As any small business owner will tell you ensuring a smooth cash flow is one of the biggest challenges in keeping their enterprise running on an even keel. For, even if the business is doing very well on paper, unless invoices are being compensated on time there can still be an actual danger of the enterprise going under.
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Although businesses are entitled to charge other businesses interest on outstanding invoices, many small business owners are reluctant to take that will approach as it really may be a case of David v Goliath, especially if the companies refusing to pay on time are large enterprises. In addition , if the late payer accounts for a significant proportion of a small business’s sales its proprietor may be reluctant to risk alienating the customer by slapping a late payment fee on invoices. All things considered, in the majority of cases, the bigger company could simply pull the connect and place their orders elsewhere.
Therefore , although extracting payment from clients can be a thorny issue, maximising income elsewhere can be fully within the control over the small business owner. Certainly, in the short term corporation credit cards can help solve some of the income issues, especially concerning staff costs and purchases. Benefits for small enterprises include a reduction in the administrative and accounting burden when collating expense claims, as the statement from the bank card can be used as the basis of the claim.
In addition , there is also an added cash flow benefit for the business that settles their own business credit card account in full every by the statement date, as they may effectively get interest free credit score on purchases ranging up to around 56 days from date of purchase, depending upon the issuer and type of cards account. Plus, the business owner will keep track of purchases made using the cards by signing in online anytime; meaning that accounting for future costs is made easier.
In addition , most banks charge for cashing cheques intended for purchases, whereas by using business credit cards these charges can be eliminated altogether. Although there may be an annual fee requested the use of a company credit card, if it is utilized for a significant number of purchases throughout the year it is going to work out cheaper than paying costs on individual cheques processed.
However one superb advantage of buying via credit cards is that most, including company credit cards, afford purchase protection upon items bought. So , if they are taken, lost or accidentally damaged several issuers will reimburse the cost of the item. Not only would you keep your no-claims bonus on your company insurance, in most cases you will also have the goods replaced – although restrictions do apply and should end up being checked before assuming that all products will automatically be replaced.