Managing Your Business Expenses
Owning a business can be time consuming, as well as both personally and financially rewarding. Managing your business while keeping your customers, employees and vendors happy is sometimes easier said than done. It’s the common day-to-day activities, like customer service, accounting, and expense tracking, that can take up most of your time. There are many different ways to pay and maintain your companies’ cash flow and expenses, but what’s the best way? Let’s take a look.
It may seem like the easiest option; just have some cash on hand. And it may be, but it’s not the safest or best option if you want to have accurate records. If more than one person has access to the petty cash, the chances are that it is not being tracked properly. Receipts would have to be kept for each purchase along with who made the purchase. Adding more manual reporting for you.
An employee having to use their personal card once or twice for a small purchase is not the end of the world. But most business purchases are not small and your employees shouldn’t feel like they have to use their personal card to make them. In addition not every employee has the discretionary income to do so. Not to mention, expense reports are then required to be filed so that the employee can be reimbursed. That’s time wasted for employees and employer.
Sharing Credit Cards.
If your employees don’t have their own company card, they are more likely to ask to use one. Sharing of company cards is not the safest option and again makes it hard to track who is making the purchase. It also makes it harder to make sure that credit limit is not exceeded.
Regulatory obstacles make it difficult for businesses to issue credit or debit cards to their employees. As a result, one-third of corporate expenditures are handled by the methods above. But there is another option: BizNow.
BizNow is a prepaid card solution for business customers. It is a full end-to-end payments and expense management solution that brings cutting edge technology to help businesses compete in today’s market. BizNow helps drive your business forward.