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What goes in a company credit card policy?

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Q. I work for a nonprofit agency. We plan to start using an agency credit card. We need a policy that covers who can use the card and when, plus some other things I haven’t thought of yet. What should the policy include?

A. Make clear that only reasonable business expenses may be charged to the card—and that any other charges are the employee’s responsibility.

You might consider having employees authorize you to deduct from their paychecks any amounts owed on the credit card that are not authorized expenses or for which required documentation hasn’t been submitted.

Finally, your policy should state that misusing the card or failing to pay an outstanding balance can lead to discipline, including termination of employment.

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