Mitigate risk and assess the fraud potential of payment cards with a complete look at strategy, policy, and procedures.
Most organizations recognize that many check payments made for low-value items to a large number of suppliers is a costly and inefficient process. The transactional, or processing cost, of using a traditional procure-to-pay process, often requiring a requisition, purchase order, invoice, and check payment, is costly and inefficient. Many times, the cost to process small dollar purchases can exceed the value of the item being purchased. To create a more efficient process, many organizations have switched from these traditional methods to a purchasing card system and have seen savings ranging from 55% to 80% in processing costs. Purchasing Cards provide a means for streamlining the procure-to-pay process, allowing organizations to procure goods in a timely manner, reduce transaction costs, track expenses, take advantage of supplier discounts, reduce or eliminate petty cash payments, and gain general overall resource efficiencies. A Purchasing Card (P-Card) is a type of commercial card that allows organizations to take advantage of the existing credit card infrastructure to make electronic payments for a variety of business expenses. A successful Purchasing Card Program starts with thorough planning long before the program is implemented. This topic will provide you with vital information to illustrate the anticipated savings, risk and mitigating controls, and resources needed to make the busi-ness case for initiating or growing a viable Purchasing Card Program.
Learning Objectives
- You will be able to define how Purchasing Cards work and how to align your Purchasing Card Program with company strategies.
- You will be able to describe the methods that can be used to mitigate risk associated with implementing an effective P-Card Program including auditing and reconciliation best practices.
- You will be able to discuss how to develop, manage and grow a viable P-Card Program.
- You will be able to explain the benefits of using a P-Card Process.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
| Purchasing | |
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| Purchasing Cards | |
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| Mitigating Risk | |
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| Virtual P-Cards | |
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
Live Webinar Registration
- AIPB 1.0
- This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- ISM 1.0
- Participants who successfully complete this program will receive 1.0 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
CPE 1.2 including Management Services 1.2
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Management Services for 1.2 hours. Prerequisite: basic knowledge of purchasing contracts. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
OnDemand Course
This course was last revised on January 18, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 1.0
- This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- ISM 1.0
- Participants who successfully complete this program will receive 1.0 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Who should attend?
This live webinar is designed for purchasing managers, material managers, presidents, vice presidents, business owners and managers, CFOs, controllers, accountants, contract administrators, buyers, government officials, bookkeepers, and attorneys.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Larry Hammond, Sr.
V1H Consulting
- Principal with V1H Consulting
- Through his workshops, strategy sessions, and keynote addresses, he focuses on help-ing organizations that are stuck in the way it has always been done, thinking without ever achieving true satisfaction, to transform
- By producing an organizational culture that creates a contagious leadership environment, helps organizations to achieve maximum performance, increase employee retention, and heighten employee engagement
- More than 20 years of senior leadership, coaching, training, and development experience
- Mentor in business, marketing, sales, human resources, entrepreneurship, and leadership in public agencies and community organizations
- Facilitated management and employee feedback sessions
- Coaches leaders and managers in public and private industries around team building and culture development
- Developed, delivered, and evaluated a variety of training seminars, including, customer service, change management, strategic planning leadership development, and public speaking
- Provided leadership training to Leadership Pasadena, a leadership program that empowers, inspires, and connects leaders who strengthen a diverse community
- Designed, developed, and delivered management and leadership programs for manag-ers in the public, private, and nonprofit sectors that helped clients improve employee and organizational performance
- Certified in Managing Organizational Change (MOC)
- 34 Strong Certified Strengths Coach
- Completed graduate courses in public administration from Catholic University, Washington, D.C., and in information technology, University of the District of Columbia
- M.A. degree in public administration, The Tseng College-Graduate, international, at California State University, Northridge; B.S. degree, Clark Atlanta University, Atlanta, GA
- Can be contacted at 626-379-4108 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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