Expenses, all businesses have them. Whether you are just launching a brand new startup in the New Year, or growing an established company, you will have costs associated with running your business. These costs can be for things such as: marketing fees, traveling funds, or anything else that is similar. So, what is an expense card account, and when is the right time to add them to your growing enterprise? An expense account is a special finance account that allows you to allocate funds to your staff so that you can get things done. Usually the account is offered through a prepaid card service so that you can transfer funds as needed and they can be used promptly. Below, are 5 sure ways to know when is the right time to add expense business cards to your business.
1. When You Have Multiple Employees
If your business has more than one employee, there may be a time when you need expense accounts for them. Your employees may need to cover transaction fees for the business. By giving them their own prepaid cards, they can cover any mandatory costs without slowing down the flow of business.
2. If There is a Steady Need for a Large Marketing Budget
Believe it or not, one of the largest costs associated with running a business is Marketing fees. Marketing and advertising is so valuable because it helps you get more business. When your business grows large enough for you to have a Marketing “team” or “department”, it’s definitely time to give them expense cards.
3. When You Want to Contract or Outsource Work
If you have a small business, you may be the sole person responsible for paying for your startups fees. However, if you desire to delegate or outsource projects to someone else in the future, a good solution is to give them a prepaid expense card. That way, you can add funds and track projects as needed. This typically works best for contract projects that will at least last several months to a year.
4. When You Have Lodging Expenses
Taking a trip? If you have your own staff and take business-related trips, you may incur lodging fees. Expense cards are great solutions for these types of transactions and can come in really handy!
5. If You Provide Employees With Catered Meals
Treating the team out to brunch? If you plan on catering meals for employees (or having executives and upper management who do that on your behalf), providing expense cards is right up your alley.
These are our top reasons to know when your startup or established business needs business expense cards. If you are aware of the signs, you may help your business prevent delays and grow swifter in the future to put you on the fast track to success!