FundKite CTO Alex Shvarts was recently interviewed by US World News contributor Rebecca Lake for an article on “Do I Need a Business Credit Card if I’m Self-Employed?” The article discusses the reasons self-employed individuals or the entrepreneurs of very small companies not only should have but essentially need a credit card for their business.
It starts as follows…
“Businesses, no matter how small, need capital to run smoothly. A business credit card can be a solution.
“You don’t necessarily need a business credit card when you’re self-employed. But a card can be helpful for managing your everyday business spending or financing larger expenses so you can grow.
“Business Credit Cards Can Simplify Taxes and Accounting for the Self-Employed
“A business credit card can benefit self-employed individuals, including freelancers, independent contractors and sole proprietors, in more ways than one. The first has to do with organization and record-keeping.
“”For people who are self-employed, it may often times feel like their personal and business lives are one and the same,” says Jay Singer, senior vice president, global small and medium enterprises at Mastercard. “Having separate financial accounts helps keep those flows organized and accounting records straight.”
“That’s particularly important at tax time. In a 2018 QuickBooks survey of freelancers, one of the biggest challenges reported was keeping tabs on business-related paperwork. Business credit cards are extremely important for budgeting and filing taxes, says Alex Shvarts, chief technology officer at small business funding platform FundKite.
“”Those who are self-employed need to know the difference between how much they spent on gas for travel and how much they spent on personal groceries,” he says. “This makes it much easier to itemize deductions during tax season to lower your taxable income.”
The article continues to explain the benefits of separating personal finances from business expenses with several additional quotes from Shvarts. Read the rest of the article in more detail on US World News by clicking this link. To learn more about the financial approaches to entrepreneurship, read this article from FundKite.