Inspira UK is a professional services consultancy focusing on bookkeeping and management accounting for growing businesses...with 95% client retention rate and over 65 years of experience.

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February 16, 2011

Good credit

Credit cards can offer a sound financial option for small businesses

A six-monthly report on SME trends has shown that almost half of small businesses rely on credit cards to fund their day-to-day financials. Of the 700 businesses surveyed in the report by finance provider Hilton-Baird, 44 per cent said credit cards offered a practical solution for working capital, despite the high interest rates associated with them.
Managing Director of Hilton-Baird, Evette Orams, says: ‘It’s important to explore every viable route available to ease cash flow before making a decision on how to fund a business.”
Here at Inspira we believe there are real arguments these days for using a credit card as part of your operations, but it must be strictly managed. Rigorous accounting and payment of the cards is essential, and you should make sure you have worked through the best available options for your business. Small businesses will have different needs from those of a larger corporation, and the costs associated with a card could be more than is financially viable for you.

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