No one works harder for your business than you. It’s your baby, and you put in the blood, sweat and tears to make it a success. Of course, it’s not just your effort that propels a business toward success. You must hire incredible talent and use the most effective tools and technology to power your business as well.
However, when it comes to business growth, there’s one workhorse you may have overlooked: business credit cards. Consider the benefits of paying with business cards instead of your personal cards, checks, cash or other payment methods.
Credit cards bring ease and speed.
If you’re like most small-business owners, work probably never seems to stop. So, it’s nice when certain tasks can be done quickly and efficiently. That’s exactly what a business card can do for you. It helps by speeding up payments compared to relying on business checks, which must be mailed. Using cards for payment lets you make purchases online, by phone and in person.
You can track your expenses.
Business cards are structured to monitor and catalog specific types of business expenses so that you can use this information in your financial tracking and planning processes.
A business card works hard for your business, providing you with many perks that you might not get otherwise.
For example, expense tracking and reporting allows you to assess individual and team spending against budgeted figures. You can also more easily include these figures in your tax filing for deductions. The data in these reports can be compiled on a monthly, quarterly or annual basis, providing you with a deeper understanding of the company’s fiscal health and showing you exactly where improvements can be made.
You can see your business growth history.
In those monthly and annual reports that help with expense tracking, you’ll find another incredibly useful set of data: a track record that shows business growth history in terms of changing size and scope. This becomes a credible source down the road when you approach investors, lenders or even a potential buyer.