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Entrepreneurial success requires a vision, hard work, perseverance, a positive attitude and a little bit of luck sprinkled on top.
"If you're trying to create a company, it's like baking a cake. You have to have all the ingredients in the right proportion." – Elon Musk.
Busy entrepreneurs are often focused on day-to-day operations of running and growing their businesses. For many business owners, finances are a weak link.
Don't saddle your accountant with shoeboxes full of receipts and financial statements. In the end that can cost you even more.
Here are four ways using a business credit card can help manage expenses and improve your finances.
- Separate your personal and business expenses. If you are paying for business expenses on your personal plastic, it can become a time-consuming headache each month sorting out which purchases are business versus personal. Consider opening a separate bank account for your business as well.
An all-around great starter business credit card is the Ink Business CashSM Credit Card. How it helps you: Get 0% introductory interest for 12 months on purchases, then it shifts to a variable rate. There's no annual fee and your business can earn cash-back throughout the year on many popular business spending categories.
If your business has recurring expenses, such as utilities or phone bills, consider automating bill payment via your business credit card.Automate monthly bill payment. If your business has recurring expenses, such as utilities or phone bills, consider automating bill payment via your business credit card. Save time and help build your business credit score by establishing regular payment history. Even better: you can earn valuable rewards, miles or points on a business credit card with the added dollars from your monthly bills.
- Track your business spending. Using a business-only credit card can help you track your spending and expenses. This will help you build a budget, make financial projections and easily spot tax deductions. Consider these two cards to simplify your finances now.
The Business Gold Rewards Card from American Express OPEN offers powerful expense tracking tools. Card members can manage business expenses on the go with the ReceiptMatchSM Mobile App. Simply snap a photo of your receipt and match it to the transaction on your American Express online statement. Connect your card and automatically send transactions to QuickbooksTM. A year-end summary of charges will help you easily review business spending. The annual fee is $0 the first year, then $175. Card holders earn generous points on many popular business spending categories that you can choose.
- CitiBusiness®/ AAdvantage® Platinum Select® World Mastercard®. Receive employee cards at no additional cost, plus earn AAdvantage® miles for purchases made on employee cards. Keep employee spending in check with a unique credit limit on every employee card. For frequent business travelers, this card can boost your bottom line with generous travel rewards. Earn 65,000 American Airlines AAdvantage® bonus miles after spending $4,000 in purchases within the first 4 months of account opening.. Keep on earning bonus miles in several ways with this card. Pack with ease. Your first checked bag is free on domestic American Airlines flights.
Don't stuff your financial statements in a drawer. Using a business credit card is a key ingredient to streamline your finances, so you can get back to work.