Within each successful entrepreneur and business owner is the drive to grow your business and achieve success. Setting up a streamlined business operation is critical to scaling your company and multiplying your revenue.
On the contrary, burdensome tasks such as processing business expenses can drain resources from your company. Some CFOs have reported that manually processing an expense report costs $100 regardless of the amount. Issuing corporate credit cards can help automate expense reporting and processing while earning points and rewards. If you are leading a growing company, here are four signs that your business can benefit from a corporate credit card.
Sign No.1 – you and your employees are burdened with expense reports
A growing business has growing expenses. As your ambitious employees go after the big clients, they will incur business expenses from traveling and lodging. Without automation and an intuitive system, expense reporting and processing can be a huge headache for your employees and the accounting department. When your employees are submitting an expense report for a $7.8 Uber ride, they could have used that time to tackle a new client.
If expense reporting and processing are taking too much time at your company, getting a corporate card can be a good way to solve that problem for free. Most corporate cards come with a suite of tools designed to minimize the manual process of expense reporting, reconciliation, and categorization. Some even provide tools to help you monitor, visualize, and analyze expense data.
Sign No.2 – you are having trouble enforcing corporate spending limits and policies
Each company should have a set of expense policies to guide the employees on what counts as a valid business expense. However, enforcing such policies is not always easy with personal credit cards. Employees can exceed their daily allowance or report expenses that borderline between business and pleasure. The nature of the spending becomes especially difficult to verify when the receipts are in foreign languages.
If your employees are gaming the system, it’s time to issue corporate credit cards. Unlike personal cards, corporate cards give you full control over the total monthly spending limit. They can help you automatically enforce spending policies without unnecessary awkwardness and confrontation.
Sign No.3 – your company is missing out on useful rewards
Business expenses can be sizable, especially when you are running a growing enterprise. When employees use their personal credit cards, your business is missing out on rewards that can be poured back into your operation. Statement credit, travel points, and other perks can all fuel your business to go even further.
Sign No.4 – you are worried that company expenses might affect your personal credit
Separating personal and business liability is one of the many advantages of incorporation. However, if you and your employees are putting company expenses on personal credit cards, a late payment will directly affect your personal credit scores. Corporate credit cards, on the other hand, are issued to corporations and generally do not affect personal credit. Putting expenses on a corporate card provides clarity and protection to you and your employees.
If you have seen these signs…
It is time to consider a corporate credit card. There is a myriad of options available with dazzling rewards and perks. The right choice need not have the flashiest rewards, but it must streamline your expense process and provide resources that actually help your company grow.
A credit card that grows startups – Brex
As a silicon-valley company, Brex offers high-quality tech that streamlines expense reporting and processing. Brex cards also come with a generous and flexible reward program. If your company has at least $100,000 in a business bank account, you might be qualified for a Brex card.
How Brex supports your business
The four signs mentioned above correspond to four areas where a corporate credit card can add value to your business.
Automating expense reconciliation and categorization
As a silicon-valley company, Brex provides its users with technology and automation that streamline their expense operation. With Brex’s corporate cards, businesses can automatically and properly reflect each expense item in Quickbooks, Xero, and other accounting software. Brex further automates receipt-capture, so your employees no longer need to worry about losing paper receipts or manually organizing them for reconciliation.
Enforcing corporate expense policies
Businesses can quickly and easily set up monthly spending limits for each Brex card to enforce their corporate expense policies. Additionally, adding new users and issuing new virtual cards take no time with Brex. As your company grows, Brex grows with you to support your increasing credit needs.
Getting rewards that keep your business growing
Brex’s reward program works best for growing enterprises. Once approved, your business will receive $50,000 in rewards and discounts including AWS credit, Google Ads credit, and other resources it needs most to grow.
Brex’s generous point system allows you to earn points from categories most relevant to growing businesses. Card users can earn 7 points on each dollar spent on rideshare, 4 on travel, 3 on restaurants, 2 on software subscriptions, and 1 on all other expenses.
With each point worth 1 cent, your business will get 7% back from each Uber ride to the airport!
You can redeem Brex points as statement credit or use them to book flight tickets. Unlike some corporate cards, there is no cap on your Brex rewards. Each dollar spent will pour more resources back into your business.
Separating business and personal liability
Lastly, applying for a Brex corporate card does not affect your personal credit score, because Brex doesn’t require a personal guarantee or personal credit history. Brex underwrites based on your business account balance. All card balances are automatically paid from your business account at the end of each month.
Special offer for Wall Strategies readers
As a reader of Wall Strategies, once approved you will receive 50,000 bonus Brex points and waived card fees FOR LIFE when you sign up using this link.
