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Sponsored by Lorman Education
Only registered attendee will receive continuing education credit.
Product ID: 406939
 
Credit & Course Provided by:

Procurement Cards: Overcoming Risk to Create an Effective Program

Live Webinar
October 23, 2019
1:00 pm ET (12 pm CT, 11 am MT, 10 am PT)
1 hour 30 minutes
Live Webinar$199Register Now
Can't Attend?   Audio & Reference Manual$199Add to Cart

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.

Registration

Live Webinar$199Register Now
Can't Attend?   Audio & Reference Manual$199Add to Cart