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Make this the year you finally take full advantage of the benefits business credit cards have to offer. As part of your financial management “spring cleaning” and process improvement, take steps to use business credit cards in ways that can support your organization’s success. The opportunities include:
If you still rely on petty cash or checks for small purchases, you may want to streamline your spending by using business credit cards. When you use a business credit card in place of these methods, you can save your organization the time involved in managing, tracking, and reviewing petty cash and checks for minor purchases.
When you purchase something on a business credit card for your company, you’re creating “tidy” and useful record-keeping documents. Business credit card purchases can typically be analyzed and reviewed by category or user, which can ease your expense review process. At the end of the year, these summaries are important resources for tax preparation.
Migrate some payments to your business credit card from other forms of payment to gain improved control over cash flow. When you take advantage of the “float” cards provide, you can hold on to your cash longer, making it available to you for other means and avoiding expenses associated with cash crunches. An example: If you make a purchase early in the account cycle of your business card, you have several weeks before you’re billed for it. Add on the time between when you’re billed and the credit card bill is due, and your “float” increases even more.
Creating, reviewing, and paying employee expenses takes time. When some employees have their own cards — with purchase limits set by you and transaction alerts to keep you informed — you benefit from a simpler system for managing and tracking their expenses. The other benefit is that card perks, points, cash back, and others can accrue to your organization.
Check out Citizens Bank’s business credit card options to find the right fit for you and your business.
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