One of the biggest changes in the business world over the past decade has been the implementation of purchase cards (P-Cards), which in many cases replace credit cards in being issued to employees who are responsible for making purchases or payments on behalf of their employer. P-Cards are different than credit cards, however, in that they offer more detailed information than you would find in a standard credit card statement.
P-Card statements provide all the information you would expect on an invoice, such as a description of the items purchased, number of items purchased, total tax paid, etc., leading to significant cost savings because this level of detail can eliminate the need for invoices and, if the information is received electronically, a business can reconcile P-Card statements with a purchase order in an automated environment. Some of the other advantages of P-Cards are that they can help improve supplier relations, reduce the cycle time of purchasing transactions, and restrict unauthorized buying.
However, P-Cards have become a real challenge for organizations required to report and pay state sales tax on certain purchases, and at this year’s Fusion conference, Gina Kelly, Director of Accounting Services at Graybar Electric, and Jeff Haller, Managing Partner and CEO of DataServ, will discuss how Graybar, a Fortune 500 company and leading North American distributor, is addressing this issue through enhanced P-Card reporting and intelligent workflow to reduce the company's risk, ensure accurate payments and reporting, and provide superior auditability of all P-Card purchases. Fusion is conducted by The Institute of Financial Operations and is the premier conference and training event for financial operations professionals. This year’s conference runs from May 5-8 in Dallas, Texas at the Gaylord Texan Resort and Convention Center. Gina will be presenting her session, titled Your Company Implemented P-Cards -- Now What?, on May 7 at 10am.
You can download a copy of this presentation here.