The goWholesale Blog

Ahhh the Almighty Company Card….

December 28th, 2007

“With great power comes great responsibility,” a great man once said… that great man was none other than Spiderman’s Uncle Ben. My apologies for using the word “great” 4 (count ‘em) times in that sentence. Regardless, the statement is true and applies in business as much as anything else.

Many businesses will have a company credit card (or two or three or….) that is designed to be used for business related expenses. Now, what your business constitutes as a “business related expense” is clearly up to whomever is responsible for those cards. In general, employees should be able to use their best judgment when using the card but it would be wise to have in place a written policy on what acceptable use of the card is and what is not. Far too often employees get themselves into trouble by using the company card for personal expenses but the businesses get themselves in trouble by not clearly drawing the line. So by having the rules in place and easily accessible, you should be able to avoid any messy situations.

Here are some things to think about:

We’d all like to believe our employees are perfect little angels but the truth is that no matter how nice and honest they are, it is a part of human nature to push the limits and perhaps abuse privileges. So take a moment to make sure your company credit card is in good hands (or at least is protected from the bad ones) and you will save yourself a lot of time and money in the future.

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Posted in Finance and Accounting |

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