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Live Webinar

90-minute live streaming program
  • October 23
  • 1:00 - 2:30 pm EST

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OnDemand Webinar
Audio & Reference Manual

Procurement Cards: Overcoming Risk to Create an Effective Program

October 23

Mitigate risk and assess the fraud potential of payment cards with a complete look at strategy, policy and procedures.

Most organizations recognize that a large number of check payments made for low value items to a large number of suppliers is a costly and inefficient process. The transactional, or processing cost, of using a traditional procure-to-pay process, often requiring a requisition, purchase order, invoice and check payment is costly and inefficient. Many times, the cost to process small dollar purchases can exceed the value of the item being purchased. In an effort to create a more efficient process, many organizations have switched from these traditional methods to a purchasing card system and have seen savings ranging from 55% to 80% in processing cost. Purchasing Cards provide a means for streamlining the procure-to-pay process, allowing organizations to procure goods in a timely manner, reduce transaction cost, track expenses, take advantage of supplier discounts, reduce or eliminate petty cash payments and gain general overall resource efficiencies. A Purchasing Card (P-Card) is a type of commercial card that allows organizations to take advantage of the existing credit card infrastructure to make electronic payments for a variety of business expenses. A successful Purchasing Card Program starts with thorough planning long before the program is implemented. This topic will provide you with vital information that will illustrate the anticipated savings, risk and mitigating controls and resources needed to make the business case for initiating or growing a viable Purchasing Card Program.

Learning Objectives

  • You will be able to define how Purchasing Cards work and how to align your Purchasing Card Program with company strategies.
  • You will be able to describe the methods that can be used to mitigate risk in associated with implementing an effective P-Card Program including auditing and reconciliation best practices.
  • You will be able to discuss how to develop, manage and grow a viable P-Card Program.
  • You will be able to explain the benefits of using a P-Card Process.

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Why Lorman?

Over 32 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

Purchasing
  • The Procurement Process
  • Methods of Payment
  • Procurement's Role
Purchasing Cards
  • What Is a Purchasing Card?
  • Benefits of Using P-Cards
  • Disadvantages of Using P-Cards
Mitigating Risk
  • Setting Controls
  • Establishing Limits
  • Card Restrictions
Virtual P-Cards
  • Ghost Cards
  • Card Shuffler
  • Declining Balance Cards
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Why Lorman?

Over 32 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 Webinar

This course was last revised on August 14, 2018.

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

  • CPIM/CFPIM/CSCP 1.0
     
  • This program may qualify for 1.0 certification maintenance points toward the CSCP, CPIM and CLTD designations through The Association for Operations Management.
     
  • ISM 1.25
     
  • Participants who successfully complete this program will receive 1.25 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

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

Live Webinar Registration

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a 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: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: basic knowledge of purchasing contracts. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure 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. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Audio & Reference Manual

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

Who should attend?

This live webinar is designed for purchasing managers, material managers, presidents, vice presidents, business owners and managers, CFOs, controllers, accountants, contract administrators, buyers, government officials, and bookkeepers.

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Can't Attend?

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Why Lorman?

Over 32 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

Larry Hammond, Sr.

Larry Hammond, Sr.

V1H Consulting

  • Principal with V1H Consulting
  • Through his workshops, strategy sessions and keynote addresses, he focuses on helping organizations that are stuck in the way it has always been done, thinking without ever achieving true satisfaction, to transform
  • By producing an organizational culture that creates a contagious leadership environment, he helps them to achieve maximum performance, increase employee retention, and heightened employee engagement
  • More than 20 years of senior leadership, coaching, training and development experience
  • Mentor in business, marketing, sales, human resources, entrepreneurship and leadership in public agencies and community organizations
  • Facilitated management and employee feedback sessions
  • Coaches leaders and managers in public and private industry around team building and culture development
  • Developed, delivered and evaluated a variety of training seminars, including, customer service, change management, strategic planning leadership development and public speaking
  • Provided leadership training to Leadership Pasadena, a leadership program that empowers, inspires and connects leaders who strengthen a diverse community
  • Designed, developed and delivered management and leadership programs for managers in the public, private and nonprofit sectors that helped clients improve employee and organizational performance
  • Certified in Managing Organizational Change (MOC)
  • 34 Strong Certified Strengths Coach
  • M.A. degree in public administration, The Tseng College -Graduate, international, at California State University, Northridge; B.S. degree, Clark Atlanta University, Atlanta, GA; also completed graduate courses in public administration from Catholic University, Washington, D.C. and in information technology, University of the District of Columbia
  • Can be contacted at 626-379-4108 or [email protected]
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Can't Attend?

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Why Lorman?

Over 32 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: 406939
Published 2018, 2019
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