How do you manage your company’s money? Are you covered, or are you exploring your options?
With more of us turning to online solutions when it comes to managing our business finances, it can be easy to forget about more traditional payment methods. If you’re thinking of going back to basics by investing in a business credit card, there are plenty of reasons why this is a good move for your company – here are some of them.
Keeping Things Separate
On a very simple level, a business credit card is another way to ensure that expenses for your company are completely separate from your other accounts. You may have your business finances covered, however if you need to make a payment for office supplies, it can be easy to use your personal card to cover the transaction.
A dedicated business card will enable you to keep your business accounts and payments all in one place. In addition, it gives you a distinct pot of credit for you to use that’s solely for business needs.
Building Business Credit
Your company also has a credit score. Like taking out a personal card, choosing a business credit card allows you to build your credit rating and will work favourably in your report.
While the bank or other lenders can simply look at your personal credit score if you have no business credit, by regularly paying for things on a company card and keeping up with paying the money off, you’re showing potential lenders that you are able to pay off your debts and keep up with repayments.
Tracking Business Expenditure
From office equipment and expenses during an event to fuel for the company car and hotel rooms during a business trip, there are plenty of things you need to purchase.
With a business credit card from reputable companies like Liberis, you can easily note where your company’s finances are being spent and on what. In addition to charting where your money goes each year, these cards allow you to assess what cuts need to be made and alternatives found for the next big event or international client meeting.
On a wellbeing level, a business credit card has to potential to display trust and, in turn, see a strong work ethic. This is because by entrusting the card to an employee, you are showing that you have faith in them and they are more likely to be a dedicated employee in return because they know how highly you value them.
Will you take out a credit card for our business? How will it benefit your company?