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OnDemand Course

Best Practices for Preventing Business Credit Card Abuse

Understand the importance of having a credit card policy and the actions your company could take if employees violate the policy.

Many companies have implemented using credit card programs for their employees as they can see benefits such as: tighter controls in monitoring expenses, less paperwork and processing of expense checks, savings on travel, hotels, and supplies. However, if the proper credit card policy is not in place it could cause issues such as: overspending which will impact a company's cash flow, the more credit cards that are issued the greater chance of them getting lost or stolen, employees could abuse their spending levels or depending on which type of credit card program they enroll in, it could cost additional expense for the company. In this topic, you will learn about the evolvement of credit cards, why companies choose to use them, why they could be more beneficial to smaller companies than large corporations. You will understand why having a credit card policy in place is essential to prevent any credit card abuse as well as why this policy must be integrated with the companies travel and entertainment policy to send a clear message to all employees as to how they must handle their company credit cards. We will also discuss the actions your company could take if employees violate the credit card policy. Plus, we will also discuss other controls that companies I have worked at have implemented to eliminate the challenges they faced with employee's misuse of their expense reports and credit cards.

Learning Objectives

  • You will be able to identify the pro's and con's of issuing corporate credit cards.
  • You will be able to recognize the differences in corporate credit cards.
  • You will be able to identify items to include in a credit card policy.
  • You will be able to recognize different credit card companies and their rules regarding corporate credit cards.

80 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

History of Credit Cards in Corporate America

  • Why Companies Have Decided to Use Credit Cards for Their Employees
  • How to Control Cash and Spending of Credit Cards
  • Pros and Cons of Issuing Corporate Credit Cards

Differences in Corporate Credit Cards

  • Individual Liability Card Versus Corporate Liability Card
  • What Companies Are Eligible for Corporate Credit Cards?
  • Credit Cards Specifically for Small Businesses

Corporate Credit Card Policy

  • What Verbiage Needs to Be in a Strong Corporate Credit Card Policy?
  • Explanation of the Employees' Responsibilities for Maintaining the Card
  • Do You Need to Give Every Employee a Credit Card?

Other Controls That Can Be Included When Setting up the Credit Card With the Credit Card Company

  • Look at Exceptions and Limits That Can Be Added to Each Card
  • Cards Done for Specific Departments
  • The Importance of Maintaining Receipts

Corporate Travel and Entertainment Policy

  • Examples of a Good Policy
  • Actions If Employees Violate Company Credit Card Policy
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last reviewed on March 8, 2023.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.25
     
  • This course has been approved for 1.25 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.25
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.25 CLE hours of participatory credit.
     
  • WA CLE 1.25
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.25 hours of A/V credit under the Law & Legal Procedure category.
     
  • CPE/NASBA - QAS Self Study 2.0 including Management Services 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Management Services for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ronald A. Sereika

Ronald A. Sereika

Mspark

Ronald A. Sereika, CCE, CEW

  • Director of credit and payment solutions for Mspark
  • 34 years of managing credit departments
  • Speaker at NACM Credit Congress and NACM Eastern Credit conference, and taught NACM CAP classes
  • Author of articles in Credit Magazine, The importance of building relationships
  • Member of NACM and past member of several trade groups and NAA
  • 2010 NACM Instructor of the Year, 2013 NACM CCE of the Year
  • B.S. degree in accounting, Fredonia State University; certification in credit and finance, Amos Tuck School at Dartmouth University
  • Can be contacted at [email protected] or 585-705-0304
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

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Product ID: 408333
Published 2021
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