Getting your business off the ground can be incredibly difficult, especially when you don’t have much history or capital to build from. Even entertainment-based small businesses can cost over $10,000 to get up and running.
Thankfully, there is a solution: A corporate credit card!
Not sure how these little plastic beauties can help you out? Read on to learn about 5 of the benefits of a corporate card.
1. Streamline Your Expense Tracking
The first major benefit of a corporate credit card is the way it streamlines your expense tracking. Gone are the days of relying on your employees to turn in accurate reports of their food and travel expenses. Now, you have easy access to the expenses charged to the card.
2. Using a Corporate Card Allows for Faster Scaling
Another plus that comes from using a corporate card is that it’s easier for your business to scale. When you have to rely on your own capital or a large loan from a bank, you may struggle to get enough capital to cover all your business expenses as you expand.
A credit card charged against a corporation can access a much higher credit line than one charged against the business owner. This will allow you the opportunity to spend money on necessary expansion costs.
3. Easier to Control Corporate Spending
Using a corporate credit card (or debit card) makes it easier than ever to control corporate spending. Most cards will allow you to set spending limits for your employees. These limits can be per transaction or overall.
Curious about the concept? Check out our friends at Bento to learn more.
4. Gives Cash Back and Other Rewards
Credit cards of all varieties tend to offer rewards and cash back to those who use them often. The same principle applies even when you use a corporate card. Why not get cash back for the business expenses you’re paying for already?
Plus, many corporate or business credit cards often partner with programs that grant air miles as a reward. This can be a godsend for any business that requires a lot of traveling.
5. Greater Employee Satisfaction
The last benefit when you use a corporate credit card is increased employee satisfaction. Let’s face it: No one enjoys paying out of their own pocket for food, travel, and other expenses.
And people enjoy submitting expense reports and collecting all of their receipts even less. Using a corporate card streamlines the whole process, reducing the burden on your employees. You’re happy, the accounting department is happy, and everyone wins.
Looking for More Financial Solutions Aside from a Corporate Credit Card?
As you now know, a corporate credit card can be an absolute godsend for businesses getting off the ground. They streamline expense tracking, increase available capital, and make your employees happy.
However, corporate credit cards are not the only financial solutions available for a scrappy small business with a lot to prove. If you’d like to learn about more options available to you, check out the Finance section of our blog today!
