It is probably an understatement to say last year was rough for many card programs. While it might be tempting to avoid the data that reveals just how rough it was, the best thing you can do is be prepared for management’s questions. Even if they do not inquire about the program’s 2020 performance, you should still obtain the relevant metrics and create an executive summary for their review. If you are among the fortunate organizations with card programs that flourished more than usual in 2020, all the more reason to share the metrics and highlight the success. Whichever boat you are in, following are suggestions of what to share.
Metrics to Compile
Reviewing various metrics should be a regular part of card program management to demonstrate the health of the program, reveal missed opportunities, etc. To paint a clearer picture of 2020, include:
Spend and transaction totals by quarter, including quarterly comparisons between 2019 and 2020; note the changes—the percentages up or down
Categories/purchase types that notably increased or decreased in 2020, along with the supporting data (spend and transaction volume); for example, airfare/travel transactions
The number of cards unused or inactivated due to changing procurement needs and/or new cards added to accommodate emergency or different types of purchases
Graphs and charts are a great way to depict the information.
Additional Data
The pandemic should be driving your organization to rethink its payment strategy and increase the usage of electronic payments that can easily be handled by remote workers. Within your executive summary, consider providing a synopsis of how Commercial Cards helped, or could have helped, alleviate the payments burden for accounts payable (AP). Try to quantify the impact; for example:
How often did remote AP employees need to drive to the office to initiate check payments?
How many check payments were delayed or late because of the work-from-home situation?
How many of the applicable vendors could have been paid with a P-Card or Virtual Card instead?
Now is the perfect time to steer your management to look beyond Commercial Card rebates and refocus on the true value of card solutions—efficiencies, savings, and fraud protections.
Related Resources
Available Products & Services from Recharged Education
Submit a contact form to request a quote for what your organization needs.
Subscribe to the Blog
Receive notice of new blog posts.
About the Author
Blog post author Lynn Larson, CPCP, launched Recharged Education in 2014. With 20 years of Commercial Card experience, her mission is to make industry education readily accessible to all. Learn more…