You filled out the application, got approved, and received your card in the mail. You made some purchases … then...
Reasons Why Your Business Will Benefit From A Credit Card
Whether your business is big or small, a business credit card is a smart decision. It not only separates your expenses, it also provides more financial flexibility. Learn a few reasons why you’ll want to apply for a credit card today.
- Separates Your Expenses: If you run your own business, using a specific credit card for just company expenses helps you separate your business expenses from personal expenses. This is even more helpful when it’s time to file taxes; you’ll know what you can take off of your business expenses, and what is personal in nature and cannot be deducted. Moreover, if you happen to be a business the Internal Revenue Service (IRS) randomly decides to audit, having your statements from your business credit card will show what you have made and back up your claims of business-related expenses.
- Provides Financial Flexibility: Credit cards can offer a line of financial aid when you need to make a business purchase, even if you’re waiting for funds to come in. This helps when cash flow is tight, and you can pay the bill off when the money from customers comes through.
- Earn Reward Points: Some credit cards offer reward points that accrue as you spend, which you can cash in for travel or merchandise. Marine FCU’s business credit card earns 1 point per dollar spent that you can use at www.scorecardrewards.com.
- Additional Business Cards for Employees: Many businesses allow you to link your employee’s business credit cards to your main account. Your employees or co-workers, or anyone running the business are able to buy things that the business may need and keep all expenses linked to the same account. This tracks what employees are buying and helps you issue reimbursements for employees.
For more information on what business credit cards can do for your small business, please feel free to contact us.