The Ultimate P-Card Program Scorecard

At PayStream Advisors, our ePayments research has consistently shown that increasing purchasing card (p-card) spending results in reduced paperwork, streamlined workflow and enhanced discount capture. We also continuously hear from AP managers that while they understand the benefits of implementing p-card programs, they’re not sure how to get started, or if they currently use them, if they’re achieving maximum benefit.

P-Card Program Best Practices

To help these AP professionals maximize their p-card usage, our analysts developed a convenient tool for self-scoring an organization’s p-card program. The PayStream Advisors P-Card Program Scorecard suggests best practices in the following 6 areas:

•  P-Card Program Planning and Implementation – It’s important that a program have a dedicated team in place to establish success metrics and monitor performance.

•  Policies and Procedures – We’ve provided the essential components your program policy should cover for maximum impact.

•   The Role of the P-Card Administrator – Find out how to establish and segregate the duties of your p-card manager and administrator.

•   Internal Controls Program – Cardholder training, remediation, action and escalation plans are critical to build a robust internal controls program to mitigate risk.

•   Auditing Techniques – Make sure you’re following best practices in monthly random auditing for payments over a certain amount, annual reviews and checking for duplicate and erroneous payments.

•  Program Expansion – Find new ways to extend p-card usage within the purchase to pay environment to ensure long-term competitive advantage.

Depending on the maturity of your p-card program, you can modify the scorecard to best fit your needs. You can use one or two of the categories or you can you utilize the entire scorecard.

Download the scorecard, print it out or fill it out digitally with the help of your team to make sure your program is functioning at optimal efficacy.

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