One of the pain points that treasurers often encounter is making sure that employees understand the policies relating to how they can use Corporate Cards to make both regular and ad hoc purchases. At the same time, keeping track of so many purchases can be cumbersome, especially when it comes to reporting and reconciliation.
To overcome this, HSBC’s Corporate Cards provide an online management and reporting tool that centralises all transactions for the treasury team to keep track of purchasing patterns and spending. Online reporting gives visibility of all cardholder accounts, to view and report on transactions, statements and payments to enable the treasury team to conduct timely reporting and analysis across cardholder spends for multiple accounts balances.
In addition to visibility, HSBC’s management and reporting platform MiVision provides a high degree of control and empowerment on how employees correctly use their Corporate Cards in line with company spending and purchase policies, reducing risk of misuse while allowing employees to use the card for the full range of legitimate uses.
Corporate Card usage is kept compliant via criteria that determines how it can be used. Spend category controls can be managed to apply restrictions on how and where payments are made. For example, a company might block its cards in casinos or retail outlets. It may also wish to implement spend limits on certain transactions, in alignment to the type of service on offer. For example, a company can set a limit to courier services which are typically smaller amounts, and another limit on flights which are more expensive.
As more suppliers accept Corporate Cards as a form of payment for goods and services, procurement departments and treasurers have the option to apply the efficient working practices of cards solutions to a broader range of their procurement process.
To find out more about how your company can use HSBC’s Corporate Cards to make improvements to your procurement process, please contact your relationship manager. The next article of this series is a deep dive into how using Corporate Cards can improve expense analysis and cost negotiations.