Benefits Of The Corporate Card Program Essay

1465 Words6 Pages
1.1 Overview
Commercial Metals Company currently uses a Corporate Card Program for Travel and Entertainment expenses. The Corporate Card Program also provides an efficient, cost effective method of purchasing and paying for small dollar transactions or low value purchases (LVP) using the same card. This policy provides information about the process, the types of purchases that can and cannot be made, records that must be maintained and reconciled and a variety of other Program information.
Benefits of the Corporate Card Program include:
• Items can be purchased without preparing a purchase order
• Reduces process cost
• Increases process efficiency (i.e. many one-time vendors will not be added and required to be maintained)
• Reduces time needed to obtain goods
Only eligible business expenses may be charged to the Corporate; personal purchases are prohibited. All Corporate transactions must be supported by a business purpose and all transactions must be reviewed by a person other than the cardholder. Improper use of the Corporate Card may result in disciplinary action up to and including termination of employment.
Cardholders who have incurred charges must submit an expense report, similar to the Travel and Expense process, through the company approved expense reporting tool, Concur Expense within 30 days. All expense reports are to have appropriate manager approval. Further, CMC is relying on the independent approver’s (supervisor/manager) diligence in the
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