Business Credit Cards Simplify Record Keeping

If you get into the habit of paying the credit card in full each time the statement arrives, you can eliminate the need to pay interest on your purchases by using the grace period.Check with your particular credit card, but most offer at least 20 days' grace, meaning payments made in full within this time period are made without interest accruing.

4. Useful financial statements

In an effort to serve their business customers better, many credit card companies offer a range of reports. In addition to monthly statements, you can also receive quarterly and annual reports to categorize your spending. These additional financial reports can make tax time a breeze. Instead of searching through boxes and files for statements and records, you'll have just about everything you need on a single printout from your credit card company, categorized by the type of expense (gasoline, office supplies, travel, food and hotel, miscellaneous, etc.).

Some credit card companies also allow you to generate custom reports as needed.If you need a list of all payments made to a specific vendor over a certain time period--enter in the details and print out your report!

5. Extra benefits of business credit cards

In addition to making your financial record keeping easier, using a business credit card to handle the majority of your business expenses and purchases allows you to accumulate rewards faster.

Choose a card with rewards you will actually use--if you travel frequently, go with a card that offers airline miles, hotel stays, car rental discounts or free trips. If you don't travel much, choose from one of the many other types of rewards cards, and save on office supplies or gasoline, or get cash back.

Using a business credit card allows you to increase your productivity because it helps you save on time spent managing your financial record-keeping.For small businesses, switching to an all-credit-card system may even eliminate the need for a bookkeeper.

Debbie Dragon is a freelance writer for Creditorweb.com , where she writes frequently on credit cards, rewards programs and finance for individuals as well as business owners. She welcomes feedback at debradragon@gmail.com .