Most businesses rely on credit cards to make daily purchases in their company. From inventory to supplies, materials and advertising, almost every purchase makes it on the company credit card. It’s a convenience most people rely on, but it has its challenges as an organization grows. It can be tedious to keep up with all the transactions, but this is vital for the owner to have accurate and up-to-date financial reports. The other challenge is oversight with the team. There are four areas that should be considered for your credit card policy.
Accounting Frontier Blog
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Now that you have a company credit card, it’s time to implement a system to oversee it. The two big players in the industry are Abacus and Expensify, and both would meet the needs of most businesses. These accounting applications are designed to solve three problems: (1) data entry and efficiency, (2) recordkeeping, and (3) oversight.