Business credit card best practices and how to keep your spending organised

Keeping track of business spending doesn’t need to be complicated. Adopting clear business credit card best practices – like regularly reviewing transactions and categorising expenses – helps keep things simple, organised and efficient all at once. We share some helpful tips to improve your expense management, along with how Funding Circle’s cashback rewards can turn everyday spending into tangible best practice benefits for your business. 

Why good credit card practices matter

Following good business credit card practices helps you keep track of exactly how and where you’re spending. You reduce the risk of unexpected financial surprises by regularly reviewing statements and keeping expenses organised in a clear and easy-to-follow way. Staying on top of your card transactions also makes it easier to report around tax and other financial matters, which can save you valuable time when it matters most.

How to stay organised with your business credit card

One of the most effective business credit card best practices is keeping personal and business expenses separate. You simplify your bookkeeping and can make life easier when preparing accounts or filing tax returns.

It’s also useful to set aside time every now and then to review your credit card statements. Checking your transactions with more frequency can help with catching errors early and provides better visibility into your business spending.

You may also want to look into using expense-tracking software. While the Funding Circle business credit card doesn’t currently integrate directly with accounting platforms, many tools allow you to manually upload statements or import transactions. This can help automate parts of the tracking process and reduce manual data entry, helping you stay more organised with less admin.

Tips for better expense tracking and management

Keeping track of business expenses is easier when you have a clear process in place. Try these tips to develop a routine that makes managing your business credit card spending more straightforward.

Categorise your transactions

Categorising transactions shortly after they happen helps you maintain accurate records and stops you having to go back through your spending to update them at a later date. Most accounting software or banking apps provide easy ways to assign categories to expenses with the aim of streamlining your bookkeeping.

Set clear spending limits

If your team uses the card, setting tailored spending limits for them will provide greater control and prevent unexpected overspending. You’ll have clearer visibility over who’s spending what, which supports better budgeting.

Keep digital copies of receipts

Storing digital records of your receipts cuts down on clutter and makes expense tracking more efficient. Receipt-scanning apps let you upload and securely store receipts, which simplifies your record-keeping and makes audits less stressful.

Common business credit card mistakes to avoid

Even with good intentions, businesses sometimes fall into credit card pitfalls that could easily be avoided. Being on top of these will help you keep your finances in good shape.

Missing payment deadlines

Late payments are bad all round. They lead to unnecessary fees and can also harm your business credit score. Setting up automated payments or regular calendar reminders is an easy way to make sure your balance is always paid on time.

Ignoring interest rates and fees

Failing to pay close attention to your card’s interest rates or fees can lead to unexpected costs, such as late payment fees or higher-than-anticipated interest charges. Always review the terms before selecting a card, and monitor charges to make sure you’re not incurring unnecessary expenses. 

Best practices when using a Funding Circle business credit card

Funding Circle’s Cashback business credit card is designed to help you earn rewards on all your business spend and get in a good best-practice mindset. You can …

• Benefit from one of the best cashback offers around: The cashback card offers 2% on all purchases for the first 6 months (up to £2,000). Then 1% uncapped after that.
• Pay balances in full. Get up to 42 days interest-free credit. Paying your balance in full each billing cycle means you avoid interest entirely and keep costs down. 
• Use your card for everyday business expenses. Regular business costs like office supplies, utility bills and travel expenses can quickly add up to substantial cashback. Making your card the default payment method for these expenses helps you earn rewards without extra effort.
• Monitor your cashback earnings regularly.  Staying aware of how much cashback you’ve earned can help inform spending decisions and patterns. Regular checks help you plan and clearly see the value you’re getting from the card.

Sticking to these tips will help keep your business finances organised, while also making sure you get the most from Funding Circle’s clear cashback rewards.

Get rewarded for staying organised

When you put these business credit card best practices into action, you not only simplify expense management but also put your business in a position to benefit from cashback rewards. Funding Circle’s clear, straightforward cashback structure complements these good habits by rewarding responsible and organised spending.

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While we want to help as much as we can, the information found here is provided solely for informational purposes and should not be considered financial or legal advice. To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, the information contained here. If you have any questions, please speak to your professional adviser or seek independent legal advice.