Common mistakes to avoid when using Corporate Cards

Corporate cards streamline expense management, but mismanagement leads to compliance risks, policy breaches, and inefficiencies. SMEs using platforms like Peko can avoid pitfalls by implementing clear policies and automation from the start. 

Skipping clear policies

Failing to define usage rules, spending limits, and approved categories invites misuse and personal expenses on company cards. Without documented guidelines, reconciliation becomes chaotic, delaying financial closes. Peko's dashboard supports policy-based controls aligned with configured rules.  

Neglecting employee training 

Employees often mishandle cards due to unclear processes for receipts, approvals, or reporting, causing errors and delays. Training on secure usage and policy adherence helps reduce these issues, while Peko's mobile app supports receipt uploads and transaction tracking. Regular sessions can boost adoption and help reduce violations.  

Overlooking reconciliation 

Manual or infrequent matching of statements to receipts leads to overlooked errors, discrepancies, or VAT related inconsistencies. Automate with tools like Peko that sync transaction data to accounting software, helping reduce manual reconciliation effort. Schedule monthly reviews to catch issues earlier.  

Ignoring controls and limits 

Issuing unrestricted cards risks overspending; set per-employee, merchant, or project limits instead. Peko supports configurable virtual cards and controls that can help manage unauthorised or out-of-policy spending. Monitor near-real-time alerts for anomalies.  

Poor monitoring of usage 

Using cards without analytics misses optimization opportunities like reward maximization. Use Peko's reports for spend insights, spend monitoring, and policy tweaks. Review quarterly to refine controls and scale more effectively.