Worried employees may be tempted to use their corporate credit cards improperly? Consider adding these measures to your company’s T&E policy.
The Association of Corporate Travel Executives and Citi recently surveyed companies about their corporate credit card policies. Here are some of the highlights of the findings.
No surprise here: Companies that used their corporate card most frequently (capturing at least 75% of total spending on their cards) had the most stringent policies in place for employees. Sixty percent of these organizations had a centralized policy across their entire organization.
To prevent employees from misusing the corporate card, these companies employed the following safeguards:
- Revoking card privileges when staffers run afoul of company policy (30%), and
- Not reimbursing expenses that fall outside of the company’s policy (20%).