Every company that is growing and expanding deals has several business expenses. Keeping track of such expenses can become a challenging task, especially for small businesses and startups. But you don’t have to worry anymore as the same can easily be managed with the help of a corporate credit card.
The best platform to avail the same is Open as it can easily end SMEs struggle with emergency business credits. The platform offers the Founder One Card specifically designed for business entrepreneurs to give them a better overview of business expenses, banking, payment, and accounting all under one roof.
And for the company employees, the platform offers virtual cards to cover team expenses. The best part about them is that there is an option of setting up limits to ensure that no additional or unwanted expenses are incurred. Did you know whether using business credit card for personal use is legal or not?
The benefits of a virtual card are way higher than the ones from the bank. The major ones that set them apart are:
Minimal Documentation – Apart from the PAN details and address proof, you don’t need to submit any other documents. The above requirements are fundamental, which every small or medium-sized business’ entrepreneur can easily submit.
No Fixed Deposit – This seems like a dream, right? But it isn’t because Open does not ask you to submit any kind of personal guarantee or a hefty fixed deposit before applying for a corporate credit card.
Bifurcation of Expenses – This perhaps is the best part. With Open’s corporate credit card, you can easily keep your business and personal expenses separate.
Clarity on Spending – The platform enables you to keep track of who is spending on what and how much is the total expenditure. This is perhaps the most brilliant way to manage subscriptions & set spending limits easily. For instance, you can easily put a limit on the spending for the Corporate Credit Card or restrict the use of this card with specific employees. It helps keep all the business expenses in control.
Card Statements – The reconciliation of a corporate credit card becomes more legit and quicker. The expenses can be recorded over the company’s card statements rather than on employee’s statements. Therefore, it removes the requirement of the employees to submit their credit card reconciliation statements.
Since you receive the statements directly from the platform as you are the account holder, you do not have to rely on employees to submit the statements making the accounting and auditing process simpler. It also reduces the chances of credit card frauds.
The Bottom Line
While all the above-stated points are the best, there are several other benefits also. The card simply makes managing thousands of tasks and business finances like a cakewalk. Open also offers a wide range of rewards from various reputed brands, making it all the more desirable.
With such unique features offered by it, you shouldn’t miss out on the opportunity to grab it at the earliest. So, opt for Open’s corporate credit card right away to join the bandwagon of hassle-free business banking!