Mitigate risk and assess the fraud potential of payment cards with a complete look at strategy, policy, and procedures.
Most organizations recognize that many 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. 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 costs. Purchasing Cards provide a means for streamlining the procure-to-pay process, allowing organizations to procure goods in a timely manner, reduce transaction costs, 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 to illustrate the anticipated savings, risk and mitigating controls, and resources needed to make the busi-ness 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 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.
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
Speakers
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
- Master’s 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 info@v1hconsulting.com
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, bookkeepers, and attorneys.
