With more than 600,000 new small businesses started each year, it’s safe to say that the dream of being a successful business owner is a strong one. If you are considering starting your own business with business loans, or are already the proud owner of a business- here are 7 reasons why any small business needs certain credit card:
1. Easy record keeping.
Owning a small business means you are allowed to deduct certain purchases on your taxes, but only if you have good records to prove you’ve made those payments. A credit card with an annual, itemized statement will make tax season a snap, regardless of the number of transactions you’ve made on your card.
2. Additional credit cards for employees.
As your business grows, you may find the need to allow key employees within the organization the ability to make purchases or pay for business expenses on your behalf. Most business loans Uk will allow you to obtain additional cards in other people’s names. Your transaction listings and statements will show which credit card made each purchase, allowing you to see at a glance whether the employee use of credit is being abused or not.
3. Travel benefits.
Aside from saving money on your travel costs using your credit card for reward programs, usually credit cards will offer for a travel accident as insurance which helps cover the lost luggage and or a flight cancellations for instance.
4. Keep your personal finances and business finances separate.
It’s easier than you think to accidentally mix up your funds. Using a business loans for bad credit for any credit card holder is used only for your business expenses and purchases eliminates the problem of labeling every transaction in your personal checkbook or on your personal credit card statements at the end of the month.
5. Build credit in the name of your business.
If you obtain a credit card in your business name, the more you use it and make on-time payments, the stronger you will build the credit score of your business. After several months of building a good credit history, you may be able to obtain small business loans or other sources of financing if necessary.
6. Get stuff for free.
There are numerous rewards programs with credit cards. If you choose one that works for your business, you can easily earn the things you usually buy for free. For example, some rewards credit cards offer you a way to earn office supplies at a discount. The key to making a rewards program successful is to choose one with no annual fee and pay your balance off in full each month. If you are travelling regularly for any business, it may really make sense if you have your card with any travel rewards- on either earning miles towards for free flights, or get free or discounted hotel rooms. read latest news at http://www.smh.com.au/business/banking-and-finance/kate-carnell-flags-governmentbacked-business-bank-20171002-gysqhq.html
7. Concierge services.
Depending on the credit card you choose, you may benefit from additional services like reservation assistance, verification of flights, and even a personal shopping service. Did you forget to get your wife flowers for your anniversary? A quick call to your credit card concierge service and they can make the arrangements for you.