1. Do you mandate the use of a company card for certain expenditures? If so, which or what dollar amount?
2. What do you do with the bank rebate that you receive? We currently allocate it to an overhead account, but are considering sharing with the departments in order to incentivize use.
A. Per Judy Bicking, the IOFM practitioner expert:
1. Companies I have worked with mandate one or the other--either all charges to the company card or all charges to the employee's personal card. If you use a one card for purchasing goods, services and T&E, there are huge benefits. Using a company card for all purchases, including low-dollar ones, greatly impacts the amount of the rebate to your company.
2. What you do with the rebate is totally up to your business needs. Something to consider is using this rebate to fund new technology that will make everyone's job easier, and this will bring many other benefits to the organization--efficiency, effectiveness, compliance and cost reductions.