This training program will discuss how purchasing cards (P Cards) provide a means for streamlining the procure-to-pay process, allowing organizations to procure goods and services in a timely manner, reduce transaction costs, track expenses, take advantage of supplier discounts, reduce or redirect staff in the purchasing and/or accounts payable departments, reduce or eliminate petty cash, and more. It will also illustrate how a P-Card program can create additional fraud risk and requires robust policies, procedures, and internal controls.
P-Card usage is on the rise and so are the cases of P-Card fraud. Many companies have implemented P-Cards as a means to reduce invoice volume and increase efficiency within accounts payable department and within the Procure to Pay (P2P) cycle. But the increased use of P-Cards has resulted in additional risk which creates an enhanced focus on internal controls.
This webinar will spotlight the role of the P-Card administrator and will provide twenty best practices for detecting and preventing P-Card fraud that you can immediately implement at your company. This webinar will also provide examples of critical P-Card policies and procedures that can create an immediate impact in your organization.Areas Covered in the Webinar:
Chris Doxey, CAPP, CCSA, CICA is an independent consultant providing Internal Controls and Business Process Best Practice Solutions. She has held senior management positions in accounts payable, procurement, internal auditing, internal controls, Sarbanes-Oxley compliance, payroll, logistics, financial systems strategy, and financial integration at Digital, Compaq, Hewlett Packard, MCI, APEX Analytix, and Business Strategy, Inc. She was recruited to assist MCI (formally WorldCom) recover from their internal control challenges. She has a bachelor's degree in English, a bachelor's in accounting, a master's in business administration, and a graduate certificate in project management. Chris has written numerous articles and published two handbooks: AP Leadership Skills and Implementing a Controls Self Assessment Program for Your Account Payable Process. Chris presents at several conferences and provides a multitude of webinars each year.
Overall, purchasing card spending has continued to grow in a time of continuing economic challenges. Between 2011 and 2013, purchasing card spending in North America grew from $196 billion to $245 billion. Purchasing card spending growth in the past two years in the corporate segment was higher than the government and not-for-profit segment.
Going forward, purchasing card spending growth is expected to average 10.8% per year over the 2014-2018 time frame, increasing from $245 billion in 2013 to $377 billion by 2018. Companies project an annual average purchasing card spending growth rate over the next five years (12.4%) that is higher than that projected by government and not-for-profit respondents (8.8%). The two most frequently cited reasons for expected purchasing card spending growth involve greater targeting of vendors (both for plastic card and electronic accounts payable) and an increase in the number of employees given purchasing cards.
Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. TrainBanking would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.
Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.
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