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How Business Owners can Fight Rising Fraud

Daniel Kehrer — Fri, 26 Aug 2011 15:18:17 +0000

“Back office” and other types of financial fraud are rising at U.S. companies, and are hitting small businesses especially hard. Fraud experts point to the lingering effects of recession, cutbacks that have eliminated financial checks and balances at many businesses, and simple complacency as key reasons.

According to Joseph Wells, a CPA and founder of the Association of Certified Fraud Examiners, these three major risk factors can lead to fraud in a small business:

1) Inadequate screening of employees before they are hired. Doing background checks is advised.

2) Inadequate financial controls around record-keeping, bank accounts and how cash is handled.

3) Too much trust. Sadly, the very thing that makes a small business a nice place to work also helps thieves succeed.

Some common back office fraud schemes include billing for non-existent goods or services, creating fake vendors, writing checks to dummy businesses or taking kickbacks from vendors.

A recent survey of small business owners by TD Bank, one of America’s 10 largest financial institutions, found that 75 percent are taking at least some steps to protect themselves against financial fraud. But most aren’t doing nearly enough.

“It pays to be vigilant,” says Robert Dunlop, who heads corporate security and investigations for TD Bank. “Given the influx of new technologies available to small business owners, it’s important to learn about the latest techniques used by criminals, and to be more diligent in defending against fraud.”

Here are some tips for protecting your business against financial fraud:

Employ financial checks and balances. Perform an internal review of company finances monthly. Make sure payment amounts match all invoices, and check for missing documents. Running random audits or having a third party audit the books yearly shows employees that you are serious about fraud and deters would-be thieves.

Protect computer systems and practice web awareness. Being complacent about cyber protection has cost many small companies dearly. Every computer should have the latest firewalls and anti-virus software. Beware of “phishing” schemes that try to obtain confidential information from you or your employees. These usually take the form of an email that appears to be from a financial institution or service provider, but is fraudulent. While most are easy to spot, some contain enticing headlines or appear to come from a legitimate address.

Guard sensitive hard copy documents, too. The digital realm isn’t the only place your information is at risk. Employees and others can steal your mail, credit card information or checks. Printed financial statements and other sensitive papers should be shredded or stored securely. Most financial institutions now let you opt out of receiving paper statements entirely, so that’s something to consider.

Even innocent photocopiers pose risk. “Most copiers built since 2002 contain a hard drive that stores every image scanned, copied or emailed. When you sell or upgrade your copier, the machine is usually reconditioned, but often the hard drive is left intact,” says Dunlop. Once the machine is resold, anyone can simply pop out the hard drive and access confidential information such as income tax and bank records, social security numbers, and medical records.

Use secure online banking. Online banking is a secure way to manage small business finances. Most major banks now provide numerous levels of online security. Benefits include 24/7 access to real-time information, account transfers and payment management. You can easily schedule and manage payments and will have an audit trail of all transactions. Be sure to check account activity regularly. Having instant access to payment histories helps you monitor spending for any discrepancies.

Get proper insurance. Crime and fraud-related losses generally aren’t covered by property insurance policies, so it’s important to protect money losses from workplace fraud. “Fidelity Insurance” protects your business against criminal acts such as robbery, embezzlement, forgery and credit card fraud. Liabilities secured under this type of insurance usually include money loss coverage (burglary or theft) and employee dishonesty (embezzlement and forgery).

A Foolproof Framework for Hiring Perfect People

Daniel Kehrer — Thu, 23 Jun 2011 20:55:47 +0000

Here’s a motto every small business should live buy: Hasty hiring brings frequent firing. For most business owners, the hiring “process” includes posting a job opening, sorting resumes and hiring the first person who makes a god impression.

But the consequences of poor choices can be severe. If you keep an unproductive person on, you’re damaging your business. But when you fire someone you face administrative costs, possible severance pay and maybe unemployment compensation. Then you’ll have to pay to attract and traina new candidate. Meanwhile, you pay others overtime to take up the slack.

“It’s better to take your time and temporarily be short-staffed than to lower your standards,” says hiring expert Dave Anderson, who’s given over a thousand leadership presentations in 13 countries. Anderson’s key advice to business owners is to become better interviewers, and use the interview process in new ways to eliminate weak candidates and find the perfect fit.

Many interviewers throw softball questions at job candidates. You should toughen up that process and use it to eliminate or “knock out” candidates through smart, rigorous, values-shaped questioning. This turns hiring around. Instead of it being an inclusive process, it becomes an elimination event. “The knockout interview begins before you ever meet a candidate,” says Anderson. “In fact, your goal is to avoid face time as much as possible. From the very first resume, start looking for reasons to cut individuals from consideration.”

Stop believing you have to see large numbers of applicants to find the best one. You don’t. It’s exhausting and unproductive to interview lots of the wrong people. Make as many cuts as you can with an initial phone interview. Here are five tactics that will save you time and help you find perfect hires more quickly:

1. Look for an ability to be faithful in the little things. When it comes to making great hiring choices, no detail is too small. How well a person performs on little things is indicative of how well they’ll perform on big ones. Start evaluating this capability when the first résumés arrive. As you read them, look for reasons to put some in the “reject” pile, keeping in mind that you want to uphold your organization’s standards of excellence.

2. Make sure the candidate has the basic ability to do the job. In addition to making sure that candidates communicate clearly and respectfully, your task is to ensure they can fulfill the core, non-negotiable requirements of the position. For example, you may want to ask applicants if they’re available to work certain days or hours, or if they’re comfortable performing specific tasks.

3. Let them do the talking: It’s an interview, not a monologue. Many business owners try to put job candidates at ease by doing most of the talking and spending much of the interview telling the candidate about the company. Your job as leader, however, is to assess an applicant’s character and competency. Don’t be intimidating or overbearing, but keep in mind that your goal is to evaluate the prospect’s accomplishments, because past performance is far more telling than past experience.

4. Consider their journey, not just their current location: Don’t judge applicants strictly by the career “level” they’ve reached. Dig deeper to determine how they got to where they are. You may be surprised at what you find. Some people are given a generous head start in life, while others have been forced to navigate many obstacles. These candidates may have faced the kinds of challenges that can forge greater strength of character and persistence.

5. Share your core values before hiring. The objective of the knockout interview formula is to find a reason to say “no” to a job candidate. By sharing your core values with applicants, you may find that some knock themselves out for you. Describe your organization’s core values and behavioral expectations before extending an offer. Let applicants know that you have non-negotiable standards for integrity, teamwork, attitude and attention to detail. Then describe what these behaviors look like in practice.

This formula works because it forces candidates to show through their actions that they have initiative, really want the job, and can be an asset to your business.

How to Defuse Workplace Conflicts

Daniel Kehrer — Thu, 02 Jun 2011 22:04:42 +0000

Workplace conflicts can sap energy from any small business. Whether it involves employees, vendors or contractors, getting such issues resolved is critical to smooth sailing. Business managers overall spend an estimated 40 percent of their time dealing with conflicts both big and small.

That’s just normal, since disagreements, disputes and honest differences exist everywhere. For small business owners and entrepreneurs, the key is this: By treating conflicts as catalysts for increasing energy and productivity, you can turn them from negatives into positives. Here are five ways to make workplace conflicts constructive:

1. Don’t be a mediator. Many small business owners and managers try to be neutral party mediators in workplace conflicts when in fact that’s not their role. Your obligation is to the interests of the business and others who work there, and you need a combination of skills, structure and finesse to express (and impose) your own view on how things need to be.

2. Open with an icebreaker: Most people are ready to complain, debate or argue at the outset of any conflict. They’ve conjured up their best arguments and are ready for battle. For best results, don’t go straight to the topic of the controversy. That will only get people stuck in their positions. “You need to do something different,” says Steven Dinkin, president of the National Conflict Resolution Center, which helps teach conflict resolution skills. What you need is a way to open a conversation about difficult issues in a non-threatening way.

An icebreaker is not idle chit-chat, but a smooth transition. The ideal opener might ask for a person’s own take on something both work-related and positive. For example, if the conflict involves two workers involved in the same project, ask each of them how they became involved and what they hoped to achieve.

3. Listen closely. Sometimes what you don’t say is more important than what you do. Good outcomes come from listening carefully to others. This sends a positive message that you are genuinely concerned. And it’s simply the best way to get to the bottom of what’s really going on. “To get this going, ask an open-ended question,” says Dinkin. Then listen carefully to that person’s side of the story. Quickly re-insert yourself into the discussion if it turns negative.

4. Use and encourage positive language: Any frustrated business owners knows how easy it can be to slip into negativity after a conflict erupts. Always think before you speak. “Remember, it’s a conversation, not a trial,” says Dinkin. “If you keep the language positive, whoever you speak to will likely mirror what you’re doing. Even the needs of the business can be expressed I positive terms, which will lead to a better tone overall.” For example you can say, “This is affecting the entire business, and we need to address it so we can get everyone focused back on our goals.” When you keep things positive, you can work toward great solutions efficiently and effectively.

5. Aim for SMART conflict solutions: Your goal is not just to defuse a situation in the near term, but to come up with a sustainable answer to the problem. That requires the so-called SMART approach that has the following qualities:

Specific: Be clear about who will do what, when, where and how.

Measurable: Establish a way to tell that something has been done, achieved or completed.

Achievable: Whatever solution you come up with needs to fit the situation and be doable by those involved. In short, don’t set anyone up to fail.

Realistic: Check calendars for holidays and vacations; look at past performance to predict future actions and allow time for glitches and delays.

Timed: Set reasonable deadlines and target dates and provide necessary tools and support to meet those targets.

And finally, “Once you have your smart solutions, quickly put them in writing,” says Dinkin. “It’s the best way to keep people’s memories in line with what everyone agreed on.”

How to Create a Winning Business Culture

Daniel Kehrer — Sun, 29 May 2011 21:17:52 +0000

When a once-growing business stumbles, the cause is sometimes an overlooked culprit: the company culture. Many good businesses with solid ideas, a great market and talented people start to lose their grip on growth after failing to win victories that seemed within grasp. Slowly, the “win or die trying” mentality gives way to deciding how best to fail.

This saps energy from the business as people stop believing they can be successful. “There is no obvious moment when the danger of failure becomes clear,” says leadership expert John Hamm. “But there is a moment when a business enters the risk zone—when challenges arise and there are no clear answers. It is at this fork in the road that business owners must intervene with specific messages and actions aimed at getting everyone back into the winner’s mindset.”

Here are seven ways to keep a culture of winning alive in your business:

1) Set reasonable goals: There’s a thin line between an invigorating challenge and a deflating expectation. Business owners – and especially hard-charging entrepreneurs – should realize that not everyone may share their level of maniacal commitment. Sure, top performers are often inspired by stretch goals. But goals that are clearly beyond a reasonable expectation of success are worse than easy goals—they can actually damage your company’s energy.

2) Avoid the trap of “pseudo-wins.” Everyone likes to reward small wins. And that’s great. But it becomes a problem when that’s all there ever is and everyone starts to major in minors. In other words, keep your perspective. It’s easy to lose sight of what’s really important, and where the wins are most needed. The danger in seeking minor wins all the time is that when everyone seeks those small satisfying moments that can be gained from simple tasks, nobody tackles the tougher jobs.

3) Banish lame excuses. Every workplace has the equivalent of a “the-dog-ate-my-homework” excuse. Don’t buy it. Some tolerance is required, but there should be clear lines as to what’s acceptable and what isn’t. In other words, define clearly what success looks like so there’s no confusing it with something that is really a failure. Huge amounts of energy are expended on complex excuses and playing the blame game. Shortfalls are certain; and expected. But what you want is an insightful explanation for the gap so the problem can be fixed.

4) Don’t tolerate sloppiness. The nice guy in all of us wants to avoid the perception of being a hardcore drill sergeant and will politely overlook a cut corner, incomplete report or other shoddy work. But sloppiness often stems from laziness or simply not having enough pride in the finished product. Successful businesses don’t allow sloppiness because they know it equals death.

5) Discourage data fudging: Achieving and measuring victories often requires interpreting data of one kind or another. But data can be interpreted to fit whatever you want it to fit. This “editorialized data” is a big danger. Business owners, as eternal optimists, have a tendency to signal their dislike of bad news. When that happens, others will begin to shape and color the data to meet your expectations and needs. Feedback becomes corrupted and the likelihood of success begins to plummet.

6) Measure what matters: The right metrics will help enormously. Look for reality – not what you simply expect. Measuring what matters is critical to successful execution. Once your plan is set and underway, you must rely on feedback (metrics) to make course corrections along the way.

7) Make your commitment to winning absolute: “A tolerance for excuses, corrupt data and a distorted view of what is really happening ‘out there’ is akin to boiling a frog one degree at a time,” says Hamm. “The frog can’t tell how hot the water has become until it’s too late.” You must avoid the rationalization that occurs when winning seems out of reach and keep your commitment to making it work.

A New Dental Discount Plan for Small Business

Daniel Kehrer — Sat, 21 May 2011 00:20:15 +0000

When it comes to offering a dental insurance plan as an employee benefit, most small business owners have to pass on affordability grounds. Cheap or low-cost dental plans are nowhere to be found. But low-cost, easy-access dental discounts plans are something worth chewing on, and a newly launched service called Brighter is providing a way for small businesses and even startups to offer employees access to deep-discount dental services for a tiny annual fee.

The Brighter Small Business Plan – at an annual cost of just $49 per employee (that could easily be a monthly charge under most insurance plans) – can save that and then some in a single dentist visit. Overall, Brighter estimates that employees and family members can cut their dental costs in half, with no limits on dental visits and discounts of 54-65% on all procedures, including exams, cleanings, x-rays, fillings, crowns, extractions, root canals, TMJ, broken teeth and bridges.

Brighter’s mission, in part, is to help provide affordable dental care to small businesses and employees who don’t have access to or can’t afford dental insurance. And Brighter, a startup itself, walks its own talk by encouraging its employees to take time out of the work day to visit a dentist during a designated week every six months.

What’s more, with Brighter you aren’t stuck with choosing a dentist from someone’s narrow, pre-defined list. Brighter gets patients the best possible price on dental care through a partnership with Careington International, a leading provider of dental discount plans. Careington has negotiated up to 60% discounts on nearly every procedure with over 25,000 dentists in 87,000 locations across the United States.

The prices you see on Brighter are the prices you will pay to that dentist – no asking for estimates or waiting until the end of the visit to find out how much you owe. And since you can see exactly what a procedure costs on the Brighter website, you can also shop around for the absolute best dental deal. And since finding a trusted local dentist can be difficult, Brighter also lets members plug into social media sites to find and select a dentist based on recommendations from friends in their personal networks.

The Brighter basics are simple:

Find a Brighter dentist from the network, online.
Join Brighter to tap into the member discounts.
Pay your Brighter dentist directly.

With Brighter, business owners can build a cost-effective, do-it-yourself (DIY) dental plan that will give employees something to smile about.

Here’s the list of Brighter cities and states:

A Cheap and Easy Time and Attendance Solution

Daniel Kehrer — Wed, 04 May 2011 18:27:36 +0000

Small businesses that use remote workers, independent contractors or other off-site employees need a time and attendance or time clock service that they can log into at any time and see when their workers punched in for the day. Labor Time Tracker (LTT) is an easy-to-use, web-based (cloud computing) employee time and attendance service that uses either plain old phone punching (regular telephone service) or an Internet-connected PC to track time for a small or medium sized business.

LTT replaces hand written timesheets and helps decentralized (mobile) employees punch in their time using a standard phone or any internet enabled device. It’s a fast and smart way to track employee or contractor time for job costing as well as payroll. Types of businesses and organizations using Labor Time Tracker vary widely, from farms in Iowa to the U.S. Drug Enforcement Agency (DEA).

Labor Time Tracker is a great “time clock” for field labor and other employees in industries such as healthcare, construction, government, janitorial and security guards services. What’s more, the system is in both English and Spanish.

Features of this low-cost system rival those of more expensive time and attendance solutions and software used by big companies. It was built for the web from the ground up, so it’s super fast. Ogther features include these:

Unique in/out board lets you know where employees are and when they will return
Can be used for 1 to 10,000 employees
Can accommodate multiple locations
Offers multiple access levels and security features
Auto-adjusts for daylight time
Supports all US and international time zones
Employees and supervisors can digitally sign and approve timecards and export to accouinting or payroll
Notice posting lets you send messages to individual employees or entire groups
Allows punch-in from any computer, or via cell or land line phone
Rounds punches to nearest minute, 10^th or quarter hour
Prevents workers from punching outside schedule
Automatically deducts lunch minutes from a timecard and/or adds payable break minutes to timecard
Accommodates multiple in/out punches daily
See a complete list here

The cost is $4.95 per employee, per month. And since it’s cloud based, there are no setup fees, license fees, training fees, support fees or contracts. A free trial is available at the website.

5 New Keys to Cutting Small Business Health Insurance Costs

Daniel Kehrer — Tue, 26 Apr 2011 18:56:26 +0000

Health insurance remains as expensive, confusing and out-of-reach for most small businesses as ever. If your business already has a health insurance plan, you probably know that costs keep rising. And if you don’t, all of the talk about health insurance reform so far has probably only made your business even more befuddled. And now this: A new survey by eHealthInsurance.com shows that less than 20% of business owners believe they’d find better benefits if they shopped for health insurance this year.

But hidden in the health insurance fog are some valuable benefits and cost-saving opportunities – plus potential pitfalls you should know about. Basically, small business owners who haven’t boned up on the latest changes could miss out on important chances to save money. Recent changes now in effect can help you get better benefits for little or no additional cost, including free preventive care screenings. There are also big-dollar tax breaks that can benefit some businesses with existing plans (see Claim your Small Business Health Insurance Tax Credit).

And here’s something else you should know: Insurers in many states are looking to attract more small businesses and have started offering lower rates to new customers, which means your business may be able to save money by switching carriers this year. Here are five key to getting the most from your small business health insurance right now:

Take advantage of recent changes: In addition to new small business tax breaks, health reform has mandated new benefits in plans now being offered that include preventive care screenings at no cost, and no lifetime limits on your health coverage. But watch out: If your business bought health insurance before reform passed in March 2010, your plan is probably “grandfathered” under the old rules and won’t provide the new benefits. While the new benefits won’t lower your premiums, they don¹t seem to have increased prices for small group plans either. And free screenings might head offer bigger health problems later, saving your business money in the long-run. Plus, small business owners no longer have to worry about one employee’s illness maxing out the coverage on the entire plan.
Customize benefits to costs: Ask employees what benefits they really need and want, and construct a health plans that gives them only the benefits they are willing to help pay for. (Always keep in mind, however, that it¹s illegal to ask employees to provide specific information about their health history or what kinds of benefits they use most.) But, you can find out if they¹re interested in chiropractic care or dental insurance – benefits they could pay for on their own. You might also create an anonymous survey to find out what benefits they value most, or if they¹d prefer higher monthly premiums with low deductibles, or vice-versa.
Share the costs: Consider the possibility of having employees contribute to monthly premiums, especially if they want broader benefits. According to the eHealthInsurance survey, many small employers are still unaware that they can have employees share the cost of monthly premiums.
Investigate new health coverage options: More and more small business owners are exploring plans that include Health Savings Accounts (HSAs) and Flex Spending Accounts (FSAs). Such plans often come with higher deductibles, however, which many employees fear. Under many new plan designs, it is now easier for employers to contribute to an employee’s HSA account and eliminate that fear of a high-deductible, while still saving money.
Shop for different insurers: It’s tempting for time-pressed small business owners to shop once for a plan and move on. And some business owners stay with a long-time insurance provider on the mistaken assumption that their favorite doctor or hospital only accepts the plan they have. But it’s a good idea to re-shop for coverage every two or three years to be sure you¹re still getting the best deal. Big companies switch all the time to save money, and you should too.

Essential Guide to Hiring Teens for Summer Jobs

Daniel Kehrer — Sun, 10 Apr 2011 17:05:47 +0000

About four million teenagers will hold summer jobs in the U.S. this year. If you plan to be among the millions of small business owners who provide those jobs it’s important to know the special rules that govern teenage workers.

Government statistics show that young workers suffer a disproportionate share of on-the-job injuries. According to the Occupational Safety and Health Administration (OSHA), at least 160,000 teens suffer work-related injuries or illnesses each year; about a third requiring emergency room treatment. That can put your business at risk. And many injuries occur in businesses you might not think of. For example, more than 75% of incidents happen in the retail and service industries – not sectors usually considered more injury-prone such as manufacturing and construction.

Young workers – especially those in their first summer jobs – are at greater risk of workplace injury due to inexperience. And also because, well, they are teenagers who may hesitate to ask questions (my own teens know everything, so why bother to ask?) and may fail to recognize workplace dangers.

Here are 10 teen hiring essentials:

1. Review federal and state laws on teen employment — especially the rules on what types of jobs teens are allowed to perform, and which ones they aren’t. Many small businesses, and especially those just starting out, aren’t sure what’s required of them, or where to look for help.

2. The Fair Labor Standards Act (FLSA) sets minimum wage, overtime pay, recordkeeping, and child labor rules affecting full- and part-time workers in the private sector. The rules vary depending on the age of the young worker and his or her duties. But two things are certain: a) Once an employee is 18, there are no Federal child labor rules, and; b) Federal child labor rules do not require work permits.

3. Dozens of private suppliers sell OSHA compliance materials, and there are many safety consultants to choose from, available easily online. But your best starting point is OSHA’s small business website which offers abundant assistance. Visit: www.osha.gov/smallbusiness. Check out Compliance Assistance Quick Start, which helps new small businesses understand the rules and find the right resources.

4. The Department of Labor has a special website devoted to the rules of youth employment called Youth Rules at www.youthrules.dol.gov. Here you’ll find information and links to almost everything you need to know about both federal and state rules and limits on the hours teens are allowed to work, and jobs they can perform, including key information on age requirements, wages and resources for young workers.

5. Another helpful government site called Young Workers has a wide range of information on summer job safety for specific sectors such as construction, landscaping, parks and recreation, life guarding and restaurants. Under landscaping, for example, you’ll find tips on preventing injury from pesticides, electrical hazards, noise and many others.

6. The small business FAQ section is a must. It includes a long list of the most common questions small business owners have about hiring teens, along with dozens of links to detailed answers.

7. Restaurants rank especially high among industries at risk for teen worker injuries. OSHA even has a special website devoted to safety for teen workers, covering areas such as serving, drive-thru, cooking, delivery and others.

8. Hours and Age Restrictions: For teens employed in non-agricultural jobs, restrictions on hours and jobs include these:

Minimum age is 14.
Those 18 or older may perform any job (hazardous or not) for unlimited hours.
Youth 16 or 17 may perform any non-hazardous job for unlimited hours.
Youth 14 and 15 years old may work outside school hours in non-manufacturing, non-mining, non-hazardous jobs. They cannot work more than three hours a day on school days; or more than 40 hours per week when school is not in session.
During the school year, 14- and 15-year-olds may not work before 7:00 a.m. or after 7:00 p.m. However, during the summer that’s extended to 9:00 p.m.

9). State labor laws can differ. Check the list of State Labor Offices to find the appropriate agency in your state.

10. Before you assign a job to a minor, be sure that it is allowed by law. If you have a specific question regarding the job which you are hiring a minor to perform, contact the Department of Labor’s toll-free help line at 866-4US-WAGE (866-487-9243).

Rules and Benefits of Employee Credit Cards

Daniel Kehrer — Wed, 30 Mar 2011 16:46:05 +0000

Sooner or later, growing businesses face this decision: Should certain employees have their own company credit cards? While many biz owners are psychologically opposed to issuing plastic to employees, business credit cards can actually be big time and money savers. They greatly reduce the number of checks you have to write, provide detailed and itemized expense documentation, and reduce the frequency and cost of employee expense report reimbursements.

They can also save the day. Say, for example, you have a big presentation first thing tomorrow morning. You send your key employee to pick up the finished presentation materials at the printer, which closes in an hour. Your employee shows up with a signed check for the original quote, but the final total is higher. What now? If your employee has a business credit card, you wouldn’t have to cut a check in the first place, and there’d be no problem.

Still, there are a several factors to consider when entrusting employees with a business credit card. Here are three rules that business owners should consider when issuing company cards:

Set spending limits: Often, the best way to prevent credit card abuse among employees is to set tight spending limits and “merchant category codes” (MCCs) to limit areas in which employees can spend money on the card. For example, American Express offers MCC blocking of 281 standard individual and 28 proprietary predefined groups of codes. By using this feature, business owners can allow employees to spend only with merchants in specified categories. You can also link card holders to a list of MCC codes and enable them to spend at any establishment other than the merchants in the codes listed. You can even restrict spending to specific merchants or locations by using Preferred Supplier Lists.
Issue guidelines and a written company policy: In other words, do not assume employees know their limits when it comes to credit card spending. Ask employees to read and sign a written agreement that states compliance with the company’s rules for using credit cards.
Review statements regularly: Regardless of trust in employees or any signed company policies, it is important to remain aware of employees’ spending. Conduct regular reviews of credit card expenses. It’s easy to do online where you can see precise details of every transaction. Also ask employees to provide receipts and to reconcile their spending monthly. Immediately bring any questions or concerns to the employee’s attention.
Capture points and rebates: Using company credit cards is also a great way to consolidate business purchases, earn points and capture extra discounts.

For free comparisons of business credit cards that can help your company expand and save money, visit the business card section at CreditDonkey. You can search, compare and apply on the website, finding the best business credit card for your needs. Card issuers, such as American Express, sometimes offer extra cards on existing accounts at no additional charge for business customers in good standing.