Credit cards often get a bad rap, especially on personal finance blogs, but they can be a powerful tool when used properly. For small and medium size businesses, they can be a tremendous help. I’m not just talking about the credit aspect. Being able to purchase equipment and services on credit is important to be sure. But credit cards offer other benefits as well, and it’s not just consumer cards.
Business credit cards provide an excellent means of tracking what your money is spent on, as well as keeping tabs on employees expenses. The many tools offered by various business credit cards provide expense reporting for the business as well as individual employees. Most credit cards allow you to check your statements online and see your total expenditures up to the day, create quarterly reports to see where your spending fits with projected budgets, and generally categorize and analyze expenses. Want to know what you spent on gasoline, hotels, meals, travel, entertainment or office supplies? No problem. Just pull out the statement and check the summary.
Another cool aspect to business credit cards is that many offer rewards, just like consumer cards. Rewards like:
- 0% APR on purchases for 12 months
- No annual fee
- Unlimited employee credit cards with individual credit limits that you can set
- Cashback Bonuses on various purchases
- $0 Fraud Liability
Credit cards get a bad rap because of the fees and interest charges, but if you pay off the balance every month they are an excellent expense tracking and management tool – for the individual and business alike.
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