Three things to celebrate.

January 4, 2017 Lynn Larson

Established in January 2014, Recharged Education is now three years old with a lot to celebrate. When I started this business, I initially called it my two-year experiment, committed to seeing it through the end of 2015 and then evaluating from there. Here we are, though, three years later and I still feel recharged. My passion is helping organizations improve their purchase-to-pay strategies, specifically through the usage of Commercial Cards. In honor of Recharged Education’s mission, I am celebrating three things, beginning with people.

People

I thank you—readers, subscribers, and contributors who give life to this P-Cards Refocused blog. There is now a collection of more than 100 blog posts. Those who contributed to the blog content in 2016 include:

Isaac Balasundaram, Missouri State University
BMO Financial Group
Julie Conroy, Aite Group
Vince Eavis, PayTech Commercial AS
Governing Institute
Greg Hamilton, Mastercard
Frank Martien, First Annapolis Consulting
Jessica Perdue, CPCP, The Nature Conservancy
Chad Robison, CPCP, Intermountain Healthcare
Bogdan Roman, end-user
Mary Schaeffer, AP Now
Dana Simms, City of Lenexa
Rick Swartwood, CPCP, end-user

Please contact me if you are interested in contributing in the future.

In addition, many organizations have utilized the other part of my business—fee-based products and services. This includes customized training, content development, and consulting. Submit a contact form to relay your needs or see examples of customized products and services Recharged Education can develop for you, whether your organization is a provider or end-user.

Recharged Education is three years old this month with a lot to celebrate.

Industry Evolution

When I started in this industry in the 1990s, it was all about plastic cards. Program management technology was limited and there was a lack of educational resources to help end-user organizations develop their card programs. Today is completely different. Plastic has become more sophisticated with smart chips. Technology thrives. Commercial Card solutions, including non-plastic options, are abundant and diverse. Fintech companies are proliferating. The list goes on. It is an exciting time to be part of the industry. This leads to the next point.

Opportunity

The industry will continue to evolve. So, too, should organizations’ payment strategies and the professionals who support them. There is enormous opportunity. What can your organization do in 2017 to make its card programs stronger? How will you continue to be successful in your role and career? I plan to keep learning and sharing my knowledge to help others. Continuous improvement reaps rewards. Happy 2017!

About the Author

Blog post author Lynn Larson, CPCP, is the founder of Recharged Education. With more than 15 years of Commercial Card experience, her mission is to make industry education readily accessible to all. Learn more…

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16 tasks for card program fitness.

December 28, 2016 Lynn Larson

How fit is your card program? Nearly two years ago, I provided a list of 12 housekeeping tasks that help keep a program in good shape. A reader recently contacted me about annual program maintenance, so, as 2016 wraps up, I am offering the complete list again. It has grown and evolved into 16 items to review and consider at least annually.

Annual Tasks

Some are operational and some are strategic. Together, they create a solid foundation for any card program.

Get your program ready for a great 2017.

Revise dated information, such as transaction reconciliation deadlines that cardholders must follow in the upcoming year.
Ensure P-Card policies and procedures are accurate, and look for opportunities to improve the appearance and clarity.
Execute mandated annual refresher training for cardholders and their managers.
Evaluate cardholder activity for the prior year to identify inactive or under-utilized cards and address accordingly. In conjunction with this, determine whether additional employees need cards.
Review the appropriateness of card limits and merchant category code (MCC) restrictions. Too many temporary adjustments during the year to accommodate legitimate purchases indicate a mismatch between your controls and program goals.
Update your P-Card program risk assessment.
Publish key program metrics online, such as annualized process savings, and develop a summary specifically for management. Using graphs can be an effective way to share program status at a glance.
Consult with accounts payable regarding the potential need for a rebate accrual entry or adjustment.
Upload current accounting/budget codes to your program management system, if applicable. Some organizations pre-populate budget code drop-down menus. This allows cardholders to select (versus key in) the right codes, if different from any default codes, when reconciling transactions online.
Confirm that your issuer’s records of your cardholders are accurate and complete. You might find discrepancies ranging from minor (e.g., the wrong address for someone) to significant (e.g., issuer shows an open card account that you thought was closed). You might also see gaps, such as missing phone numbers. Learn more…
Provide updated cardholder information for the organization’s business continuity/disaster recovery plan. If your organization does not require annual training on the plan, then consider sending an overview to cardholders and their managers as a reminder.
Review the job description for the program administrator/manager (PA/PM) role. Does it accurately reflect the role and associated requirements?
Determine if there is an appropriate backup for the PA/PM.
Assess your organization’s relationship with the card issuer. Are there any unresolved issues? Are they meeting your needs? How can you improve the relationship? Confirm when your contract expires, so you are not caught off-guard.
Consider whether your organization could benefit from adding another card type, such as Declining Balance Cards (e.g., project/meeting cards) or Virtual Cards, to round out your payment strategy and resolve a pain point.
Identify program priorities for the year ahead. Besides adding another card type, is program buy-in lacking throughout the organization? This should be addressed prior to attempting program expansion. Could additional technology make a positive impact? Before pursuing, see reasons why some technology projects fail. These are just a couple examples. To help you rate various components of your program and identify priorities, download a simple spreadsheet from Recharged Education.

Make 2017 a strong year for your card program. If your organization would like assistance from an external resource, submit a contact form and learn how Recharged Education can help.

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Preventing panic during an emergency.

December 18, 2016 Lynn Larson

How would you rate your organization’s emergency response plans? I wrote about this topic two years ago, sharing how the employer of one card professional had overlooked many details. I’m bringing the issue up again because of the recent news of water contamination in Corpus Christi, Texas. My parents-in-law spend the winter there, so I heard first-hand accounts of the situation. Does your organization have water contamination on its radar? The extent to which this type of disaster would affect your organization depends on your business, but it may have broader reach than you think. The only way to become more prepared for any situation is by completing needs assessments, as described below.

Water Contamination

In the Corpus Christi area, the initial communications instructed citizens and businesses to not use water for anything, including bathing, because a chemical used in asphalt may have contaminated the water supply. The water still would not be safe even after boiling. In an office setting, this is manageable (at least in the short term), but many industries rely on water—agriculture; healthcare; manufacturing; and commercial kitchens in restaurants, schools, office cafeterias, etc. Imagine the impact at home and work.

Emergency Purchases

Everyone is competing for the same necessary items. Obviously, the most important one is bottled water. Other purchases include hand sanitizer; cleansing cloths/baby wipes; and disposable plates, cups, and so forth to prevent washing dishes in contaminated water.

Planning Ahead

I contacted an AP professional who works for a senior care facility in Minnesota. She confirmed that her organization follows a state mandate to have an alternate source of water, so they have a contract with a local bottled water company. In short, they have to calculate their water needs (the quantity of water needed per resident per day) and the bottled water company has to be able to comply with those requirements. This brings us to needs assessments—the process of:

identifying possible scenarios that could affect your organization (e.g., natural disasters, fires, water contamination, etc.), and
determining what would be required for an emergency response and business continuity

No need for a panic button. Solid preparation now can help your organization effectively respond to an emergency.

Needs Assessments

Consider the following types of questions for different kinds of emergencies/disasters, as each one will likely require a unique response.

How would your organization be affected? Would it be business as usual for all employees or would you close for any length of time? Would you utilize a contingency site, if applicable?
What would your organization need to purchase?
Which vendor(s) would be able to meet your anticipated needs? Is it possible to set up related contracts now?
Who would be responsible for buying what is needed? Do they have a card today?
What will you need to do concerning card spend limits and MCC restrictions?
What will be the purchasing process? Ideally, you want to avoid having your buyers stand in long lines with citizens buying the same items.

If your organization has not addressed these kinds of things, it could be left scrambling if/when an emergency occurs. It is better to take the time now to plan ahead. Learn more...

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