“The cost of doing business” is a well worn phrase to describe expenses that are necessary for any company to function. However, just because money needs to be spent to keep a business going doesn’t mean it should be spent without thought or discipline. Controlling costs is a large part of creating a profitable business. In this article we’ll explain the benefits of using employee credit cards with low limits as part of an overall cost management program.
Why Use Credit Cards For Expenses?
Credit cards allow a business to increase its cash flow while simplifying its expense accounting. As opposed to lines of credit or loans, credit cards afford a company immediate access to interest free cash as long as the balance is paid in full by the due date. And with each purchase being immediately posted to the account, receipts, expense reports and reimbursement checks become things of the past.
Benefits Of Employee Credit Cards With Low Limits
The most obvious benefit of using employee credit cards with low limits is the ability to control costs. By setting limits on employee issued cards, a company is able to easily predict the maximum amount of expenditures within a given timeframe. This reduces miscalculations when forecasting budgets while preventing any expensive surprises from occurring.
When you have several employees generating a high volume of low cost purchases, low limit credit cards will simplify your bookkeeping processes. If you rely on manual submission of receipts and expense reports, small purchases can result in mountains of paperwork that increase the chances of error while wasting valuable time. Credit card statements eliminate the need for receipt collection and expense reports.
Emburse Employee Credit Cards With Low Limits
Emburse is proud to announce it now offers business credit cards with a wide range of budgetary controls and a generous cash back reward program. For a free demo, contact Emburse today.