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Business Credit Cards |
Use Business Credit Cards to Manage Cash Flow One of the most deadly situations for any small business is running out of cash during a period of rapid growth. Whether just starting a brand new business or growing an existing one, cash is king and credit can help you continue to stay in business. The use of credit to keep the wheels of commerce rolling has been recognized as simply the way business operates today. There's absolutely no reason why you, as a small business owner shouldn't have Business Credit Cards to not only manage cash flow but also to better track expenses. Consider these cards a business credit line for use to grow the business. A monthly "loan" to your business as an example.
By using a credit card solely for business related expenses, you eliminate the yearly review of all bank statements trying to find out which purchases are actually business related. Remember that any legitimate business expense can be taken off the gross revenue figure thereby lowering the total overall tax bite. Business expense tracking is serious business and should be considered critical to the business health and longevity. By using company credit cards for all business expenses, you are able to capture not only the list of deductions but also any interest that may have accrued if the bill wasn't paid completely each month. Any annual fees the bank charges are also considered deductible on a company card. Another big benefit of using your business credit line for business items is that it provides a paper trail in the event of a tax audit. Although I'm not a tax accountant, I do know that although the IRS wants a full paper trail that includes original receipts, some documentation is better than none at all. Another good thing about credit card use in this instance is that the bank or financial institution can provide some of the documentation for you if ever needed. Some A Few Business Definitions & Terms:
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