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When you grow in transactions and have many low-dollar transactions, the cost of processing transactions could be higher than the expense being paid. You might also face this when you may be purchasing cheaper consumable items from one-time vendors. Understanding the cost of processing is critical as that allows you to introduce different strategies for such transactions. One such strategy is to introduce a P-card for your low dollar volume transactions, which enables companies to process transactions without creating vendor records or going through an invoice matching process.
In today's episode, we have our guest Scott Engelking, who describes why companies should be implementing a P-card program for their low-dollar transactions to reduce processing costs. He also describes the end-to-end process of implementing a P-card program and the roles and responsibilities of each stakeholder involved. Finally, he shares several examples and best practices for effective P-card implementation.
For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.
WBSRocks: Scaling Growth with AI, Enterprise Software, and Digital Transformation