Description

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 procuretopay 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 procuretopay 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 (PCard) 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.

Date: 2019-10-23 Start Time: End Time:

Learning Objectives