5 advantages of going cashless

There is a misperception that company cards are just for corporate executives. However, this is not true. Below are several reasons why freelancers should have separate cards for business overheads.

Your business overheads remain business

You’ve opened a business account. Excellent decision! Now that your business and personal money are divided and no more mixed up, it only makes sense to apply the same approach to expenses. The simplest and best way to do this is to become a holder of a company card – in this fashion personal and business outgoes never get confused!

Never lose another business receipt again

You know how it looks when you’ve got a wallet stuffed full of scrunched-up receipts – it can be challenging enough to keep track of everything you’ve spent, particularly if you need to use the receipts for reporting.

Today, a typical company card can let you stay on top of your finances on the move, without having to worry about losing anything by scanning receipts digitally. This significantly facilitates the preparation processes and what’s left is just a few short steps to easy bookkeeping.

How it works with Payscrip:

• Pay an outgo with your Payscrip Business Mastercard®;
• Get an app notification to save your receipt;
• Take a photo of your receipt;
• Categorize, choose VAT rate and attach notes;
• Completed!

Following this algorithm, your accounts continue staying up to date and you are cut through red tape.

Cash is so old-fashioned

This day, card payments are a gold standard – mainly due to COVID-19. As all know, the WHO (World Health Organization) suggested avoiding cash transactions, so it stands to reason that people started to use contactless payment options.

However, even when everything is going well and there’s no risk of getting sick from any virus handling money, it’s still the best solution to avoid paying business expenses with cash. Why?

Cash cannot be tracked. While this confidentiality might be handy for personal payments, when it comes to company purchases, leaving a footprint is indeed very important. Paying your expenses cashless allows your business account statements to show the full picture with no uncertainties.

Be aware of how much you owe in tax

In your account, you can view the amount you owe along with details of your balance and other information. No need to transfer data to an Excel sheet or whip out the old calculator! Once your card is synchronized to your business account, invoicing, and bookkeeping, you can check all the necessary numbers in your account.

Be it known, maybe the tax office owes you some monies for once. It must be nice, mustn’t it?

Keep track of cash flow and monitor your balance

Years ago, tracking cash flow was a bad dream. You’d have to spend hours studying your account statements just to figure out exactly how much money you had. Now it’s a far more pleasant situation than it was. Currently, you can monitor your cash transfers to and from accounts at a glance straight in your Payscrip account – in a real-time regime. It works the following way. When you pay with your company card, outlays are recorded in your Payscrip account along with your income, so they show up in your cash flow report. Thus, income and expenses indeed go together.

Want to try these advantages on your own?

You are welcome to obtain your card at Payscrip and enjoy cashless life. Our cards are accepted almost anywhere you can pay with cards. Now you can grow your business by paying for anything with Payscrip quickly, safely, and simply.