Keeping track of how MacFarlane Pheasants spends its funds is something I take seriously. That’s why we’ve developed good habits when it comes to dealing with our monthly credit card statement. Without a designated purchaser for the farm, each department purchases its own supplies with the company card, and all of our drivers also have a card for fuel. All tallied, more than 30 people have the company credit card. Here’s how we make sure it all adds up at the end of the month.
With so many people holding a credit card, it’s important that we receive receipts and that they match up with the monthly statement. That’s why every purchase made with the card must have a receipt submitted with it. If an employee uses the card and can’t produce a receipt, that person must return to the vendor and get one. If he or she can’t get a copy of the receipt, that staff member isn’t responsible for the amount, but they do owe me an explanation. It’s a strict policy, but it’s helped ensure that we rarely are without a paper record of a purchase.
For purchases under $50, all that’s necessary to submit is a receipt, which goes in the individual’s monthly file. But for purchases greater than that amount, a purchase order must be requested and then submitted for approval by senior management before the goods or services can be charged. Those senior managers are aware of what’s necessary for the farm, and they help keep us on track with our purchases. This is another way we ensure our funds are being used wisely.
The Capital One bill is due every month, just like any other credit card. Each month, before it’s paid, one of our office staff matches up all transactions with their receipts. The statement is long, often 11 pages or more. Once all transactions are matched with a receipt, they’re then passed up to senior management for review. Once I sign off on the reviewed bill, one of our office staff pays the bill with company funds. After, purchases are categorized so that we can keep track of how we’re spending.
Because of how careful we are with reviewing purchases and collecting receipts, we haven’t had any issues with fraud. These practices have helped keep us moving in the right direction and growing while maintaining financial integrity.
This time of year, our big cost is fuel. Our drivers are out delivering adult pheasants across the country. We trust them to deliver your pheasants, and we trust them to use company funds well. MacFarlane Pheasants is growing mile by mile and cent by cent. If you don’t believe it, we can show you the receipts.
