Keeping track of your business card expenses is the best way for a business owner to maintain financial stability.
Monitoring business finances can be done quickly and easily using available tools. Today, a credit card is a necessary tool for all businesses that want to succeed.
Business credit cards are designed to help business owners succeed. There are many special features and functions that the cards are equipped with, allowing the owner to monitor expenses accurately and conveniently. In fact, to help business owners grow their companies, business credit card issuers provide a variety of services.
The following easy to implement financial management tips can help any entrepreneur build their business.
Check your online account on a regular basis.
If you have access to the Internet, you can easily check the activity on your business credit cards. All of your expenses can be monitored and you can make adjustments if necessary. Protecting your account from ID thieves, as well as hackers, can be done by using different passwords for your social networking websites, email account and your personal bank account as well.
Pay your credit card balance in full.
To avoid debt buildup, which can be caused by interest rates, make sure your monthly balance is paid off every month. Think about how you will be able to pay off the balance in full prior to making any purchase on your business credit card. This is something you should do, not only for your business credit card, but for personal credit cards as well.
Always monitor and distribute employee credit card accounts.
Distributing supplementary cards to your employees is something that you, as the primary owner of the business credit card account, can do. Set the spending limit for each employee, which will be dependent upon their position and responsibility levels. Keep a close eye on their card usage. Check them regularly to make sure their expenditures are within the limits.
Be sure to save your credit card receipts.
Although we live in a digital age, saving your business credit card receipts is still recommended. If there is ever a dispute on your bill, you can use the receipts as proof.
Your quarterly and yearly account summary report should always be downloaded.
Every three months, as well as annually, business credit card issuers will send you a summary of your activities. You can use these as reference when performing accounting tasks. When you are going to file your business taxes, you can also refer to this report. You will be able to determine which expenses are eligible for deductions or tax credit when you do this. All you have to do to download your report is log into your business credit card account and save it to your computer.
BadCreditResources.com offers resources that specialize in providing Business Credit Cards. Also check other offer for Secured Credit Cards.
I have read most of the articles on your site and found them all to be helpful and informative.However, this one particularly strikes a cord. I am a workforce of one, but recently had to engage a virtual assistant to keep up the mundane paperwork while I continued developing new business. The paperwork piled up and I lost track of where I was to the point I didn’t know if I was operating profitably or not, and though I was I had let expenses get way out of hand. So yes, it is important to keep on the ball when it comes to expenses, literally on a day to day basis.
Hi Len, I’m glad you found this article informative. If things are piling up and you are comfortable with outsourcing, there are sites like freelancer.com where you can hire people to help you keep on top of your accounting. Believe me, thats the worse feeling in the world to realize your have been losing money on a venture instead of making it!
Let us know if we can help you in anyway.
Take Care!
Shelly
This article was an eye opener, thanks! After reading it I check my business credit card and found it offered a lot of valuable data I could use to analyse costs if I used the card more often… and even that offered a bonus. I get points for using the card I never cared about before, using the card as convenient way to make purchases and have a backup record of the transactions for the accountant. Granted it would take forever to save up enough points to use the flights or hotels, but the points are also redeemable at a number of office supply chains, and that is something I can see using all the time.
We’re glad it helped you Jackie!