitations of credit cards.
  • The process for submitting expenses.
  • Consequences for inappropriate use.
Usual Allowed Expenses by credit card-
  • Expenses involved in meeting with clients (e.g. dinner, printed material)
  • ●  Accommodation during work-related travel
  • ●  Legal document expenses (e.g. Visa)
  • ●  Air, train, ship or other transportation fares including the company car
  • ●  Necessary medical expenses (e.g. vaccinations)
  • ●  Local transportation during trips (taxi fares, rental cars, etc.
  • ●  Other minor or per diem expenses that have been approved by your manager (e.g. meals,
    business material)
●  [Training and educational material approved by your manager.

If someone Violating this policy- (Can work as a Template)
  • If you incur personal or unauthorized expenses, you’ll need to pay them yourself. If you do this consistently, you may face disciplinary action that could include loss of the right to have a credit card or even termination depending on the amount and the type of expenses.
  • ●  If you lose a receipt, you’ll need to inform the accounting department immediately. We may find a solution if this happens rarely, but if you fail to submit receipts consistently, you may lose the right to hold a company card.
  • ●  If you fail to submit expenses on time, and incur late fees, you’ll need to pay them yourself. Doing this repeatedly will mean the loss of the company credit card privileges.
  • ●  Giving a company credit card to unauthorized people or abusing the expense limits may result in suspension or termination.
  • ●  Making prohibited purchases as mentioned previously (e.g. weapons, drugs) will result in immediate termination, and possibly legal action.

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