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Process: Brex and American Express Credit Cards

PURPOSE

PERSONNEL

Victorious may provide employees with credit cards that can be used for business related expenses. Having these cards enables authorized users autonomy to manage their respective budgets while also assisting the Finance team to track and process expenses, prevent fraud and make payments more efficiently. Due to the financial implications and risks associated with company credit cards we have created this policy to clearly define procedures and requirements associated with use of a company credit card.

Team members with budget oversight

RELATED CARDS

EXTERNAL DOCUMENTS

Process: Director-level Discretionary Team Spend
Process: Receipt Storage

Brex App
Brex Support Center
Brex Learning Center
Brex Memo How-to

REQUIREMENTS


Process:

Overview / General Information

  1. Any expenses that require a contract - see below.
  2. For charges over $5,000 - consult the Controller and CFO to determine if payment by credit card is appropriate
  3. For any vendor offering a discount for epayment/ACH, please let the controller and CFO know so we can take advantage of the discount.

Contract Approval

  1. All contracts must be approved by either the CEO or CFO and executed by either the CEO or CFO.
  2. To obtain approval please create an Asana task with the following:
    1. Task Title starting with CONTRACT APPROVAL
    2. A copy of the contract attached
    3. Any pertinent detail
    4. Assign to CFO for first review
  3. CFO will review the task and either execute the contract or reassign to CEO for signature

Account Set Up

  1. Each cardholder will receive an email from Brex with a link and instructions to set a password and access their card.
  2. Users with a discretionary spend budget will receive two cards, one for team spend and another card labeled a vendor card for all other budgeted expenses.
  3. At this point the user has the option to order a physical card. Vendor cards are available as virtual only, however the virtual card may be accessed and used for point-of-contact sales through the Brex App.
  4. Users may want to download the Brex App for ease of uploading receipts, accessing virtual cards and processing requests.

Card Usage

  1. Purchasers should only process transactions on cards issued in their name.
  2. Company-issued credit cards should only be used for company-related expenses and for purposes relating to each cardholder’s job commitments.
  3. Each card will have a set spending limit related to the user’s budget. Should the need arise for an increase in spending limit exceptions can be made in Brex under Expenses > Requests, no Asana task is needed. The request will be sent to the Controller to review. Once the request is approved or denied the cardholder will be notified via email.

Requesting a Physical Card

How do I request a Brex card? | Brex

Expense Policy

  1. Receipts - see related guru card: Process: Receipt Storage
  2. Memos will be required for all transactions. This serves to validate that each transaction has been viewed by the card holder and is legitimate. Instructions for adding memos can be found above in the Resources section.

You must have Author or Collection Owner permission to create Guru Cards. Contact your team's Guru admins to use this template.