Company Credit Card Policy

Purpose

The purpose of this policy is to establish guidelines for the proper use and management of company-issued credit cards. It ensures that employees understand their responsibilities when using the company credit card and maintains transparency and accountability in financial transactions.

Scope

This policy applies to all employees who have been issued a company credit card.

Policy Guidelines

Credit Card Usage

1. The company credit card is to be used solely for business-related expenses that are directly related to and authorized for company operations.
2. Personal use of company credit cards is strictly prohibited.

Authorized Expenses

Employees may use the company credit card for the following authorized and reasonable business expenses:

• Travel and accommodation expenses
• Client entertainment and meals
• Office supplies and equipment
• Transportation expenses related to business activities
• Subscriptions or professional memberships relevant to work

Cardholder Responsibilities

1. Each employee issued a company credit card is responsible for keeping the card secure and preventing unauthorized use.
2. Cardholders must not share their credit card or account information with anyone.
3. Employees must retain and submit all receipts related to credit card transactions promptly to the finance department.
4. Purchases made with the company credit card must be in compliance with company purchasing policies.
5. Cardholders should review their monthly credit card statements for accuracy and report any discrepancies to the finance department immediately.

Card Limits and Approvals

1. Spending limits will be determined based on the employee’s role, job responsibilities, and budgetary guidelines.
2. Any purchases exceeding the approved spending limit must have prior approval from the appropriate department manager or supervisor.

Misuse and Consequences

1. Any misuse or abuse of the company credit card, including unauthorized personal use, will be subject to disciplinary action, up to and including termination of employment.
2. Employees found to be in violation of this policy may be held personally accountable for any financial losses incurred by the company as a result of their actions.
3. Misuse or fraudulent activity may also be reported to law enforcement agencies, if necessary.

Policy Review

This policy will be reviewed annually or as necessary to ensure its relevance and effectiveness. Any updates or amendments will be communicated to all employees.

Compliance with Laws and Regulations

Employees must comply with all applicable laws and regulations concerning the use of company credit cards. This includes but is not limited to tax regulations, anti-corruption laws, and data protection requirements.

Reporting Violations

Employees who become aware of any violations of this policy are encouraged to report them promptly to their supervisor or the designated compliance officer. Whistleblower protections will be provided for those who report violations in good faith.

Training and Education

All employees issued a company credit card will receive training on the proper use and policies related to it. Training will cover topics such as authorized expenses, cardholder responsibilities, and consequences of misuse. Refresher training will be provided periodically or as needed.

Record Keeping

Accurate and complete records of credit card transactions, including receipts and supporting documentation, must be maintained by the finance department. These records should be retained for the required statutory period.

Policy Acknowledgment

Each employee issued a company credit card will be required to read and acknowledge receipt of this policy. Their signature will indicate their understanding of the policy requirements and their agreement to comply with them.

Policy Enforcement

Violation of this policy may result in disciplinary action, up to and including termination of employment. The appropriate course of action will be determined based on the severity and frequency of the violation, with consideration for the overall impact on the company.

Policy Review

This policy will be reviewed annually or as necessary to ensure its relevance and effectiveness. Any updates or amendments will be communicated to all employees.

Remember, the intention of this policy is to promote responsible and ethical use of company credit cards, safeguard company assets, and ensure compliance with applicable laws and regulations.