New,Business,Credit,Cards,and, business, insurance New Business Credit Cards and Its Benefits
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If you are a new business owner or you have plans to start your own business, this article presents benefits that using a business credit card can bring you. Detailed report. Apart from the statement of account sent at the end of each month, you will also receive a yearly account summary report from your business credit card company. The report will contain the details of all credit card transactions made for the previous year including the date the purchase was made, the type of purchase, the amount of charge, etc. You can use this summary as an accurate reference when preparing your business tax forms so it would be easy to distinguish which among your business expenses qualify for tax credit or tax deductions.Build corporate credit. It is a must for all new businesses to establish and build a solid business credit history. An impressive corporate credit rating will surely work to your advantage when seeking financing assistance from lending companies and investors. As you use your business credit card for paying business expenses, you are also building up your corporate credit. By submitting payments on time, you can show your capability to manage debt and repayment.Simplify administrative tasks. Credit cards that are especially designed for small business are equipped with special features and functions that can make administrative and accounting tasks more manageable. One good example of such business credit card feature is the Online Account Access option. Business owners can monitor their business spending conveniently at anytime without having to call the bank or leave their work desks.Employee credit cards can also be distributed to selected employees so that small purchases or emergency expenses can be charged to the account without having to go through the long process of submitting written cash requests. Since each supplementary card is linked to the main account, business owners can easily keep track of their employees spending.Rewards and privileges. There are business credit cards with reward programs which enable a business owner to earn points and get rewarded for their spending. Examples of reward programs include Frequent Flyer Miles, Gas Rebates, Hotel Rewards, and Cash Back. Aside from these incentives, business reward credit cardholders can also enjoy discounts and perks that are only available to members of the reward program. Stretch your cash flow. Credit cards for small businesses can provide the much needed support during times of emergencies. For example, when you need to pay a bill or make a purchase but cash is not readily available. In this case, a business owner can charge the expense to his/her small business credit card and pay the debt at a later time.Enhance your companys image. Using a business credit card for payment can also enhance a companys image. You may choose to have your companys name and logo printed on the business credit card. Thus, each time you use your business credit card to pay a bill, you are introducing your company to vendors and suppliers as well.
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