Accountants and accounting firms spend most of their time helping other companies to manage their books and expenses, and accounting is a large industry. According to the Bureau of Labor Statistics, there were 1,397,700 accountants in the U.S. in 2016, and the number is projected to grow 10 percent by 2026. Statista reports that accounting is expected to generate $158 billion in business in the U.S. in 2018.
When small accounting firms are busy, they might find that they have little time left to devote to managing their own expenses. Your firm might have expenses such as lease payments, office equipment, office supplies, utilities, and more. If you are like many accounting firms, you might rely on processes such as requisition forms or a credit card for accountants that needs to be approved before purchases can be made.
The transaction costs of purchases at firms that have these types of practices in place can cost as much as the transaction costs involved with purchasing large items. A better option for accounting firms might be to automate as many processes as possible and to rid your business of its antiquated paper-based payment methods. Your firm can do this by choosing a credit card for accountant firms to manage your own expenses.
What is an accounting credit card?
A credit card for accountant firms is a type of business credit card that firms can use to pay for purchases at the time that they are needed or to pay invoices to suppliers and vendors.
A credit card for accountants can be used in lieu of traditional purchase and payment processes so that employees can complete transactions that are required for their work without having to spend their own money or wait for purchase requests to be approved.
How does an accountant credit card work?
An accountant credit card is a business credit card for accountants and requires a credit check before a company can obtain it. Once a company is approved and receives its cards, certain employees may use them to buy day-to-day items for their jobs.
For example, if a firm has an accountant who needs to travel to a business site for an audit, the employee can charge his or her gasoline costs on the card. When charges are made, debt is added to the credit line that is attached to the card.
Debit cards for accountants vs. credit cards for accountants
Accounting firm debit cards may be a better option than credit cards for accountants. Since debit cards are linked to the company’s account, the money that is used to make payments and purchases is the firm’s. This means that purchases will not add to the firm’s debt or incur interest charges.
The Bento for Business accounting debit cards are not credit cards and do not require credit checks, making them more accessible to small firms that may not have been in business for long. Debit cards may also have spending control and expense management features that a credit card for accountants do not.
What to look for in accountant debit cards
If your firm is considering getting debit cards, there are several features that you should look for. To keep employees from being able to make personal purchases with the cards or to access the money in the firm’s account, good debit cards should offer stringent spending features.
For example, the cards from Bento offer firms the ability to restrict each individual card to allow only the specific items that the employee needs to purchase as a part of his or her job. The data should also be able to upload with your existing firm accounting software so that everything is entered automatically.
How expense management and fraud prevention work with the Bento Visa cards
The Bento for Business Visa debit cards have the type of strong expense management and fraud prevention features that benefit small accounting firms. You can give your firm’s employees their own debit cards to use to make purchases instead of asking them to pay for items and wait for reimbursements. You can restrict the authorized spending on each card according to your employees’ individual jobs.
For example, your office manager might be able to pay specific suppliers but not be able to use the card to buy other items. You can set spending limits by the day, week, or month, and you can also turn the cards off whenever your employees are off from work.
By logging into your firm’s online dashboard, you can see how the firm’s money is being spent by each employee. If you identify any issues, you can turn off an individual card by clicking a button immediately. This can help to prevent employee fraud and embezzlement.
Contact Bento for Business today
Bento for Business helps small businesses to manage their expenses more effectively while preventing fraud. The company has a perfect five out of five rating from Capterra and an A+ rating from the Better Business Bureau. Thousands of businesses across the U.S. trust Bento to help them with expense management.
Deposits are insured by the FDIC up to $250,000, and you have further protection from the stringent level of security from the SSL-encryption technology. To start a free 60-day trial or to learn more, call Bento for Business at 866.289.1104.