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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.

80 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 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 34 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, 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 revised on July 7, 2021.

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

  • AIPB 1.25
     
  • This program is acceptable for 1.3 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPP/FPC
     
  • Lorman Education Services is an approved provider through the American Payroll Association. This seminar is approved for 1.0 RCHs. PLEASE NOTE: To receive credit through the American Payroll Association for this program you MUST attend the program in its entirety, complete all progress checks and pass the final exam. You cannot obtain credit if you have already completed this course in its live version.
     
  • AR CLE 1.25
     
  • This course has been approved for 1.25 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.25
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.25 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • 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.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • HI CLE 1.25
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.25 CLE credit hours.
     
  • IL CLE 1.25
     
  • This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
     
  • NH MCLE 1.3
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 79 Minutes.
     
  • NJ CLE 1.6
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.6 hours of total CLE credit.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.25
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.25 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • 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.
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.6
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.6 MCLE hours.
     
  • HR Certification Institute 1.25
     
  • This E-Learning program has been approved for 1.25 (General) recertification credit hours toward aPHR(TM), aPHRi(TM), PHR®, PHRca®, SPHR®, GPHR®, PHRi(TM) and SPHRi(TM)recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
     
  • SHRM 1.25
     
  • Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.25 PDC(s) for the SHRM-CP or SHRM-SCP.
     

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.

  • Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.25
     
  • CA MCLE 1.25
     
  • CT CLE 1.0
     
  • HI CLE 1.25
     
  • ME CLE 1.0
     
  • NJ CLE 1.6
     
  • VT CLE 1.25
     
  • WA CLE 1.25
     
  • WV MCLE 1.6
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 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

  • 2010 National instructor of the year award for The National Association of Credit Management
  • 2013 CCE award of excellence presented by the National Association of Credit Management
  • 2011 Credit Executive of the year Upstate New York by NACM Chicago
  • National Speaker at NACM Credit Congress, NACM Eastern Regional Conference, Upstate NY Annual meetings 2011 to 2015
  • Two-time finalist at CooperVision for the CFO award given annually for the top performer in North America’s finance team
  • B.S. degree in accounting, Fredonia State University; attended Amos Tuck School of Business at Dartmouth University executive program for certification in Credit and Finance
  • Can be contacted at 585-705-0304 or [email protected]
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Why Lorman?

Over 34 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.

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Product ID: 408333
Published 2021
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