Free Template: Weel Virtual Expense Card Policy 

Download a virtual corporate card expense policy template for your business

If you need an expense policy to manage the use of company corporate cards or employee expense cards for your business, look no further. Our virtual corporate card template is easy to understand and implement. It’s made to work with a smart expense card, like Weel’s.  

Who needs this policy:

1. Small business owners who need a way for their employees to make business purchases.
2. Finance managers looking for a way to document and communicate what employees can and can't spend on.
3. Accountants and Bookkeepers want an expenses workflow for their clients that minimises the data entry and ensures accuracy and efficiency.

Company Virtual Corporate Card Expense Policy

Introduction

[BUSINESS NAME] may provide eligible employees with a virtual corporate card. Virtual corporate cards can be used for business-related expenses. Having the virtual card on your mobile phone helps track and process expenses, prevent fraud and make payments more efficiently. By signing this policy, employees who have a virtual card will use it properly and will know their limitations and responsibilities.

What is a virtual corporate card? 

A virtual corporate card is a digital representation of a physical corporate card. The virtual card is added to your business or personal smartphone digital wallet. You will then be able to use it for business-related expenses. Merchant info, GST, and expense categories are captured at the time of spending, which reduces the time spent on expense reporting.

Download the free template

Virtual corporate card eligibility 

A virtual corporate card may be approved for the following:

• LIST BUSINESS DEPARTMENTS/ JOB TITLES

Management reserves the right to withdraw the funds or virtual card from employees at any point.

Employees that are not eligible for company corporate cards are to ask their manager or finance team to make a purchase on their behalf or can be reimbursed. ‘Card sharing’ of virtual corporate cards is not permitted. 

What expenses are allowed on a virtual corporate card?

You can use the virtual corporate card to pay for work-related expenses only.

 This includes (BELOW ARE EXAMPLES ONLY):

• Expenses involved in meeting with clients
• Any work-related travel
• Legal document expenses (e.g. Visa)
• Air, train, ship or other transportation fares including the company car
• Necessary medical expenses (e.g. vaccinations)
• Local transportation during trips (taxi fares, rental cars etc.)
• Other minor expenses that have been approved by your manager (e.g. meals, business material)]
• Training and educational material approved by your manager

Card controls may be enabled that locks purchases to approved merchants only.

We may issue virtual cards that can be used for a specific purpose only (e.g. payment for a special product or service). 

You must not use BUSINESS NAME funds on your corporate card for non-authorised or personal expenses. You’re also not allowed to purchase alcohol, any drugs, weapons, pornography or incur charges for unauthorised entertainment.

Exceptions

You may apply for an exception if absolutely necessary. Inform the finance team and your manager about the expense you want to make – you might receive authorisation in special cases.

Corporate Card Limits

The virtual card limit will depend on your role within BUSINESS NAME, your department and the frequency or type of the expenses you incur. You will be advised of your card limit when you are given a card, however, as a general rule, the weekly limits are:

• $50 in funds used for regular work-related expenses (for example expenses when taking clients to outings).
• $100 in funds used for client-related expenses (e.g. dinners).
• $500 in funds used by Directors and Senior Management

We may adjust these limits based on your job’s specific needs.

In addition to card limits, budgets can be made for projects or cost centres and you may have access to more than one budget through your expense management app. 

Expense Reports

Every purchase must be accompanied by proof of purchase and a complete expense report.

The Virtual corporate card is connected to an expense management system and purchase data such as merchant name, amount, category, date and time is synced in real-time with the card  

After making a purchase, open the expense management system mobile application and take a photo of the receipt. Confirm the GST amount, Expense category, Budget and Description. 

For purchases made in Australia over $82.50 (including GST), make sure that all receipts have GST values. This is so that BUSINESS NAME can claim back the GST amount from the government. 

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Use this policy for your own business

What included:

• The full virtual Corporate Card Expense Policy
• An editable template for you to customise for your business
• Employee policy receipt of acknowledgement & agreement
  

Download the full virtual corporate card policy, adapt it for your company’s specific rules and circumstances and then share it with the team.

Disclaimer: This template is a reference only and it’s expected that you would tailor it to the specifics of your own business. It does not take into account all relevant laws and is not a legal document. Weel will not be liable for any issues that may arise from the use of this policy.