Developing a Preventative and Sustainable P-Card Program
College and University Auditor article, by Andrew Simpson, MBA
Purchasing card (P-Card) spending is on the rise, particularly among colleges and universities. The use of P-Cards is expected to increase 62 percent by 2018 reaching $377 billion, according to the 2014 RPMG Purchasing Card Benchmark Survey. The expansion of P-Card programs and use is expected to continue given the myriad of benefits P-Cards offer including streamlining the procurement-to-pay process, lowering operational costs and taking advantage of supplier discounts. Originally, P-Cards were used for small dollar transactions to help reduce or eliminate the need for petty cash. However, while P-Card use has grown, it has become increasingly challenging to maintain compliance as organizations struggle to gain insights into their program. Analyzing high transaction volumes using spreadsheets and manually reviewing receipts becomes labor-intensive and inefficient.
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