Never Give Company Credit Cards to Your Employees.

 

Never provide company credit cards employees.
Never give company credit cards to your employees.

Never Give Company Credit Cards to Your Employees. One of my turnaround clients, a geotechnical engineering firm, owned 180 pick-up trucks. The trucks were for their employees to travel to the construction sites to do their engineering inspections. The company issued gasoline credit cards to all the inspectors to purchase fuel and oil for the vehicles. The company never reviewed the invoices from the credit card vendor reporting the monthly purchases.

Never Give Company Credit Cards to Your Employees.

When purchasing gas for the trucks, the employees were supposed to enter the mileage of the vehicle each time at the gas pump. The credit card software would then calculate:

1) the driven miles since the last gas purchase and,

2) the average miles per gallon of gas since the previous purchase.

This credit card software was an excellent control for the company. It was an internal control to ensure that the card was not being used to buy gas for the employee’s vehicles. Since the company did not enforce the employees to record their vehicle mileage, the control was useless.

Upon reviewing the credit card monthly statements from the vendor, I found employees were using the card to buy gas, oil, beer, candy, and food at the gasoline station when they were only permitted to purchase gas or oil only.

One employee purchased over $4,800 of gas with the company credit card over two months. He was using the card to fill up his friend’s cars with gasoline and then collecting the cash from them.

Never Give Company Credit Cards to Your Employees.

My name is Robert Curry, and I am an Author, CEO Coach, Keynote Speaker, and Turnaround Specialist. Over the past 20 years, I have worked with more than 70 companies taking their businesses from Loses to Profits.

Please click on the links below to read my other articles about business like this one – Never Give Company Credit Cards to Your Employees.

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I have recently published two books about turnarounds: “From Red to Black – A Business Turnaround” and “The Turnaround.” Both books are true stories about turnarounds of real companies that I have turned around during my career. In both books, I have shared all my Profit Improvement Recommendations (“PIR’s”). PIR’s helped to grow sales, reduce expenses, improve cash flow, and most importantly, strengthen the management teams.

If the information in this article Never Give Company Credit Cards to Your Employees. helps you, your family or a business associate, please email me at bob@ceorsc.com and share with me the story.

If you would like to purchase either or both books autographed by the author, please click on the following link: Redtoblackbooks.com.

From Red to Black & The Turnaround
"From Red to Black" & "The Turnaround"


To our clients, past, present, and future:

I am Bob Curry, an author, and owner of CEO Results Coaching. It is incredible how often we hear a similar message and experience the same issues from new clients. Owners/CEOs feel like they are on an island with no one to turn to for advice. Unfocused employees are draining the company of its energy and funds, and sales teams have forgotten how to close deals. These clients say, in a desperate tone, “Bob, this just isn’t what I envisioned.” Our role is to refocus their efforts, so they can resurrect the original passion and vision that motivated them to start their company. The results, sales, and profits increase sales and profits, plus the ability to manage growth successfully.