Hi all,
I currently have a low limit credit card from my bank which I've been using for day to day business expenses for the last 4 years or so (Including permie life). I carried this approach over to my business because I find it easier to simply account at the end of the month for what I want to claim back* and then do so. I do this in a separate spreadsheet and then just fill it in as one line item on my SJD spreadsheet. I like doing this because it means my main accounts spreadsheet isn't 30 rows of silly on the road expenses. Plus, I mark up on it that I've scanned the receipts etc.
Anyhow, I'm quite happy with all this but I've been to see an IFA today about getting a mortgage later this year/early next year and he indicated that I could do with stopping this. It's not a huge deal, but given the market and how new to business I am I want us to be in the absolute best position possible. We're debt free other than this, so I guess he thinks it's worth the change as it'll move us to 100% debt free.
So, I just wondered if people had any alternative ways of handling their day to day business expenditure?
Company credit card, if I could get one? Just put everything on company debit card? Something else I've not thought of?
*Being honest, I sometimes get to reclaim time and toss a few of them out if I think they're "pushing it" a little
I currently have a low limit credit card from my bank which I've been using for day to day business expenses for the last 4 years or so (Including permie life). I carried this approach over to my business because I find it easier to simply account at the end of the month for what I want to claim back* and then do so. I do this in a separate spreadsheet and then just fill it in as one line item on my SJD spreadsheet. I like doing this because it means my main accounts spreadsheet isn't 30 rows of silly on the road expenses. Plus, I mark up on it that I've scanned the receipts etc.
Anyhow, I'm quite happy with all this but I've been to see an IFA today about getting a mortgage later this year/early next year and he indicated that I could do with stopping this. It's not a huge deal, but given the market and how new to business I am I want us to be in the absolute best position possible. We're debt free other than this, so I guess he thinks it's worth the change as it'll move us to 100% debt free.
So, I just wondered if people had any alternative ways of handling their day to day business expenditure?
Company credit card, if I could get one? Just put everything on company debit card? Something else I've not thought of?
*Being honest, I sometimes get to reclaim time and toss a few of them out if I think they're "pushing it" a little
Comment