Friends -With my latest MHP acquisition in Kansas City, my ‘micro-empire’ of properties has grown to be a fully-fledged ‘really-small-empire,’ and with that growth, I need to get a corporate card to keep business expenses separate from my personal expenses. What business credit cards do you use and what do you like about them? And do you have any expense tracking tricks/software you like? I’m thinking of giving Expensify a try on my iPhone.Thanks,-jl-
I use a Capital One card, but the important thing in my book is not one card verses another card, but paying by card verses paying by check and petty cash. Credit cards are a fantastic form of money for those of us who have the self control not to run up expenses that we can not cover when the bill comes due. Getting one statement with all my business around town purchases on it makes monthly bookkeeping so easy. I spent 15 minutes this morning breaking down a months worth of transactions into their own accounts, wrote one check and am done with that nasty work for another month.BTW, when you set up a system for tracking your business expenses, also set up a similar one for your personal expenses. With the use of a credit card account for your personal spending, you can do so with very little effort that will yield accurate results. I transfer the information into a 12 month running spreadsheet, so I always know what my household needs are. And like I say, I spend very little time on it.
Jefferson:I’ve used Expensify and really like it. If you link it to the corporate card, it can automatically pull down the expenditures in real time, allowing you to track usage (yours or others). Creating reports, particularly if you have consulting clients, is a breeze, so submitting invoices takes no time at all.Will