Sidekick - Autumn 2016 - West - 66

A New Way To Look at Your
Business Credit Card
If your practice is like many,
you consider your business
credit card a convenient tool for
making day-to-day purchases
and tracking your costs. Using
this card for every expense-and
capturing them all in one place-makes
recordkeeping much easier. When you
clearly know where your money is going,
you are better able to assess your practice's
fiscal health.
From simplifying tax preparation and
keeping your personal and practice
expenses separate to providing practicespecific perks and rewards, the advantages
of using your card are many. But there
may be additional benefits you have not
considered.
Your Business Credit Card as a Lifeline
Your practice's cash flow can be
threatened by any number of economic
realities, from reduced insurance
reimbursements to higher technology
costs.
"All the insurance companies have to do
is jam you up for three or four weeks,"
says Marc Lion, the outgoing President of
the National CPA Health Care Advisors
Association. "All of a sudden you are in a
cash crunch."1
This is where your business credit card
can prove unusually valuable.
Let Your Business Card Step Up When
Needed
According to a Harvard University study,
money given in small business loans has
declined 20% since the financial crisis.
Given the added scrutiny these loans are
receiving and the increased difficulty of
securing them, getting working capital
via a business credit card can be a much
easier proposition.
It is not uncommon for businesses to use
their credit card for more urgent issues-
like making payroll or updating outmoded
computers.

66

Sidekick | Autumn 2016

According to Brian Capuano, a
business finance specialist with
CreditBuilder, a business credit
card can address a variety of
working capital needs from
"trying to get your business off
the ground, expand it or simply
maintain a healthy cash flow."
He adds, "One of the world's most
successful businesses, Google, was
launched on the back of credit cards."2
Do not forget: Any credit card interest
generated from business-related expenses is
tax deductible.

Over 1/3 of small businesses
turn to credit cards for financing
to meet their capital needs, an
increase of 3% from 12/2013 to
12/2014.
National Small Business Association,
2014 Year-End Economic Report
Let It Build Your Credit Rating, Too
Perhaps at some point, a bank loan will
make the most sense for your business. You
can build up your practice's credit score by
using your business credit card on a regular
basis and making timely payments each
month. This can give you an important edge
and lead to attractive loan opportunities
down the road.
Market-influenced changes in the healthcare
industry will continue to impact small
practices, and they must remain flexible to
keep operating in the black. Your practice is
no different than any small business when it
comes to cash flow and capital needs.

1

"Credit line can be a lifeline for your
practice," David Bennett, Medical
EconomicsĀ®, 3/15/13

2

"5 ways a business credit card can help
your small business," Brian Capuano,
CreditBuilder, Linkedin.com

GIVE YOUR BUSINESS CARD
EVEN MORE CREDIT
* Can smooth cash flow and
address working capital needs-
generally easier to access than
loan financing within the current
economy
* Can Build business
creditworthiness-making it
easier to secure future financing
PLUS:
* Provides daily purchasing power
and convenience
* Offers business-specific perks like
60-day repayment
* Rewards you with cash back that
can be reinvested (rewards can
add up faster than personal credit
cards)
* Simplifies expense tracking and
financial reporting
* Keeps business and personal
expenses separate
* Gives your practice a tax benefit-
interest is deductible

Contact Henry Schein Financial Services
Phone: (800) 443-2756
Email: hsfs@henryschein.com


http://www.Linkedin.com

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