USA Startup CC Reconciliations

[JoshB]

Hi all,

I just started working at a startup, and they don't really have a credit card policy in place. There is one CC that gets passed around to about 10 different employees, and it is up to me to chase after them for receipts so I can reconcile the CC. Being that this is a terrible process, and basically no one has responded to my email, I've been brainstorming different ways to make this easier on me. First, I thought about creating a list in excel that before the CEO hands out his card, the person using it has to put in the vendor, amount, and their name. Then I thought this probably would just get brushed aside being a hectic startup environment where no one has time. Next, I was thinking if the CEO could ask his bank to issue multiple cards to the different users. My question here is does anyone have any suggestions on a good control for this?

Thanks,

Josh

 

[kirby]

1. Recognize that this situation is way out of control and it appears at your level you can do zero to '"require" folks to do something.
2. Since getting receipts is out of your control instead issue a periodic report to CEO showing "missing credit card receipts' with enough detail to point to the person who likely used it. I would not "name names" in that report. CEO can figure that out.
3. Yes, individual cards would help. Better would be cards issued to the company but the credit is in the name of the cardholder - not the company. So the cardholder has to file an expense claim. You will get receipts then!

 

[JoshB]

Yeah, I'm just the Senior Accountant, and like you said I think it would be a little much if I go after all these directors, managers, etc. I heard that multiple cards could be issued even on a personal cc. I send out two reports every month with outstanding receipts, and it usually gets ignored by most until I tell the CEO that I can't complete the close without these receipts. I think that I'll suggest the multiple cc idea, and see what happens. Thanks, Kirby!