Compliance

How Virtual Cards can help company compliance

By using Virtual Cards, company policy compliance work can be done up front. Since each digital sequence is a one-off, you can set precise controls and configure exactly how much the traveller can spend and when. You can also pre-set and restrict which type of supplier they can use Virtual Cards with, such as hotels only. For more information on how Virtual Cards can help compliance, read below:

1. REDUCE THE NUMBER OF COMPANY CARDS

Company charge cards can create significant compliance issues. These cards are usually automatically cleared monthly, making the spend difficult to reconcile. Evidently, the more cards in circulation, the bigger the problem. By using Conferma’s Virtual Cards system, a client can reduce to a single charge account from which all Virtual Cards are generated. This removes the need for individual cards to be held.

2. AUTHORISATION REQUIRED

Virtual Cards can be set to request authorisation by a member of the finance team or line manager (or selected approver) for any spend, or any spend above a certain threshold, by the user. This reduces the opportunity for 'rogue' spend and ensures that all former ‘card’ spend is now ratified by the Virtual Cards system before it happens. This demonstrates good control in practice.

3. CORRECT COST ATTRIBUTION

When a client sets up WebPay, it is possible to integrate any number of bespoke fields. The bespoke fields enable relevant data to be captured whenever a new Virtual Card is created. These fields are client specific and may include: job number, client code, product code, employee number etc. This data enables the spend on that Virtual Card to be easily and accurately matched and reconciled.

4. 100% RECONCILIATION

Conferma's Virtual Card reconciliation tool 'SNAP' takes control to another level. It allows your clients to input further details relating to their expenditure, including electronic copies of invoices, so they can be allocated to the correct area within their accounts.