Purchasing Cards (P-Cards) can lower operational costs by automating supplier payments and streamlining the overall procurement process. However, the newfound benefits and cost synergies created by empowering employees to make direct purchases can pose new risks. Increasing P-Card transaction volumes, coupled with fraud and misuse, can pose major challenges for senior management and other stakeholders who want to realize the complete benefits of the P-Card program, or to achieve program expansion.
In keeping with best practices for P-Cards, the CaseWare™ Monitor Purchasing Card solution provides an independent point of observation over P-Card processes, transactions and associated controls. The solution allows for the immediate identification of control breaches, fraud and money leakage, while ensuring data quality and providing feedback on key performance metrics across the entire P-Card process.
Accountability and accuracy
Ensure that cards are with the right personnel and that all payments are 100% accurate by identifying duplicate and erroneous payments as they occur, thereby improving recovery rates and eliminating the need for post-recovery audits.
Proactive management of errors
Immediately recognize P-Card abuses and errors and be in a better position to solidify merchant relationships. As a result, gain favourable pricing and reduce costs to help firmly establish the P-Card program.