Debit CardsJul 26, 2021
Debit cards are highly discouraged for business use for various reasons:
- It is extremely difficult to maintain an accurate checking account balance throughout the month when using debit cards and financial control is greatly diminished.
- Using a credit card instead of a debit card frees up an entire month of cash flow.
- Debit cards do not help when attempting to enhance your credit score.
- Debit cards generally do not provide the perks (airline miles, cash back, etc.) that credit cards provide.
- Debit card usage in a business environment causes numerous extra transactions leading to significantly higher accounting fees.
- More time is spent communicating each month to code these transactions, resulting in more processing time and higher accounting fees.
However, if debit cards are used, details will have to be reported to us as follows:
Manual System: Please print a copy of your bank statement and code each of the debit card transactions and send it to us via your normal reporting method.
Software Users: Please enter the debit card transactions into your software using the appropriate account codes.
If you want to improve your business situation, get assistance now. Schedule your free consultation today or give us a call at (218) 491-4002. We're here to help!
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