Business credit cards are now among one of the modern must-haves, especially for professionals who need to keep track of their business expenses better. Some companies provide their employees with business credit cards to help them cover for purchases that are related to the nature of the business. This can range from office supplies, phone bills for business calls, and even travel expenses for business trips.
It can be highly impractical for a businessman to be using one credit card alternately for personal purchases as well as business expenditures. Not only does this make the monthly balance bigger than ever, it can create confusion as to how you will delineate between the expenses that can be charged to the business. If you have already thought about getting a separate business card for office matters, then here are some helpful hints for you.
First of all, think about what your expenses will be in the future. Are you going on several trips? Will you need hotel accommodations and airline reservations? Will your car be used for business purposes? Will the business shoulder the payments for fuel? Once you have you mind set on these upcoming expenses, then you can choose a business credit card that will suit your needs.
There are business credit cards that offer discounts and rewards for purchases made for airlines, hotel reservations, and even for gasoline purchases. Also, you should choose a business credit card that has low interest rates, and are generous when it comes to their grace period. If you are constantly on the go, it will be extra convenient if the company that issued you the business credit card allows you to access your account via phone, mobile phone, or the internet.
If you own the business, and you are thinking about issuing card extensions for your assistant, to make things more efficient, you should talk with your business credit card issuer. You might even be given more flexible terms such as a larger credit limit in this manner.
Because all expenses incurred on credit cards are reflected on the monthly credit card statement, this is a smart and easy way to keep track of what you have been spending for your business. In some cases, there are business expenses that may be included as tax write offs, such that you don’t have to pay any taxes for them, since they are pertaining to your business. Examples of these are airline tickets, hotel rooms, phone bills, internet bills, and possibly even meals. You should present receipts as well as credit card statements as proof that these were official business expenses.
If you’re still a little confused as to what credit cards to select, then you may check online for additional ideas. There is a good number of resources online that allow you to evaluate credit card companies by the services they offer. This also allows you to make better comparisons on the features of each type of credit card that you can use for your business.