{"id":228,"date":"2011-10-14T12:33:13","date_gmt":"2011-10-14T12:33:13","guid":{"rendered":"http:\/\/www.peeriosity.com\/articles\/?p=228"},"modified":"2022-04-14T23:45:29","modified_gmt":"2022-04-14T23:45:29","slug":"purchasing-card-management-recent-advances-for-transformation","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2011\/10\/purchasing-card-management-recent-advances-for-transformation\/","title":{"rendered":"Purchasing Card Management – Recent Advances for Transformation"},"content":{"rendered":"

Several viable alternatives exist for efficiently managing Purchasing Card (\u201cPCard\u201d) receipts, each with its own set of advantages and disadvantages. A recent Peeriosity webcast within the Corporate Card research area<\/a> highlighted some of the best practice methodologies that a number of our members have implemented, realizing both cost savings and increased compliance.<\/p>\n

A poll of participants indicated there are a few different practices in regard to receipt management. Currently, 32% are sending original physical receipts<\/a> to a central location, while 27% are maintaining original receipts within a department or business unit.<\/p>\n

\"receipt<\/a><\/p>\n

The follow-up poll question related to the biggest challenge in managing receipts and, as you can see from the even dispersion of the results, challenges abound:<\/p>\n

\"results<\/a><\/p>\n

The webcast was highly interactive and it was apparent that the use of technology as an enabler to improve the process was a high priority at many organizations within the Peeriosity membership<\/a>. Many indicated that they have converted, or are in the process of converting, to paperless receipt management systems that will drive efficiency and significantly improve compliance. Many others indicated that while they realize solutions exist, it was difficult at best to make the business case for a transformation at this time.<\/p>\n

Our webcast feature company is one of those organizations that reviewed their entire \u201cCard Management<\/a>\u201d work processes and, within approximately one year, revised the methodology completely. One of the catalysts for the initiative was a receipts assessment and audit done in conjunction with their internal audit group. The results identified (and confirmed) that not only were there opportunities for increasing the receipt compliance rate (running in the low 70% range), but that there were savings to be realized as well.<\/p>\n

Many of those on the webcast had already taken the steps:<\/p>\n