Major,Advantages,Business,Cred business, insurance Major Advantages of Business Credit Cards
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New business credit cards are great tools in building corporate credit especially for start-up companies. But aside from that, using business credit cards can make administrative tasks a lot easier to handle. Business owners can also rely on accurate record references for their bookkeeping and accounting tasks. In this article, let us discuss these three major benefits and take a closer look at each.Build Solid Corporate CreditFor a new business, establishing corporate credit history is a very important step that must be done right away. While it can be difficult to get approved for a business loan immediately with no business credit to back you up, applying for a small business credit card will prove to be easier and not at all complicated.As the owner of the business, the business credit card issuer will check your personal credit rating prior to approving your application. If you have good credit standing, you can quickly get an approval and expect to receive your business credit card after only a few days. On the other hand, if you have less than perfect credit, you may opt for a secured business credit card which only requires a security deposit from the cardholder.Its important to make sure that the issuer will report your payments to Dun & Bradstreet- the leading business credit tracker, as it is the only way to build corporate credit. Keep in mind that consumer reporting agencies are different from a business credit tracker. Once approved for a business credit card, an entrepreneur is ready to use the card to pay bills or make purchases. Through regular credit card use and prompt payment, a business owner can build a solid corporate credit.After a year or two, an impressive business credit history can help an entrepreneur win a business loan from the best lending companies in the market. Aside from quick approval, lenders will be more confident in providing the best possible repayment terms, considering that the client has outstanding record of credit since it started.Effective Administrative Task ManagementHow can business credit cards contribute in managing administrative tasks effectively? Many credit cards for business are provided with an Online Account Access feature so the cardholder can check the account straight from the computer at any time. Business owners who hired employees also have the option to distribute supplementary cards to selected employees so they can simply charge small business expenses to the account, without having to go through the time-consuming process of filing for cash request. These supplementary cards are linked to the business credit card account so the business owner can still monitor employee spending.Accurate References for AccountingApart from the monthly billing statement, the business credit cardholder will also receive an annual summary report of all transactions made within the previous year. This report is complete and detailed which includes the date the purchase was made, the type of purchase, the amount rendered, and other useful data, which is why they make indispensible references in performing inventory or accounting tasks.When tax season arrives, a business owner can easily determine which purchases are qualified for tax deductions by referring to the annual business credit card account summary. Usually, the report can be downloaded from the internet so it can be used together with the accounting software (ex. Quickbooks) that the business owner uses.
Major,Advantages,Business,Cred