Startup Business Credit Cards With No Personal Guarantee

business credit cards for accounting startups

The higher the limit, the more inventory they can buy at one time. The other thing they really care about is having a long float, so the best eCommerce credit accounting services for startups cards have loooonnngggg float. And as a business owner or founder of a startup, you should really care about making the accounting easy because that saves you a ton of money on your accounting. The easier the accounting is, the less your accountant has to charge.

Automated Expense Categorization

  • Instead, they earn additional points on lab supplies and life sciences conference tickets.
  • This could give you enough time to get your business off the ground before the regular interest rates for purchases kick in.
  • Traditional corporate cards offer bonus points, cash rewards, or gift cards on purchases made; some of which are more rewards-based than others which are more cash-back based.
  • You control spending with customizable limits and integrate with accounting tools.
  • These are common scenarios for early-stage founders, and they often make it harder to get approved or find options that work.

Look for features that can help simplify your operations and save you some money. Some business credit cards offer built-in expense management tools, free employee cards with customizable credit limits, and integrations with popular accounting software. Other options include account alerts, real-time reporting, and virtual cards for online spending. These extras can make it easier to track spending, manage budgets, and stay organized as your business grows. However, corporate credit cards have disrupted this tradition by basing business card eligibility on business structure and cash flow rather than credit scores and personal guarantees. You won’t be able to carry a monthly balance with a corporate card, but you will get access to funds for business purchases and employee purchases (generally with higher credit limits).

Compare Business Rewards and Cashback Credit Cards

  • Unlike personal cards, business credit cards for startups cater to unique business needs, such as funding operations or tracking team spending.
  • Startups with an excellent credit score and a travel budget can accumulate miles using the Capital One card.
  • The 0% APR period applies to balance transfers made during your first 30 account days.
  • If you’re interested in understanding more about your business card, check out our introduction to business vs. personal credit cards.
  • Dive into our curated list to find the perfect fit for your business.
  • Compared to other company classifications, like a C-Corp or S-Corp, I usually advise LLCs to go for a well-rounded, points-earning credit card like the Ink Business Preferred® Credit Card.

According to Ramp, customers save up to 2% through these insights. Stripe offers $50,000 in free payment processing after $5,000 in card spend—a strong incentive for high-volume startups. Stripe tracks your spending each month and divides your spending into specific categories. You get 2% cashback on whatever your top two categories are each month. In addition, there’s no impact to your personal credit score when you apply, and your credit limit is based on financial factors like your revenue and funding raised. While all five of these cards work this way, they have plenty of differences.

business credit cards for accounting startups

Separate personal and business finances

business credit cards for accounting startups

You can earn rewards even faster by adding employee cards at no additional cost. The Ink Preferred also has one of the largest welcome bonuses on the market. Plus, it offers flexible reward redemption options, including transfers to over a dozen leading travel partners and Points Boost offers through Chase Travel℠. The Ink Business Cash card is built to grow with you as your account is automatically reviewed at least once every six months to see if you qualify for a credit limit increase. Plus, you can add employee cards for no extra cost, and the Ink Cash offers an intro APR that gives you the flexibility to pay off qualifying purchases over time without interest. Employee cards are free, and you’ll get extended warranty¹ and purchase protection¹ for eligible business purchases.

  • Card set-up is super easy and integrates with Quickbooks for seamless mapping and reporting.
  • Ramp is ideal if your startup will have a large, enterprise sales team that will need expense policies and easy-to-use expense management software.
  • Not all issuers report business activity, though, so it’s worth checking your business credit report if that is an important factor for you.
  • They offer a special deal with no interest for 6 to 12 months on new purchases or balance transfers.
  • Swipesum is committed to providing innovative payment solutions and exceptional service to its diverse clientele.
  • And the local currency might be particularly useful if you have hires around the globe, like many of our clients do these days.
  • The company has since expanded its product capabilities to include bill payments, procurement, and accounting integrations.
  • Businesses of any size will enjoy straightforward minimum cash-back opportunities on this card plus increased earnings on travel when booked directly through Capital One’s travel booking site.
  • Startups and sole proprietors with little to no business credit might worry about getting approved for a traditional card.
  • Reliable accounting software is a critical aspect of keeping your business on track.
  • Choose a plastic provider that “gets” startups enough to base your spending limit on the amount of capital in your bank account.

The bonus categories on this card lose a lot of their sizzle when you factor in the spending limits. You’ll only earn at 3% or 2% (depending on the purchase category) for the first $50,000 in qualifying purchases combined each calendar year, which could be too low for some companies. Office supply and most telecom purchases earn at an incredible rate on this card, which could lead to meaningful rewards for LLCs. The card also offers a 0% introductory APR on purchases for 12 months, then a standard APR of 16.99% to 24.99% variable applies for purchases and balance transfers. A balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater, applies. Use it strategically for affordable access to capital when you need it.

Why We Chose Brex As The Best Business Credit Card For Startups

If you already know what stage your business is in—or what you’re prioritizing—use this matrix to quickly identify https://www.citybiz.co/article/785736/the-real-value-of-accounting-services-for-startups/ which card features should be non-negotiable. The United Business Card is a great choice for startups that prefer traveling on United Airlines. You can quickly rack up United miles with double mileage rewards on business expense categories like dining, gas, and office supplies. Plus, perks like a free checked bag, two passes a year for United lounge access, and priority boarding are appealing to business travelers.

business credit cards for accounting startups

business credit cards for accounting startups

Again, it’s not the most fun for us to work with, but those rewards cash back are really, really valuable. However, as we’ve already mentioned, they do put personal liability onto the founder in many cases, so that is a possible deal breaker in our opinion. ECommerce companies are buying a ton of inventory on that credit card.

business credit cards for accounting startups

What’s your favorite small business card—and why?

Whenever possible, we also feature cards that are available at various credit levels and price points. Chase Ink credit cards are offered through JPMorgan Chase, one of the oldest financial institutions in the United States, with over $2.6 trillion in assets under management. But even though you’re applying for a business credit card, the issuer may still check your personal credit scores. This means that your personal credit could play a role in whether you’re approved for the business card — and it could also be affected by your use of the card. Some rewards cards have annual fees so be sure to compare any fees with how valuable the rest of the card may be to you. That way, you can buy what you need for your business and pay off the purchases overtime.

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DOES ANNUAL HOLIDAY ENTITLEMENT EXTEND PAST AN EMPLOYEE’S TERMINATION DATE?

Author: David Jenkins, NZPPA CEO



Please note:  For this post, I am talking about sick leave, but the criteria under Section 63 of the Holidays Act also apply to bereavement leave, and Section 72D (1) applies to family violence leave.

In this post, I want to discuss how an employee that does not meet the requirements of continuous employment can still get sick leave entitlement and how payroll needs, in some situations, to apply a moving assessment (work test) to ascertain if the employee has met the requirement to get sick leave entitlement. 

I want to start with a few quick points: The Holidays Act provides sick leave entitlement once the employee has met the time requirement.  There is nothing in the Act that accrues sick leave, but some payroll systems are doing this and will show it on an employee’s payslip.  This is totally wrong and sends the wrong message on what the employee has a right to take.  The employer can provide sick leave in advance, but that is the employer’s choice, not the payroll providers or their system.  Also, always keep in mind that the Act states sick leave in days and not part days.  So, if the employee only wanted to take a half day sick, they could lose a full day of their sick leave.  Again, it is totally up to the employer, and most allow the employee to take sick leave in less than a day without taking a full day of entitlement from the employee.

Employee meets six months current continuous employment

There are two ways an employee can meet the criteria to get sick leave entitlement under the Holidays Act.  This is defined under Section 63(1).  I will briefly mention Section 63(1)(a) as this is the typical application of how an employee would get sick leave if the employee has completed six months of continuous employment with the employer. 

This is straightforward and easy to apply if the employee has worked a period of continuous employment (of six months) that is current.  This would typically be from when the employee started with an employer, but it could mean the employee did not meet the requirements of continuous employment, but later in their employment, they do (payroll needs to check).  I get asked from time to time if the criteria are based on employment with one employer or if the employee works for different employers, is it across all employment?  The easy answer is just for the one employer as the criteria are based on the period with their employer based on the employment agreement with that one employer.

For payroll, the employee’s employment agreement should be the key document to determine if the employee’s employment meets the criteria of continuous employment over six months.  Follow that up with the reports available in payroll, and this should be straightforward to confirm.

Employee does not meet six months current continuous employment

Section 63(1)(b) provides a work test criterion for employees that do not clearly meet the continuous employment requirement under the previous section.  The work test identifies what these employees need to meet to get sick leave entitlement, starting with the timeframe: “the employee has, over a period of six months, worked for the employer”.  The key to this section is to understand the “and” and the “or” included in the work test sub-clauses in what the employee needs to meet to get sick leave, which is at least an average of ten hours a week during that period, AND no less than one hour in every week during that period OR no less than 40 hours in every month during that period.  In plain language, an employee does not need to work every week because it states an average and then an hour a week or 40 hours a month.

So how to apply this in payroll?

And the fun begins…

Because Section 63(1)(b) states over a period of six months, this type of employee could meet the six months criterion at any time to receive their initial or ongoing entitlement to sick leave. 

For example:

An employee starts, and over the first six months, they do not meet the criteria of current continuous employment s63(1)(a) or the three options under s63(1)(b).  However, in another three months (nine months from starting), the employee requests sick leave, and another check is undertaken to confirm if they are now eligible for sick leave entitlement.  By applying the work test under s63(1)(b) to look back from the nine-month mark to six months ago, the employee could now meet the criteria to get sick leave entitlement of ten days.

What this means for payroll is as soon as the employee meets the six-month work test, they get their entitlement of ten days of sick leave, and this then means from that point, the next assessment will be in 12 months.  So, it won’t be the standard assessment timeframe that would be used for an employee that meets the six months of continuous employment and then 12 months after that.  The assessment at the 12 months mark will again be the six months of continuous employment, or the work test will be applied if that does not fit.  It could mean the employee gets another ten days of sick leave entitlement (the maximum is 20 days) or does not meet the continuous employment criteria or the work test to get another allocation of sick leave entitlement.  So, for this type of employee, their entitlement date for sick leave and the reassessment 12 months later won’t follow a consistent timeframe for payroll but is based on the result from the work test taken at the time.  This is why the work test should be seen as a moving assessment.

It may also be useful to see if a payroll report could be created that includes the employees that need the work test applied to see if the work test has been satisfied and the employee is now eligible for sick leave entitlement at any time instead of trying to work it out in an Excel spreadsheet.  This will save a lot of time and hassle for payroll if you have a payroll system with an ad hoc report writer and database structure that can be used to achieve this.

In conclusion, the employee can gain sick leave in two ways, and payroll needs to fully understand both.  If employees need the work test applied, then payroll must know how and when it can be used and that it won’t be a standard timeframe but more of a moving assessment. 

Note: This post was provided with permission from the New Zealand Payroll Practitioner Association (NZPPA)