Using A Small Business Credit Card For Easy Expense Reporting
By Eva Norlyk Smith, Ph.D.
May 22, 2009
You can also use a small business credit card to help manage and control expenses for your business. Most cards offer free expense reporting, which automatically sorts your purchases according to category, giving you an easy overview of what your main business expenditures are.
Many small business cards also give you the option to download your statement into business accounting software, such as Quicken or Quickbooks. This not only simplifies your book-keeping, it also gives you a tool for monitoring your expenses on a more frequent basis, so you don’t wind up with surprises at the end of the month.
Most small business cards give you the option to request additional cards for employees. This is particularly useful if you have many employees, as it enables you to consolidate your business expenses into one account. Your monthly account summary can be broken down by employee, category of expense, and date. This bypasses the need for employees to write up monthly expense reports and send in invoices for reimbursements, saving your business tedious and expensive paperwork. You can even use a small business credit card in conjunction with expense reporting software to enable employees to view and approve charges before submitting them online for approval.
The best news is that these additional features come free with your card offer. No matter the size of your business, a small business credit card provides you with greater flexibility in managing your company’s credit card expenditures.