Corporate Card and Invoicing Guidelines

Corporate Credit Card

Guidelines on using corporate credit cards

Accounting card

The “Accounting Card” is used for the company's general business needs. These include paying for recurring system subscriptions and vendors for company-wide usage. The purpose of using the Accounting Card instead of credit cards tied to individual team members is to ensure business continuity. For example, if a team member leaves the company, the team wouldn’t need to remember all the accounts tied to their individual credit card and request updates.Transactions on the Accounting Card is reviewed by the Accounting Team.

When to use the corporate credit card:

• Anytime an invoice is not available. Examples include subscriptions, one-time fees, and any business-related activities for one individual (purchasing a computer).

Individual corporate credit card

Founder(s) and (interim) CEOs are issued a business credit card for individual business use. Typical expense items include but not limited to business travels, meals with clients, individual workplace subscriptions, and other business needs. Management Team should work with the Accounting & Finance Team to establish their own expense reimbursement policies, including whether to issue other team members an individual corporate credit card.All card holders are required to submit notes and receipts for all credit card transactions. This is an IRS requirement.

Invoices

The invoicing process is managed by the Accounting & Finance Team and requires Management review and approval prior to payment processing. All invoices should be directly processed/paid by the Accounting & Finance team.

Invoices tend to be more than $1,000 and are usually automatically provided for significant business expenses. Examples include office spaces and contractors.

Expense Reimbursement prior to an active bank account

OCV sets up each company's bank account and credit card within a week of funding. This ensures immediate access to a company expense account for necessary systems and other business expenses. Sometimes, founders may need to purchase equipment or initiate essential services before funding and account activation. In such cases, founders must pay for these items personally and submit reimbursement requests to their entity's accounting department.

Expense Reimbursement after company launch

Once the company is launched and has an established bank account and payroll system (via its Employer of Record, or EOR), founders and employees can submit reimbursement requests directly through the EOR platform. These requests will be reviewed and approved by the company’s accounting team and included in the next payroll cycle. Guardrails on Unusual Activity

The Accounting & Finance team will regularly review for any unusual expenses or activity. Invoices going to new vendors will require due diligence before processing, ideally a W-9 is provided. Irregular activities will require submitting a receipt and the Accounting & Finance team may request for additional information.