Ways To Protect Your Business Credit Line

Whether you are a company owner of a hardware stores, printing shops, or other services, how do you go about to protect against bad business practices? If you run a small business chances are you’ve probably created some credit lines with local vendors. If you have a company that has employees then you may have to trust other people to use those credit lines for you.

Businesses often have employees such as runners, someone who submits their invoice to be reimbursed. Some people that are trusted to pick up materials now and then. For example if you own a carpentry shop, plumbing company or other such business. You may be the boss and you often need things however you don’t get the time to be running out to the store every time someone in your shop needs something. So then the obvious answer is you send someone to go out and do it. Unless you want to give that person cash every time you need something you have already established some sort of business credit line.

Normally the company the credit line will have the person picking up the item sign an invoice to confirm the payment for their records and then give a second copy to your employee. It is your worker’s responsibility to give you that copy so you can pay the bill when it comes due. Over time as the person doing your shopping becomes known to your suppliers, then the chance for abuse manifests itself.

When it comes time for you to the bill, you should observe it cautiously. This is your chance to check and see if something is going on that shouldn’t be. Check the invoice for unusual information and things like the date the purchase was made and time did they make the purchase? Was the purchase made during normal company hours or was it after? Often such bad purchases are made on a weekend. People that abuse your trust many times will try to do things after hours and will get with the vendor about staying late.

There are particular steps you can do to avoid the problem. Most suppliers hold a card of authorized signors from your company. That way if you spot a signature you do not recognize the vendor can be held responsible for granting the payment. It will still be your obligation to handle the employee and their conduct. You can also ask the vendor to send copies of all invoices to you so that you can verify all purchases. You can make it clear to all employees that you do check all the bills and expenses from your vendors just so that you can discouraged them from doing something they shouldn’t.

Most employees would never consider abusing the faith given to them by an employer but there are always certain one that feel they can slip one over on the boss. They could want to get back at you due to not giving them a promotion, or being frustrated about some outcome. The point of course is that it does happen and it’s better to be safe than sorry in the future.

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