Dana Krook, Author at Float

Best Credit Card for E-commerce and Retail Companies in Canada

Posted on April 1, 2025April 1, 2025 by Dana Krook

Running a retail or ecommerce business in Canada isn’t for the faint of heart. Between inventory costs, shipping fees, ad spend and seasonal swings, your cash flow has a lot of moving parts.

That’s where the right business credit card comes in. You need a smart tool to manage spend, smooth out the dips and even earn rewards along the way.

While retail and e-commerce are commonly powered by small business owners with big ambitions, the market itself is huge. Retail e-commerce sales are forecast to reach over $130 billion by 2027, and that’s only about 12% of the total retail market.

In this guide, we’ll explore the best credit cards for retail and e-commerce businesses in Canada. We’ll break down what to look for and which options deliver the most value, whether you’re selling online or stocking shelves in a local shop.

What is a business credit card?

A business credit card is a type of credit card made specifically for business spending—not personal purchases. It’s issued to your business (even if you’re a sole proprietor) and helps keep business and personal finances clearly separated. We’re all for not white-knuckling those tax returns.

What makes a business card different from a regular credit card? Features like higher credit limits, employee cards, categorized expense tracking and rewards are often better suited to how businesses spend.

Why is a business credit card important for retail and e-commerce?

Retail and e-commerce businesses have unique sales rhythms that don’t always align with when cash hits your account. Inventory has to be ordered weeks ahead, and ad campaigns need to run before sales roll in. Shipping costs fluctuate. A business credit card can help bridge those timing gaps so you’re not scrambling.

Beyond short-term cash flow support, business credit cards can also help track spending across platforms, team members or locations. This is especially useful if you’re selling both online and in a store. And because business credit builds separately from your personal credit, using your card responsibly can help you unlock better financing options down the road.

Key considerations when choosing a business credit card

Selecting the best business credit card for your Canadian company means finding a financial sidekick that aligns with your business’ unique rhythm.

Here’s what to keep an eye on:

Rewards structure

Universal perks like cashback on office supplies, fuel and telecommunications benefit most business models. Retailers, you might also look for cards that offer cashback or points on inventory purchases, in-store equipment and utilities. Running an online empire? Prioritize cards that won’t limit rewards for digital advertising spend or shipping costs.

Interest rates and fees

Check annual fees and weigh the card’s annual cost against its benefits. Sometimes, a higher fee unlocks perks that you may not use. Be sure to also compare interest rates. If carrying a balance is in your forecast, hunt for cards with competitive interest rates to keep costs in check.

Credit limits

If you’re in retail, seasonal stock-ups require ample credit. Ensure your card can handle bulk inventory purchases without breaking a sweat. For e-commerce owners, consider how fast you want to scale. A card with a generous limit supports growth spurts and big marketing pushes.

Security and fraud prevention

Security features like EMV chip technology, tokenization, two-factor authentication (2FA) and other fraud detection measures are pretty standard across credit card providers these days. But one feature some businesses overlook in this area? Virtual cards.

Virtual cards enhance security and fraud prevention because they can be authorized for single use, a specific vendor type and spending limit. Plus, they can be instantly cancelled or frozen. These features are especially advantageous for e-commerce and retail businesses investing in digital advertising because they allow you to issue platform- or even campaign-specific cards without exposing the main corporate card. This reduces the risk of fraud, enables precise control over spending—even down to individual campaigns—and ensures that if a card needs to be cancelled or replaced, the rest of your campaigns can continue running without disruption.

Additional features

Review each card carefully and compare different rewards to your overall business objectives. Do the perks offered feel more like nice-to-have bonuses, or do they move you closer to your goals?

Here are a few examples:

Employee cards: Simplify expense tracking by issuing cards to trusted team members, ideally with customizable spending limits.
Expense management tools: Features like real-time tracking and accounting software integration can turn financial chaos into clarity.
Foreign transaction fees: A card that skips foreign transaction fees is a must if your business ventures beyond borders.

Best credit cards for retail business spending

Okay, let’s have a look at what’s out there for business credit cards that are a good fit for retailers in Canada.

Float Corporate Card

Float stands out for modern retail operations. With no personal guarantee, real-time expense tracking and unlimited virtual cards, it’s built to streamline how you manage team purchases and recurring expenses. The 1% cashback and CAD/USD options make it ideal for multi-location or inventory-heavy retailers.

BMO CashBack® Business Mastercard®

A no-frills, no-fee card that puts money back in your pocket with every purchase. It’s a reliable choice for everyday spending like supplies and utilities, and additional employee cards come at no cost.

TD Business Travel Visa Card

If you’re hitting trade shows, visiting suppliers or doing regional business travel, this card rewards you on every mile. Travel perks, insurance and a welcome bonus help stretch your budget further.

RBC Avion Visa Infinite Business

With flexible rewards and access to an RBC business advisor, this card is a good fit for established retail companies that want support while scaling. Bonus: employee cards and expense management tools are included.

Comparison table for retail business spending in Canada

Card name	Provider	Annual fee	Rewards	Key benefits
Float Corporate Card	Float	$0	1% cash back on every dollar of spend.*Average savings of 7% on spend.	Real-time expense trackingVirtual + physical cardsNo personal guarantee4% interest on depositsCAD and USD card options
BMO CashBack® Business Mastercard®	BMO	$0	Earn cash back on specific gas, office, and phone expenses.	Cash back on some purchasesAdditional employee cardsExtended warrantyPurchase protection
TD Business Travel Visa Card	TD	$149 (Additional cards $49 each annually)	Earn TD Rewards Points on business purchases.	Welcome bonusTravel insuranceEmployee cardsExpense tracking toolsPoints never expire
RBC Avion Visa Infinite Business	RBC	$175 (Additional cards $75 each annually)	Earn RBC Rewards points on purchases.	Flexible rewardsTravel insuranceBusiness advisor accessExpense tracking toolsEmployee cards

*on all categories after the first $25K of monthly spend

Best credit cards for e-commerce business spending

Next up, let’s look at business credit cards to bolster an e-commerce business model.

Float Corporate Card

Tailor-made for online businesses, Float offers the flexibility and control that e-commerce teams need. Use unlimited virtual cards for ad platforms, automate expense tracking, and integrate with your accounting software, with no personal credit check required. Plus, the security benefits of virtual cards help keep your digital advertising campaigns running—and on budget. This solution is efficient, fast and scales with your business.

The Business Platinum Card® from American Express

For e-commerce businesses with high monthly spend, especially on advertising, SaaS tools or international suppliers, this premium card delivers excellent points value, flexible redemptions and travel perks for founders on the go.

CIBC bizline® Visa Card

Not all e-commerce growth is smooth. The CIBC bizline works more like a line of credit, offering low interest and no annual fee, perfect for managing inventory buys, returns or unexpected slow periods.

Scotiabank Passport® Visa Infinite Business

Selling to or sourcing from other countries? This card removes foreign transaction fees and gives you travel and insurance perks on top. A good pick for e-commerce businesses with cross-border needs.

Comparison table for credit cards for e-commerce spending in Canada

Card name	Provider	Annual fee	Rewards	Key benefits
Float Corporate Card	Float	$0	1% cash back on every dollar of spend.Average savings of 7% on spend.	Real-time expense trackingVirtual + physical cardsNo personal guarantee4% interest on depositsCAD and USD card options
The Business Platinum Card® from American Express	American Express	$499 (Additional cards $199 each annually)	Earn Membership Rewards points on purchases.	Travel insuranceAirport lounge accessFlexible rewardsExpense management tools Employee cards
CIBC bizline® Visa Card	CIBC	$0	No traditional rewards; focuses on low interest rates.	No annual feeLow interest rateLine of creditExpense tracking toolsEmployee cards
Scotiabank Passport® Visa Infinite Business	Scotiabank	$199 (First supplementary card free, each additional card $50 each annually)	Earn Scene+ points on business purchases.	No foreign transaction feesAirport lounge accessTravel insuranceEmployee cardsFlexible points redemption

Alternative funding options

A business credit card is a flexible tool for managing everyday expenses, but it’s not the only option. For retail and e-commerce businesses that deal with seasonal swings, bulk inventory buys or rapid growth, it’s worth exploring additional funding sources.

These can include lines of credit, venture debt, and government grants or loans. Pairing a business credit card with other financial tools can give you more breathing room and better control over cash flow. The key is building a mix that matches how your business earns, spends and grows.

How to choose the right business credit card

Finding the perfect business credit card is like matchmaking, and it’s all about compatibility. Here’s how to swipe right:

Analyze your spending habits

Dive into your expense reports to identify where your money flows. Do you splurge on digital ads, or is travel the heaviest hitter on the books? Align your card’s rewards with your primary spending categories.

Assess your financial position

A stellar personal credit score can open doors to premium business cards. Know where you stand to set realistic expectations.

Compare card options

Don’t settle for the first flashy offer. Scrutinize multiple cards, focusing on rewards you’ll use, fees, interest rates and additional perks.

Consider the card issuer’s reputation

A card is only as good as the company behind it. Opt for issuers known for excellent customer service and robust support, because when you need help, you won’t want to be left in the dark.

Evaluate the application process

There’s an adage that says time is money, and to a small business owner, it really can be. Some cards offer swift approvals and minimal paperwork, getting you back to business faster.

Float: Business credit cards designed for retail and e-commerce in Canada

Whether you’re managing a storefront or scaling an online shop, the right credit card can make a big difference in how efficiently (and profitably) you run your business.
From cash flow management to rewards that give back, today’s options go far beyond basic plastic. And while there are several strong contenders, Float’s flexibility, ease of use and smart features built for modern businesses might just be your best bet.

Best Expense Management Software for Canadian Businesses

Posted on March 28, 2025March 28, 2025 by Dana Krook

Trying to keep a handle on company spending without the right tools? It may be time to scout out the best expense management software to help your team spend smarter without adding to your admin workload.

Through 2025, Canadian businesses will likely be operating in an uncomfortable state of uncertainty. Inflation, rising supplier costs and tighter margins are forcing business owners to keep a closer eye on spending.

It may sound simple, but 55% of business owners are struggling with financial tools that don’t integrate well, leaving them scrambling for receipts and vulnerable to overspending.

The right software helps you budget better, spot savings sooner and respond faster to financial pressures. We’ll walk you through what you should know about expense management solutions, how to compare the options on the market today and best practices for success.

What is expense management software?

Expense management software helps businesses stay on top of spending. It simplifies how teams track, record and review expenses—but today’s platforms go far beyond the basics.

Modern tools automate administrative tasks like receipt collection and report generation, enforce company expense policies, speed up reimbursements and provide real-time insights into where money is going. For finance teams, this means fewer errors and more reliable data. Plus, it’s a faster, smoother way for employees to handle expenses and get reimbursed on time.

Expense management software boosts accuracy, streamlines workflows and makes spending visible and policy-compliant. It helps companies of all sizes stay sharp, spot trends and make better decisions.

Expense management vs expense tracking

While the terms are often used interchangeably, there’s a big difference between tracking expenses and truly managing them.

Expense tracking

Tracking is the bare minimum. It mainly entails logging what people spend after the fact. Many businesses use spreadsheets, accounting tools, or basic apps to reconcile reports and receipts. This gets the job done, but it won’t stop overspending or simplify your process.

Expense management

Expense management is proactive. It puts systems in place to guide, control and automate spending before it happens. The best expense management software uses approval flows, spending limits, policy enforcement and real-time data to keep things in check.

For businesses that want to move faster, stay compliant and spend smarter, expense management software is a clear step up.

Which does my business need?

Every business tracks expenses. This helps you get through tax time, whether you’re looking at a spreadsheet or a shoebox of receipts. (Finance folks still pale at the site of any shoebox, but we digress.) Even when it’s accurate, it’s reactive. You’re looking back at what’s already happened.

Expense management flips that around. It’s about setting the rules, automating the process and getting visibility before money goes out the door. Budgets, approvals, restrictions and policy enforcement are all built in.

You’ll likely notice a tipping point when you’re tired of overspending surprises, approval delays or hefty manual admin. Expense management helps businesses of any size—not just the big guys.

Use case study: BenchSci

BenchSci, a fast-growing Canadian AI company, was feeling the pain of outdated expense workflows as it doubled in size. Manual spreadsheets, receipt chasing, and slow reimbursements were eating up time and delaying finance operations. “Without Float, we’d be in the position of needing to expand our team,” says senior accountant Bonnie Kershaw.

Switching to Float allowed the team to automate expense management and issue corporate cards, cutting bottlenecks and reclaiming over 40 hours a month. “We wanted to alleviate the pressure of employees having to pay with their own funds and waiting for reimbursement,” Bonnie explains.

Float also supported BenchSci’s culture of freedom and responsibility, empowering employees while keeping spend within policy.

Best expense management software for Canadian businesses

With so many expense tools on the market, how do you know which fits your business best, especially if you’re operating in Canada?

We’re clearly partial to Float, but we’re happy to get into the weeds on why so you can make the best choice for your business.

Below, we break down some of the top options, what they offer, and how they compare.

Float

Float is a modern expense management platform built for Canadian businesses. It streamlines finance operations by combining real-time spend tracking, unlimited virtual and physical corporate cards and accounting integrations. Read the benefits of built-in approval workflows, automated receipt capture and fast reimbursements,

Float makes it easy to stay in control of company spending. It’s designed to scale with your team without adding headcount or hassle, and members at the Essential level have access to free expense management software.

BMO Travel & Entertainment MasterCard

Many of Canada’s big banks offer business credit cards, but it’s rare to find robust expense management. BMO offers a traditional expense management option through its T&E corporate card program, which includes centralized billing and some reporting functionality.

However, it lacks modern features like receipt capture, automation or policy enforcement and doesn’t support real-time integrations or virtual cards.

Expensify

Expensify simplifies employee expense reporting, especially for companies using reimbursement-heavy workflows. It features automatic receipt scanning, mobile submission and integrations with popular accounting tools. It also offers a corporate card, though it’s not the primary focus.

While great for basic reporting and reimbursements, Expensify may lack the advanced spend controls or real-time card management growing teams need.

Concur

Concur is a global enterprise platform offering highly customizable travel and expense solutions. It supports complex workflows, multi-currency accounting and integrations with large enterprise resource planning systems, making it a fit for enterprise-level operations.

However, many find the platform overly complex, expensive and slow to implement (or so say a ton of Reddit users in this thread), so it may not be the best expense management software for small businesses. The user experience might feel dated compared to newer, more intuitive tools.

Compare Top Expense Management Software Solutions for Canadian Companies

Let’s look at how these stack up side-by-side in this expense management software comparison chart.

Feature	Float	BMO T&E Mastercard	Expensify	SAP Concur
Purpose-built for Canadian companies	Yes	Yes	No	No
Unlimited virtual and physical cards*	Yes	No	Yes (with limitations)	Not specified
Real-time view into transactions	Yes	Yes	Yes	Yes
Automatic receipt capture via text or app	Yes	No	Yes	Yes
In-depth accounting software integration complete with Canadian tax codes	Yes	No	Yes	Yes
Fast and free employee reimbursements	Yes	No	Yes	Yes

*Float Professional plan members. Essential members get unlimited virtual cards and 20 physical cards.

5 tips for choosing the right expense management solution

Not sure where to start?

Here are five key factors to consider when choosing the best expense management software for small businesses in Canada.

1. Know what you really need: tracking or management?

Basic tracking tools might suffice if you’re just logging expenses after the fact. But you’ll need full-fledged corporate credit card expense management software if you want proactive control, like setting spending limits, enforcing policies and managing approvals.

2. Look for automation that actually saves time

Choose a tool that doesn’t just look good on paper. The right platform should reduce manual work (think auto-coding transactions, syncing with your accounting software, prompting for receipts) and reclaim hours for your team every month.

3. Make sure it grows with you

As your company scales, your spending will become more complex. Look for corporate credit card expense management software that supports multi-user controls, customizable policies, and automation. This software can handle increased volume without expanding your finance team.

4. Prioritize real-time visibility and controls

Proactive spend management means you’re not waiting until month-end close to spot issues. Choose a tool that gives your team real-time access to spending data, approvals and alerts so you can course-correct instantly.

5. Consider local compatibility and support

Some global platforms aren’t built with Canadian businesses in mind. If you’re operating in Canada, make sure the software supports CAD and local tax codes and has an easy path to onboarding Canadian entities. Otherwise, you’ll be stuck filling in the gaps manually.

About Float expense management software

Float is an expense management platform built to give businesses real-time control over how money moves. With corporate cards, automated approvals and seamless accounting integrations, it takes the mess (and stress) out of managing team spend. Essential members get access to free expense management software, so it scales as you do.

Here’s how it works: Employees request funds, managers approve with a click and cards are issued with smart limits and built-in policies. Receipts and categories are handled automatically, making month-end close a breeze instead of a scramble.

When BenchSci made the switch, they were able to drive efficiency and strategic financial planning. As senior accountant Bonnie Kershaw puts it, “I can’t even imagine going backward to that old time when we had to do things manually.”

Made for Canadian businesses, Float helps you ditch the hassle and get back to what matters.

Top 10 Small Business Deduction and Expenses to Claim in 2025

Posted on March 25, 2025March 25, 2025 by Dana Krook

Taking advantage of the Small Business Deduction (SBD) and claiming business expenses on your taxes can save you some serious cash. If you don’t know what if you qualify for the SBD or what tax deductions are available for companies like yours, you could be paying more taxes than you need to—money you could be spending on growing your business.

In this article, we’ll explain how to get the Small Business Deduction Canada provides to eligible companies. We’ll also offer an overview of some of the main tax deduction categories for small businesses and give you a list of the top small business tax deductions you can (and should) claim when you file your taxes this year.

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What is the small business deduction?

The Small Business Deduction (SBD) is a rate reduction tax benefit for small- and medium-sized businesses that reduces the total corporate income tax you owe in a given year. It’s a pretty sweet deal. Normally, Canadian corporations pay the federal tax rate of 15%. With the SBD, companies can get a reduced tax rate of 9% on up to $500,000 of active business income (ABI)—the total income generated from your business operations for the year.

How to qualify for small business deduction

Depending on the size and type of business you run, figuring out if you qualify for the SBD can be kind of complex. We’d definitely recommend reaching out to a tax professional to see if you can take advantage of this benefit.

The Small Business Deduction Canada offers is only available for Canadian-controlled private corporations (CCPCs). This means that businesses controlled by one or more non-residents (i.e., one of the owners is from the US) or another public corporation aren’t eligible. Those that list shares on the stock exchange also aren’t eligible.

To qualify for the SBD, your business must have less than $10 million in taxable capital employed in Canada across all associated corporations. Taxable capital is different from taxable income. Capital refers to the total financial resources you use to generate income for your business—including shareholder’s equity, surpluses and reserves, and loans and advances received during the year.

If your business has between $10 million and $50 million in taxable capital, you can still take advantage of the SBD benefit. However, the amount of ABI that qualifies for a reduced tax rate goes down as taxable capital increases. Earning over $50,000 in aggregate investment income also lowers the total ABI that qualifies for the reduced tax rate. If you earn over $150,000 in investment income (very impressive), you can’t get the SBD.

Each province and territory has its own SBD benefits that can reduce the provincial tax you owe which kicks in if you qualify for the Small Business Deduction Canada offers.

NOTE: The SBD only applies to incorporated businesses. Sole proprietors and partnerships are taxed differently and don’t qualify for the SBD.

What are the tax deduction categories for small business?

In addition to the federal and provincial Small Business Deduction, you can also deduct or “write off” business-related expenses to reduce your total taxable income, therefore reducing the total tax you’ll pay. Generally speaking, any money you spend to run your business is considered a business expense. You might be tempted to claim your daily espresso as a business expense—how would your company function without caffeine?—but the Canada Revenue Agency (CRA) has some rules around what you can and can’t deduct from your taxable income.

It’s smart to organize your transactions into the categories recognized by the CRA as you go, rather than waiting until month-end or *shudder* until you need to file your taxes. This makes closing your books at the end of the month way less stressful. When tax season rolls around, you can easily report your properly-categorized expenses and claim them.

Your accounting software might have some built-in expense category suggestions that should align with the CRA categories. If you’re tracking expenses manually with a spreadsheet, you might want to familiarize yourself with the official CRA categories so you can label your transactions accordingly.

The CRA has a comprehensive list of all the types of expenses businesses are allowed to claim as a deduction. Here are a just a few tax deduction categories that might apply to your small business:

advertising
business tax, fees, licenses and dues
business-use-of-home expenses
capital cost allowance
delivery, freight and express
fuel costs
insurance
interest and bank charges
legal, accounting and other professional fees
maintenance and repairs
management and administration fees
meals and entertainment
long-haul truck drivers
motor vehicle expenses
office expenses
rent
salaries, wages and benefits
supplies
telephone and utilities
travel

FYI, the deadline for small businesses to file taxes is usually April 30 each year, although sole proprietors typically have until June 15 (though they are not eligible for the SBD). Corporations need to file their taxes six months after the end of their tax year.

Top 10 small business tax deductions

If you’re wondering, “What can I write off on my taxes?” you should check in with an accountant or tax expert who can ensure you’re claiming the right expenses—and help you identify expenses you might not realize you can claim. You definitely don’t want to miss out on tax savings you could reinvest in growing your business.

Beyond the SBD, here are 10 small business tax deductions that can help you reduce your taxable income, including a few you might miss when you’re getting your expenses together at tax time:

1. Salaries, wages and contractor fees

You can deduct the gross salary you pay your employees—which is their salary before taxes, benefits and any other payroll deductions that come off their paycheque. You can also claim any payments made to contractors or freelancers who provided services for your business, like a designer you hired to update your website.

2. Cost of goods sold (COGS)

If you make and sell physical goods or run a food-based business, you can claim the supplies, materials, ingredients and packaging you use to create the products you sell. If you run a service-based business, you can also claim the cost of supplies you use to get the job done. For example, a cleaner can claim the cost of the cleaning tools and products they use in their clients’ homes.

3. Office expenses

You can claim the cost of rent, utilities and internet at your office space. You can also claim everyday items you use while you work like stationery, furniture and computers or tablets—as long as you can prove these items are used for business purposes. If you work from home, you can also claim a portion of your bills on your taxes.

4. Business software

When you’re calculating your office and operating expenses, don’t forget about your software subscriptions, which are also part of the above category. This could include your accounting software, inventory or customer management software and collaboration solutions like Microsoft 365 or Google Workspace.

5. Advertising

The cost of running ads on Canadian radio and television stations and in Canadian newspapers is tax deductible—but you can’t claim the costs of advertising outside the Canadian market. You can also claim costs associated with digital advertising and running your business’ website, such as domain and hosting fees.

6. Interest and banking fees

No one loves racking up interest, but hey, at least paying interest on your loans or mortgages on the property you use to do business (or home office space) can lower your taxable income. If you meet the CRA’s criteria, you may be able to claim a portion of these fees. You can also claim banking fees including account service fees and fees for lowering the interest on loans.

7. Legal, accounting, consulting and professional fees

Getting advice from someone about your taxes or contracts? Hired a business coach? You can claim what you pay to professional service providers like lawyers, bookkeepers and accountants, as well as consultants who help you improve your business and expand your skills. If you’re a member of a commercial or trade organization, you can also deduct membership fees or dues.

8. Business travel, meals and entertainment

Turns out, the CRA does want you to have a little fun sometimes. In general, you can claim 50% of meals, beverages and entertainment associated with running your business, such as staff parties, client dinners or during business travel. You can also claim the cost of travelling including flights, hotels and transportation.

9. Vehicle and fuel costs

You can claim the costs associated with running and maintaining the vehicles you use in your business, which could include machinery or the cars your team uses to deliver products or drive to work sites (sorry, the car you use to commute to work doesn’t count). The cost of fuel, repairs, new tires and car insurance can be written off as business expenses.

10. Other taxes

Property taxes on your office or home office space can be deducted as business expenses. It’s also important to ensure you’re not including the government sales tax (GST), provincial sales tax (PST) or harmonized sales tax (HST) that you’ve collected from customers as a part of your total taxable income.

Float makes it easy to get your expenses in order

Float combines intuitive expense management software with flexible corporate cards. When you use Float, all your transactions—including employee purchases like travel, food, office and fuel expenses—land in the same place and are automatically organized into categories that match up with your accounting software. You can also proactively control your expenses with Float cards. In addition to setting spend limits on each card, you can also restrict where the cards can be used to ensure your team spends funds in the right places.

If you’re tired of chasing down receipts and sorting through transactions coming in from all your bank accounts, try Float free and make expense tracking and categorization seamless. Future tax-season you will thank you.

Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Every business is unique, and tax rules can change or vary depending on your specific circumstances. We recommend consulting a qualified accountant or tax professional to ensure you’re making the right decisions for your business.

What is Cash Flow in a Business? How to Track, Analyze and Improve

Posted on March 18, 2025April 1, 2025 by Dana Krook

Imagine your business is booming. Customers are lining up, invoices are rolling in and revenue looks great on paper. But when it comes time to pay vendors, cover payroll or invest in growth, you’re scrambling to find the cash. Sound familiar? Welcome to the world of cash flow.

Cash flow isn’t just about how much money your business makes—it’s about when that money arrives and whether it’s there when you need it. A profitable business can still find itself in financial trouble if cash flow isn’t managed properly.

So, what is cash flow in a business?

In this guide, we’ll break down why business cash flow matters, common pitfalls that trip companies up and actionable strategies to keep your finances in the green. Whether you’re an entrepreneur looking to scale or a seasoned business owner fine-tuning your financial strategy, this is your go-to guide for discovering:

What is cash flow in a business?
Why is cash flow important?
Common challenges in managing cash flow
How to calculate cash flow
Importance of company cash flow management and analysis
How to improve cash flow in a business

What is cash flow in a business?

Cash flow is the pulse of your business’s financial health. It’s the money flowing in from customers, sales or funding, and the money flowing out to pay employees, cover expenses and invest in growth. And we know from recent spend trend data that highly profitable companies dedicate a large portion of their spending to growth measures like digital marketing.

A well-managed cash flow ensures that your business has the liquidity to meet financial obligations, capitalize on new opportunities and maintain stability—even in times of uncertainty. Understanding and optimizing cash flow is essential for long-term success. Even profitable businesses can struggle if they don’t have cash available when they need it.

Incoming vs. outgoing cash flow

Business cash flow can be broken down into incoming cash flow (money flowing into the business) and outgoing cash flow (money leaving the business).

Incoming cash flow includes things like customer payments, loan proceeds, investor funding and revenue from selling assets.

Outgoing cash flow covers rent, payroll, supplier payments, taxes, debt repayments, operational costs and other expenses.

Positive vs. negative cash flow

Positive cash flow means more money is coming in than going out. This allows for reinvestment, savings and financial flexibility.

Negative cash flow happens when expenses exceed income, leaving a business struggling to meet obligations. While occasional negative cash flow may not be a red flag, consistent shortfalls signal potential trouble. Think of it like a leaky bucket: sooner or later, you’ll run dry unless you patch the problem.

Types of cash flow

Cash flow breaks down into three main categories:

Operating cash flow – This is your day-to-day cash movement. It includes revenue from sales, payments from customers and expenses like payroll, rent and utilities.
Investing cash flow – Money going in and out related to investments. This could be purchasing equipment, acquiring another business or selling assets.
Financing cash flow – Funds moving between your business and investors or lenders, such as business loans, issuing shares, or paying dividends.

Understanding these cash flow types and categories can help you spot potential financial trouble before it happens.

Why is cash flow important?

A steady, positive cash flow gives you the ability to cover expenses, invest in new opportunities and weather unexpected financial storms.

Here’s why visibility into cash flow should be a top priority for every business owner:

It keeps operations running smoothly. If you don’t have enough cash on hand, even a minor delay in customer payments can lead to missed payroll, unpaid suppliers or service disruptions.
It prevents reliance on expensive debt. When cash is tight, businesses often turn to high-interest credit lines or loans to cover expenses. Avoiding unnecessary debt keeps your business financially healthy.
It fuels business growth. Whether you want to expand into new markets, hire additional staff or upgrade equipment, having available cash allows you to jump on opportunities without hesitation.
It builds financial resilience. Unexpected costs, like equipment breakdowns or economic downturns, can cripple a business that isn’t financially prepared. A well-managed cash flow acts as a safety net.

“There’s a timing aspect to cash flow,” Jennifer McNamee, CPA and Senior Finance and Account Manager at Float, explains. “If you have a mismatch on the inflows and outflows, you could run out of cash. Then you have to tap into emergency solutions like debt or a line of credit, which are costly ways to finance your business.”

Common challenges in managing cash flow

Even businesses with strong revenue can run into cash flow problems. According to a Float study, 65% of SMBs are dealing with long processing times for financial transactions, and 59% are experiencing lengthy loan approval processes—both issues that can lead to significant cash flow issues.

Here are some of the most common challenges that can impact financial stability:

Delayed customer payments – When businesses rely on invoices with long payment terms (e.g., net 30, net 60), it can create cash flow gaps. If customers take too long to pay, it affects the company’s ability to cover its own expenses.
Large upfront costs – Some businesses, especially those in retail or manufacturing, must pay for inventory, raw materials or equipment long before they generate revenue from sales.
Unexpected expenses – Emergencies happen. Whether it’s equipment repairs, tax obligations or market downturns, unexpected costs can drain cash reserves quickly.
Poor payment terms with vendors – If your vendors require quick payments while your customers take longer to pay, you may find yourself constantly short on cash.
Seasonality – Maybe your business has peaks and valleys in operations, much like an ice cream shop would during the winter. Accurately forecasting seasonal dips in sales can help you prepare for the lull.
Lack of cash flow visibility – If a business doesn’t regularly monitor cash inflows and outflows, it can be blindsided by a sudden shortage. Understanding cash flow trends through frequent reporting is key to preventing financial surprises.

How to calculate cash flow

Calculating cash flow is essential for understanding your business’s financial health. Accurate visibility into cash flow requires diligent expense management, revenue tracking and proactive forecasting. The primary tool used to calculate it is the cash flow statement, which provides a snapshot of how cash moves in and out of your business over a specific period.

You don’t need to be a CPA to make sense of this (although a cup of strong coffee might help). To oversimplify it, you can calculate cash flow with this basic formula:

Cash Flow = [ Cash Inflows – Cash Outflows ]

Reading your cash flow statement will be slightly more complex. Cash flow statements track how money moves in and out of your business and are divided into three main sections, which you can see in the example below.

Operating activities cover cash generated from day-to-day business operations. It starts with net income, then adjusts for non-cash expenses like depreciation and amortization. It also accounts for changes in working capital, such as money tied up in accounts receivable, inventory and accounts payable. If your company sells products or services on credit, cash flow may be delayed, while paying suppliers later can temporarily improve cash flow.

Investing activities focus on buying and selling long-term assets. This includes capital expenditures (CapEx), like purchasing equipment or property, which reduce cash. On the other hand, selling assets or investments brings in cash. This section also includes buying or selling marketable securities or acquiring other businesses.

Financing activities track cash movements related to investors and lenders. Raising funds through loans or issuing stock brings in cash, while repaying debt, paying dividends, or buying back shares reduces it. This section reflects how your company funds its operations beyond its core business activities.

At the bottom of the cash flow statement, all these cash movements are added up to show the net increase or decrease in cash for the period. This is reconciled with the beginning cash balance, leading to the final ending cash balance—the actual cash the business has on hand at the end of the reporting period.

Importance of company cash flow management and analysis

Analyzing cash flow will help you make smarter business decisions. Here’s how:

Identifying financial trends: By consistently analyzing cash flow, you can recognize patterns in revenue and expenses, such as seasonal dips, delayed customer payments, or unexpected cash shortages. This allows your business to plan ahead, ensuring you have enough cash reserves during slow periods and optimizing spending during peak times.
Ensuring liquidity: Maintaining a steady balance between cash inflows and outflows ensures that your business can cover essential expenses like payroll, rent and supplier payments without disruption. A clear picture of your cash position helps prevent cash shortages that could jeopardize operations.
Avoiding unnecessary debt: Poor cash flow management often leads businesses to rely on short-term loans, high-interest credit lines or emergency funding to stay afloat. By proactively monitoring cash flow, you can better anticipate financial needs, reduce reliance on costly borrowing and allocate funds more efficiently to support sustainable growth.

But cash flow management isn’t all about saving for a rainy day. Once you’ve mastered it, you can use cash flow to help your business grow by reinvesting strategically. “Sometimes, businesses get too focused on cash preservation and miss out on opportunities for growth,” says Jennifer. “Finding the right balance between saving and strategic reinvestment is key.”

With a balanced approach, reinvestment can help you expand operations by opening new locations, hiring employees, or increasing production capacity. It can support technological upgrades, investing in tools or automation that improve efficiency and productivity.

Allocating funds to marketing efforts can drive customer acquisition and increase revenue, while reinvesting in product development fuels innovation by supporting research and development. Overall, sound cash flow management sets you up for sustainable success in your business.

How to improve cash flow in a business

Here are 7 ways to take back control and improve your business’ cash flow.

1. Speed up receivables

One of the easiest ways to improve cash flow is to get paid faster. Send invoices as soon as work is completed and set clear payment terms. Consider offering early payment discounts to encourage quicker transactions, and automate reminders to follow up on outstanding invoices. The faster money comes in, the less likely you are to run into cash shortages.

2. Negotiate better payment terms

Negotiating extended payment deadlines with vendors gives your business more flexibility. If possible, arrange staggered or milestone-based payments for large projects to spread costs over time. Many vendors are open to flexible arrangements, especially if you maintain a strong relationship.

3. Cut unnecessary expenses

Conduct regular audits of your expenses to identify areas where you can cut back costs. Cancel unused subscriptions (hey, we’re all guilty of it!), renegotiate contracts and consider shifting to more cost-effective operational models. Even small savings can add up to significant cash flow improvements over time.

4. Maintain a cash reserve

Having a financial cushion is crucial for handling unexpected expenses. Set aside a portion of your profits into an emergency fund that can cover at least three to six months of operating costs. Consider placing these reserves in a high-yield account to maximize returns on idle cash while keeping it accessible when needed. This ensures that you have funds available to navigate downturns without relying on expensive debt options.

5. Optimize inventory management

For product-based businesses, inventory can be a major cash drain. Avoid overstocking by closely monitoring sales trends and using just-in-time inventory systems to reduce holding costs. Clearing out slow-moving stock through discounts or promotions can also free up cash that’s otherwise tied up in unsold products.

6. Leverage cash flow management tools

Technology can help you track and improve business cash flow. Software like Float provides real-time insights into cash movements, helping you forecast potential shortfalls and make informed decisions. Automating financial tracking also reduces human error and ensures you always have a clear picture of your financial standing.

7. Diversify revenue streams

Relying on a single income source can be risky. Consider expanding your offerings, entering new markets or adopting subscription-based models to create more predictable revenue. Upselling and cross-selling to existing customers can also improve business cash flow without increasing acquisition costs.

Get visibility into your cash flow with Float

Cash flow management doesn’t have to be a guessing game. With Float, you gain real-time insights into your business’s financial health with a leading spending and expense management platform that helps you track outflow to make informed financial decisions. Whether you’re looking to streamline operations, cut costs, or plan for future growth, Float gives Canadian businesses tools needed to stay on top of cash flow with confidence. Try Float today and take control of your business finances.

Two-Speed Economy Emerges as 42% of Canadian Businesses Take a ‘Wait-and-See’ to Tariffs, Float Report Finds

Posted on March 12, 2025March 13, 2025 by Dana Krook

Toronto, ON – March 12, 2025 – Canadian businesses are navigating a “two-speed economy” as financial pressures mount, according to Float’s Canadian SMB Financial Outlook 2025 report. The study, which surveyed more than 400 small and medium-sized businesses (SMBs), highlights a widening gap between established businesses investing in growth and younger businesses struggling with financial constraints that keep them stuck in survival mode.

While overall business confidence remains stable—dipping only slightly from 87% in Q4 2024 to 86% in Q1 2025—the divide between older, well-established businesses and newer businesses is becoming more pronounced. Experienced SMBs are twice as likely to project 10%+ year-over-year profit growth compared to their younger counterparts, who continue to grapple with limited access to capital and cash flow challenges.

The report also sheds light on the Canadian business response to impending US tariffs and rising operational costs. Although 65% of SMBs expect to be affected by tariffs, a concerning 4 in 10 businesses remain in “wait-and-see” mode—choosing not to adapt their strategies in advance. Top concerns about the impact of tariffs include increased costs when exporting to the US, currency fluctuations and higher prices from US suppliers. At the same time, 7 out of 10 businesses believe expected Bank of Canada rate cuts will have little-to-no impact, signaling that broader economic policy shifts may not provide enough relief.

“Canadian businesses have consistently proven their resilience, but in today’s economic climate, survival is no longer just about perseverance—it’s about access,” said Andrew Dale, Chief Financial Services Officer at Float. “Access to capital, real-time financial insights and efficient financial systems are critical for businesses to stay competitive. To really be elbows-up, we need bold policy changes and financial solutions that target these newer businesses and empower them to plan strategically—without blindspots, long wait times or red tape.”

The report also shows a significant portion of businesses still operate with outdated financial reporting tools, with 44% struggling with inefficient processes, 40% lacking a single financial source of truth, and 39% using tools that don’t integrate effectively. The data also indicates that SMBs with poor financial visibility are more likely to increase spending blindly, potentially making risky financial decisions without a clear understanding of their cash flow. This underscores the importance of efficient financial systems in helping Canadian businesses navigate these uncertain times.

To combat these challenges, Float is committed to equipping Canadian businesses with modern financial solutions that provide real-time visibility, seamless integrations, and efficient financial management.

About Float

Float is Canada’s complete business finance platform, combining modern financial services and software to help businesses spend, save, and grow. Trusted by more than 4,000 Canadian companies, Float provides high-limit corporate cards, automated expense management, next-day bill payments, high-yield accounts and fast, friendly support—all built in Canada, for Canada. Float is backed by world-class venture and fintech investors, including Growth Equity at Goldman Sachs Alternatives and OMERS Ventures.

Media Contacts

Dana Krook
Content & Communications Lead
dana.krook@floatfinancial.com

416-992-7471

10 Cash Flow Problems (and Solutions) for Small Businesses

Posted on March 10, 2025March 18, 2025 by Dana Krook

If you’re running a small business, chances are you’ve experienced cash flow problems at some point. The stress of not knowing if you’ll have enough to cover payroll, supplier payments, or office rent can keep you up at night.

It’s frustrating to work hard, bring in sales, and see profits on paper, only to find yourself short when an unexpected invoice lands or an essential expense arises.

You may feel alone in these struggles, but you have more company in that leaky boat than you realize. In Canada, 60% of small and medium-sized businesses (SMBs) report ongoing cash flow challenges. Look at your small business neighbours. Yep, they’re worried about this, too. This number is only slightly better for established businesses. According to Float data, 48% of SMBs that have been operating for 20+ years reported insufficient cash flow as a top financial challenge in 2024.

The good news? You’re not alone, and there are ways to take control. Plus, we get what it’s like running a small business in Canada. We’ve got you covered.

In this guide, we’ll walk you through the most common cash flow issues small businesses face, why they happen and—most importantly—how to solve them.

Common business cash flow problems

Cash flow problems are one of the biggest challenges small businesses face, and they can feel relentless. When cash runs low, every unexpected expense or delayed payment adds stress, making it feel like you’re always on the edge of a financial crunch.

Why are cash flow issues so common in small businesses?

A few patterns crop up when business owners dig into the dark corners of their cash flow management. (It’s okay, we brought flashlights.) Have a look at the list and see if these sound familiar.

Have you ever struggled with:

Unpredictable revenue cycles that make it hard to plan ahead?
Customers who delay payments, leaving you scrambling to cover your expenses?
Large upfront supplier costs that tie up cash before you’ve even made a sale?
Rising operating expenses that creep up month after month?
Incomplete or poor financial forecasting leading to unexpected shortfalls?

Many small business owners feel like they’re constantly playing catch-up, shifting funds around and hoping nothing major goes wrong.

We get it. But hope isn’t a strategy. Understanding what’s causing your cash flow struggles is the first step to fixing them. So, let’s dig in together.

💡Pro Tip: Start with this guide to get the basics on all things cash flow management.

How many businesses in Canada fail due to cash flow problems?

Cash flow problems impact your financial stability, but beyond that, they also affect your peace of mind. Every small business owner knows the sinking feeling of realizing that despite solid revenue, cash is tight again, and making it through the month will require careful juggling. In fact, 29% of small businesses ultimately have to close because they run out of money, and 67% of small business owners rely on personal funds to keep things afloat—an unsustainable strategy in the long run.

Fears about keeping your business in the black aren’t unfounded. Almost 20% of business owners surveyed have faced past bankruptcy or insolvency. How high is the risk of a business failing? It can vary, but these are not easy times. In the first quarter of 2024, insolvencies were up 87% over the year before, with experts warning of a high number of quiet business failures hiding behind that number.

Small business cash flow problems can pose real risks for business owners. Even if your business seems to be bringing in new customers and making plenty of sales, these signs can hide real troubles. Learning how to solve cash flow problems could be crucial to your business building the longevity you’ve dreamed of.

Business types prone to cash flow issues

We hate to be the ones to say it out loud, but certain industries are more susceptible to problems with cash flow than others. Common culprits include those that require large upfront investments, have long payment cycles or experience seasonal fluctuations.

What might this look like in your business? Common examples include:

Construction firms

Long payment terms and high material costs create cash flow gaps. You may end up trying to cover multiple payroll cycles (and even overtime) long before you’re paid for a job.

Retailers and wholesalers

Balancing your stock levels is a juggling act. Holding too much inventory ties up cash, while slow-moving stock leads to liquidity issues.

Agencies or companies with extended payment terms

If you’re a recruiter, you may not be able to bill your client until you’ve completed the placement of a candidate. Payment delays from clients can disrupt payroll and make it difficult to operate smoothly.

Hospitality businesses

You may have months where business slows to a trickle. Seasonal variations impact revenue consistency, making it hard to cover fixed costs during slow months.

Startups

More invoices and fees? We haven’t billed a single customer! If this thought has tightened the tension around your skull more than once, this could be you. Heavy upfront costs before revenue kicks in can leave early-stage businesses tight for cash.

If your business falls into one of these categories, proactive cash flow management is critical.

10 common cash flow problems (and how to fix them)

While cash flow issues are common, they’re not inevitable. Understanding why they happen will help you start taking proactive steps to regain control. With help, you can stabilize your cash flow and set your business up for long-term financial health.

Some of these challenges can be made easier with financial tools that give you better control and visibility over your cash flow. We’ll walk you through 10 common cash flow problems and solutions to help you tackle them.

1. Late customer payments

Many small businesses operate on tight margins, so when customers don’t pay on time, it can throw everything off balance—like famous Italian leaning tower levels of off balance. You still have bills to pay, employees to compensate and suppliers to keep happy. When you’re chasing overdue invoices, it takes time away from running and growing your business.

Solution: Set clear payment terms, offer early payment discounts and use automated invoicing tools to follow up on overdue payments.

2. Revenue fluctuations

Not every business has steady income each month. Seasonal businesses or those affected by market shifts often experience unpredictable revenue cycles. You may have a great month followed by a slow one, making it tough to manage expenses consistently.

Solution: Build a cash reserve during peak periods, diversify revenue streams and forecast cash flow regularly.

3. Upfront supplier payments

Many businesses must pay suppliers before they generate revenue. This creates a cash crunch, especially for companies that need to invest heavily in inventory, materials or services before getting paid.

Solution: Negotiate better payment terms, explore just-in-time inventory management or use credit options to delay payments.

4. High overhead costs

Fixed costs like rent, utilities and payroll don’t go away, even when business slows down. If expenses keep creeping up while revenue stays the same, cash flow gets squeezed tight like a pair of too-skinny jeans.

Solution: Audit expenses, cut unnecessary costs and consider flexible lease options or remote work setups.

5. Poor financial planning

Many small business owners focus on sales and operations but overlook financial forecasting. Many have business acumen and strengths that may not include deep financial literacy. Without a clear cash flow plan that includes cash flow statements and other key financial planning documents, unexpected expenses or slow months can cause financial stress.

Solution: Use accounting software to track cash flow, create realistic budgets, and plan for potential shortfalls.

6. Expense management inefficiencies

Unmonitored spending by employees or disorganized expense tracking can drain cash reserves faster than expected. Without proper oversight, it’s easy to lose track of where money is going.

Solution: Implement an expense management system to monitor and control spending in real time.

7. Tax compliance surprises

Nothing disrupts cash flow like an unexpected tax bill, and with online access to everything, there’s no pretending anything got lost in the mail. Many small businesses underestimate their tax liabilities or miss filing deadlines, leading to penalties and financial strain.

Solution: Set aside tax reserves, use automated tax software and consult a professional accountant to avoid surprises.

8. Inventory mismanagement

Too much inventory means cash is tied up in unsold products, while too little inventory can lead to missed sales opportunities. Striking the right balance is essential.

Solution: Use inventory management software to optimize stock levels and reduce holding costs.

9. Emergency expenses

Unexpected costs like equipment breakdowns, legal fees or emergency repairs can drain your cash reserves overnight. Without a financial cushion, these expenses can be devastating.

Solution: Maintain a contingency fund and explore business insurance options to protect against unexpected expenses. You can even earn interest on those funds, if you opt for a high-interest yield account, like Float Yield, which offers 4%.

10. Access to credit

When cash is tight, having access to financing can make the difference between surviving and shutting down. But many businesses struggle to secure loans or credit lines when they need them most.
Solution: Establish good credit, explore business lines of c

How Float can help you manage cash flow with confidence

Float provides an all-in-one expense management platform that helps you track spending in real time, automate expense approvals and gain critical visibility into your financial health.

With Float’s corporate cards, you can set spending limits, automate receipt collection and prevent overcharges. This ensures that every dollar spent is accounted for and surprise expenses don’t catch you off guard. (Less panic means you get to spend a few weekends relaxing instead of transferring money around, hoping to cover everything.)

Float also helps you gain financial control by integrating corporate cards with real-time expense management. Unlike traditional solutions that encourage spending, Float is designed to help you spend smarter while offering up some pretty appealing rewards, like high-yield accounts.

Proactive cash management is essential, but business cash flow problems don’t have to derail your business. The key is to stay proactive, monitor your finances closely and leverage the right tools to improve business cash flow management.

Looking for smarter ways to manage your business expenses? Explore how Float can help improve your cash flow visibility and control.

How Companies Are Using AI in Canada: Industry Trends, Tools and Costs

Posted on March 9, 2025April 1, 2025 by Dana Krook

AI adoption is growing rapidly in Canada. But how are companies using AI to drive efficiency and innovation?

Businesses use AI for everything from automating customer service and streamlining workflows to global marketing campaigns and laundry sorting. In many industries, AI adoption is quickly moving from cost-cutting advantages to must-have tools. Companies in these already innovative sectors that fail to adopt AI risk falling behind, while those in industries with lower AI adoption still have the chance to gain a competitive edge.

No matter where your business falls on the AI scale, looking at AI industry trends specific to Canada can help you benchmark its adoption efforts by understanding where competitors are likely investing, identifying emerging opportunities, and optimizing spend to make the most of your investments.

In 2024, Statistics Canada estimated that about 9% of Canadian businesses were already using generative AI. But as of the last 30 days, about 41% of Float customers have subscribed to at least one AI tool. This is up from 32% AI adoption in 2024, when it had already doubled from the previous year.

With insights from millions of transactions across thousands of Canadian businesses, Float offers a unique real-time look at corporate finance trends and AI spending. Our data highlights clear distinctions—industries leading AI adoption, those lagging behind, the tools businesses are investing in, and the average cost of these transactions.

Let’s dive in.

Top industries using AI in Canada

AI adoption is most prevalent in knowledge-based industries such as IT, consulting and finance-related industries, where automation, data analysis and predictive modeling provide a competitive advantage. These sectors have embraced AI to streamline operations, enhance decision-making and optimize customer experiences.

Traditional industries, including mining and manufacturing, are also incorporating AI, but at a slower rate. While these industries benefit from automation and predictive maintenance, adoption is not as rapid, likely due to infrastructure challenges and higher implementation costs.

Industries lagging in AI adoption

Despite significant potential for automation and personalization, customer-facing industries such as retail and hospitality have lower AI adoption. Many businesses in these sectors still rely on traditional customer service methods and manual operations, slowing AI integration. But, retail is an industry poised for innovation, especially when it comes to spend management and overall financial operations. For example, retail and ecommerce businesses are already using virtual credits cards and expense automation to optimize ad spend with campaign-specific credit cards and targeted spend controls, keeping them growing without going over budget. AI could be the next step here.

Public sector organizations and healthcare providers are also lagging in AI adoption, despite opportunities to improve operational efficiency, patient care and decision-making. Regulatory concerns and bureaucratic hurdles may be contributing factors.

Agriculture and construction have the lowest AI adoption rates, even though AI could enhance predictive analytics, automate workflows and improve resource management. Limited technological infrastructure and the hands-on nature of these industries may be barriers to widespread AI use.

Most common AI tools used by Canadian businesses

AI-powered writing and communication tools such as ChatGPT, Claude.Ai and Otter.Ai are the most widely used across Canadian businesses. These tools support content creation, transcription and real-time collaboration, making them valuable for various industries.

Creative AI tools like Midjourney and Leonardo.Ai are gaining traction in content-driven industries. Businesses focused on marketing, design and media are increasingly leveraging AI to generate high-quality visuals and streamline creative workflows.

Productivity and workflow automation tools such as Fireflies.Ai, Reclaim.Ai, and Motion indicate a strong demand for AI-driven efficiency improvements. These tools help teams automate scheduling, transcription and workflow optimization to enhance productivity.

What this data doesn’t capture are AI features embedded within existing platforms, such as Google’s Gemini, which are seamlessly integrated into business workflows without requiring separate subscriptions. To cut costs, some businesses that already use Google workspace might consider replacing ChatGPT subscriptions with Gemini use among their employee base.

What businesses are spending on AI subscriptions

Float customers have collectively spent nearly $2 million on ChatGPT alone, significantly outpacing spending on other AI tools. This suggests that ChatGPT has become a core tool for businesses, driving efficiencies in content creation, communication and automation.

Many businesses are spending most of their AI budget on a single tool, which raises the question—are they using AI in the best way, or just relying too much on one option? Companies might get better results by either trying different AI tools or cutting back on overlapping subscriptions to save money.

Since more AI features are being built into everyday software, businesses should check if they’re fully using what they already have. It’s important to track whether these tools are actually helping with productivity, reducing costs, or increasing revenue.

The future of AI use in Canadian industries

AI adoption is expanding across Canadian industries, but its use varies significantly by sector. Businesses must regularly evaluate their AI investments to ensure they are maximizing efficiency and optimizing costs. The rapid rise in AI-related spending underscores the need for a strategic approach to AI budgeting, balancing innovation with financial sustainability.

ACH vs EFT Payments: Key Differences for Canadian Companies

Posted on February 26, 2025March 3, 2025 by Dana Krook

Electronic payments have become commonplace in modern business transactions, but it can be tough to figure out which method is best. Are you wondering about ACH vs EFT? What about wire transfers? And does it even matter?

Spoiler: Oh, it matters.

Your chosen payment method can impact every area of your accounts payable process: cash flow, transaction costs and operational efficiency. What does the right choice mean for you? You can confidently pay your employees on time, suppliers receive what’s owed and customers experience seamless transactions.

Since growing businesses need reliable online payment options, most have embraced some form of EFT payment. Just over 60% of Canadian businesses surveyed accept EFTs.

Let’s take a closer look at the options available. In the past, payment options for Canadian businesses were relatively straightforward: Electronic Funds Transfers (EFTs) for domestic transactions, Automated Clearing House (ACH) payments for U.S. transactions, and wire transfers for cross-border payments.

However, with the rise of modern financial providers, some Canadian businesses now have more flexibility, including the ability to send ACH payments depending on their bank or payment provider. You may have heard of Wise, a payment platform handling online payment processing in the U.S. Now Canadians can also explore a variety of options to streamline their accounts payable processes.

In this guide, we’ll review your options to help you understand these payment methods and determine what’s best for your business.

What is an EFT payment?

Electronic Funds Transfer (EFT) is a broad term that covers all digital payments that move money from one bank account to another. Traditionally, EFT was the standard for Canadian businesses, used for payroll, vendor payments and online bill payments.

While this remains true, some modern financial providers now allow businesses to send payments across borders using EFT-like methods, making it essential to check with your financial institution to understand your options. It may be time to weigh EFT vs ACH to see how the comparison checks out.

Unlike traditional cheques or cash transactions, EFTs leverage digital networks to facilitate transfers quickly and securely. Depending on the payment type (see common types below), processing times for EFT payments can range from one to four business days.

Online payments have been trending upward, with EFT payment values in Canada growing 40% in the past five years. EFTs are widely used across Canada, enabling businesses to send and receive payments without visiting a physical branch or filling out paperwork like it’s 1925.

It makes sense. Most of us aren’t carrying around a lot of cash, because we find it faster, easier and more secure to pay online for everything from coffee to home renos. Online payments help your business do the same thing.

So, what is an EFT payment exactly?

Common types of EFT payments include:

Direct deposits: Used for payroll processing and vendor payments.
Debit card transactions: Funds are withdrawn electronically at the point of sale.
ACH payments: Cross-border transactions that use a batch processing system with predictable timing.
Wire transfers: Typically used for large payments (both domestic and international wire transfers).
Online bill payments: Automated payments for utilities, leases and subscriptions.
Interac e-transfer: Commonly used for quick peer-to-peer and business transactions.

EFTs provide a secure way to manage cash flow with automation options that reduce administrative overhead—and ease frustration. Since transactions occur electronically, there is also a lower risk of errors and fraud compared to traditional paper-based payments.

Best practices for using EFT payments

Here are a few quick tips on how to make an EFT payment quickly and securely.

Verify recipient details
Always double-check recipient information, including bank account numbers and names, to prevent payment errors and delays.
Use secure banking platforms
Ensure you use a secure banking portal or trusted payment provider to minimize fraud risks.
Schedule payments in advance
Set up EFT payments ahead of time to ensure timely processing and avoid unexpected delays.

What is an ACH payment?

Automated Clearing House payments, or ACH payments, are a specific type of EFT that processes transactions in batches through an Automated Clearing House payment network. Unlike other types of EFTs that process transactions individually, ACH transactions are grouped together and processed at set intervals throughout the day.

Historically, ACH was exclusive to the U.S., with Canadian businesses relying on EFT for domestic transactions. However, some modern financial providers (like Float) now offer ACH payment capabilities for Canadian businesses, enabling cross-border payments without relying solely on wire transfers.

If your bank or payment provider supports ACH, it could be a cost-effective way to send funds to U.S. businesses. For Canadian SMBs with a U.S. entity, this is good news.

So, a smart first step is an exploratory check-in with your financial institution and alternative providers to evaluate the options available.

What is an ACH payment’s key benefit?

ACH payments get a gold star for cost-effectiveness. Since they are processed in bulk, businesses can reduce transaction fees compared to wire transfers or credit card payments. ACH transactions are also reliable and predictable, making them ideal for regular payments where timing consistency is crucial (e.g. anything that makes payroll easier is a big win-win).

However, because ACH payments process in batches, they may take longer than individual EFT transactions. Timeframes can vary, but most ACH payments are completed within one to three business days, with some financial institutions offering expedited processing options. This means ACH is best suited for payments that do not require immediate settlement but benefit from lower costs.

Best practices for using ACH payments

Here are a few tips to keep in mind when sending ACH payments.

Ensure proper authorization

Obtain written or electronic authorization from payees before initiating ACH payments to comply with banking regulations.

Monitor transactions regularly

Keep an eye on ACH payments to quickly identify and address any errors or failed transactions.

What is a wire transfer?

A wire transfer is a fast and secure method of electronically transferring funds between financial institutions, both domestically and internationally. Unlike ACH and EFT payments, wire transfers are processed in real time, ensuring that funds are available to the recipient the same day they are sent.

In Canada, domestic wire transfers are processed through Lynx, the country’s electronic wire payment system.

When are wire transfers used?

Wire transfers are commonly used for high-value transactions, urgent payments or cross-border transfers where real-time settlement is required. Businesses often choose wire transfers for:

Large supplier or vendor payments that require immediate clearing
International transactions where ACH or EFT is not an option
Time-sensitive financial obligations

What you should know about wire transfers

Once sent, wire transfers cannot be reversed. However, while wire transfers offer the advantage of speed and certainty, they also tend to be more expensive than other payment methods. Fees can vary widely between banks, and are often much steeper per transaction than other options, with additional costs for currency conversion if sending funds internationally.

To avoid delays, businesses must ensure that recipient details, including banking information and currency specifications, are accurate before initiating a transfer.

ACH vs EFT vs wire transfers: Understanding your payment options

While both EFT and ACH payments offer efficiency and security, the differences in cost, processing time and transaction flexibility can significantly impact your financial workflow. Understanding these differences is one key accounts payable strategy that can help you manage your financial workflow.

Below, we break down each method’s advantages and drawbacks to help you decide which is best, whether you need to manage payroll or pay a U.S. invoice.

As outlined, traditionally, Canadian businesses have used EFT for domestic transactions, while ACH was reserved for U.S. bank transfers. Wire transfers were the primary solution for cross-border payments. However, newer financial providers now offer Canadian businesses access to ACH payments, meaning the landscape is evolving.

Step 1: Check what your financial institution offers

Before deciding between EFT and ACH, the first step is understanding what’s available to you. Not all banks in Canada offer ACH payments, meaning your options may be determined by your financial provider.

If your bank only supports EFT: You’ll use EFT for domestic payments and wire transfers for cross-border transactions.

If your bank or payment provider supports ACH: You may have the ability to use ACH for payments to U.S. businesses, potentially reducing costs compared to traditional wire transfers.

If neither option is available: You may want to explore modern financial providers that enable cross-border ACH or EFT payments as an alternative to expensive wire transfers.

Step 2: Compare costs and processing times

Once you know your available options, compare fees (we’ve got an international money transfer calculator for that!), speed and transaction processes to determine the best method for your business needs.

EFT: Best for Canadian transactions, typically low-cost, with convenient processing times.

ACH: A cost-effective option for paying U.S. vendors, but processing times can vary depending on batch processing schedules.

Wire Transfers: Typically the fastest cross-border option but comes with much higher fees.

Step 3: Consider a modern payment provider

If your current bank doesn’t offer ACH, but you want to explore alternatives, newer financial providers offer ACH and EFT options beyond traditional banking. These providers may offer lower fees than wire transfers, but it’s important to check for additional costs, including currency exchange fees.

By following these steps, you can determine whether you should continue using EFT, explore ACH, or seek modern payment solutions that align with your business needs.

Learn more with Float: Modern business expense management and corporate cards

While EFT, ACH and wire transfers each still serve specific roles, the online payment landscape in Canada is evolving. Many businesses still rely on traditional EFT payments made through their AP software or directly with a bank, but those working with alternate payment providers such as Float may have access to ACH for U.S. transactions, offering a potentially more affordable alternative to wire transfers.

Both EFT and ACH payments provide businesses with efficient ways to send and receive money, but their differences make them suitable for different use cases. EFT may be the better option if speed and versatility are your priority. However, if cost savings and predictable recurring payments are more important, ACH is likely the best fit.

Understanding the options available and the key differences between them allows business owners to make informed decisions that optimize cash flow, reduce transaction costs and improve financial management.

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US Tariffs Are Coming…Maybe: What Canadian SMBs Need to Know

Posted on February 10, 2025February 14, 2025 by Dana Krook

The U.S. has just announced new tariffs on steel and aluminum imports from Canada. While the more widespread proposed tariffs still remain on hold until March 4, these latest developments mean rising costs and supply chain disruptions are on the horizon. If tariffs go into effect, small businesses will feel the squeeze first. Higher costs, disrupted supply chains, and tighter margins mean that businesses need financial tools that move as fast as they do.

So many questions remain. Will tariffs actually happen? Which industries will be hit hardest? And how can your business stay resilient, no matter what?

In this article, we’ll break down what tariffs are, how they might impact Canadian SMBs and, most importantly, the proactive steps your business can take to navigate this period of economic uncertainty. You’ll learn practical strategies to mitigate risks, manage costs and keep your business agile in the face of potential trade disruptions.

US tariffs on Canada: Cheat Sheet for Canadian SMBs, how small businesses can prepare

What is a tariff?

A tariff is a tax imposed by a government on imported or exported goods. These taxes are used to:

Protect domestic industries
Generate government revenue
Influence international trade policies

In this case, President Trump’s proposed tariffs include a 25% tax on Canadian imported goods heading to the US and a 10% tax on Canadian energy products.

How will proposed US tariffs on Canada impact SMBs?

If these tariffs go into effect, they’ll likely result in:

Higher costs on imported goods and materials
Price increases as businesses offset rising production expenses
Supply chain disruptions, forcing companies to renegotiate with suppliers
Reduced demand for Canadian exports, as US buyers seek domestic alternatives

In the long run, this could lead to more nearshoring, diversified supply chains and a greater focus on local partnerships.

4 ways small businesses can get ready for US tariffs on Canada

Even if tariffs don’t happen, preparation is key. Here’s how Canadian SMBs can stay ahead:

1. Prepare for extended economic uncertainty

Review your expenses and cut non-essential costs. This might include:

Renegotiating supplier contracts
Reducing subscriptions
Finding more efficient operational methods

2. Develop a flexible pricing strategy

Ensure your pricing can adapt to changes in costs. Consider:

Tiered pricing models
Surcharges for specific products
Early communication with customers about potential price increases

3. Mitigate tariff risks

Diversify your supply chain to reduce exposure. Strategies include:

Sourcing locally where possible
Exploring resources from Export Development Canada (EDC)
Partnering with multiple suppliers to avoid disruptions

4. Consult with experts

Economic uncertainty requires expert advice. Consider:

Consulting the Canadian Development Bank (CDB) for financial guidance
Partnering with firms like PwC for tailored advice on tariffs and trade policies

2025 trade war timeline

Stay informed with key dates in the evolving trade situation:

Feb 1: President Trump announces 25% tariffs on Canadian imports, with a 10% rate on energy products.
Feb 2: Canada retaliates with 25% tariffs on $107 billion of US goods, including alcohol and appliances.
Feb 3: Both countries agree to a 30-day suspension of tariffs to negotiate border security.
Feb 9: Trump warns of 25% tariffs on steel and aluminum imports, including from Canada
Mar 3: Deadline for negotiations. If no deal is reached, tariffs will be reinstated.

Helpful resources

Float’s commitment to Canadian SMBs

At Float, we’re proud to support thousands of Canadian SMBs with financial tools that help them navigate uncertain times. Whether through improved expense management, efficient payment solutions, or financial insights for smarter decision-making, we’re here to ensure your business stays competitive and resilient.

Corporate Credit Cards in Canada: A Practical Guide for Businesses

Posted on February 7, 2025April 1, 2025 by Dana Krook

Canadians use credit cards more frequently than any other payment method, and 57% say it’s because of the rewards they get for spending. If the perks are paying off for the average shopper, just imagine what Canadian businesses with more bills and buying power stand to gain from the benefits that come with corporate credit cards.

But not all corporate card programs are created equal. Selecting the right one requires a bit of research—and thankfully, we’ve done the legwork for you.

In this guide, we’ll break down everything you need to know about corporate credit cards in Canada: how they work, the perks and how to choose the best corporate card program for your start-up, scale-up or SMB.

What is a corporate credit card?

A corporate credit card, often called a corporate card or commercial card, is a card issued to employees to manage business expenses. Corporate cards typically offer more features than your average personal credit card, like higher limits, expense tracking, and enhanced reporting tools.

In Canada, the terms “corporate credit card” and “business credit card” are often used interchangeably, but there are a few key differences.

Business credit cards are suited for entrepreneurs, sole proprietors, or small businesses and require a personal credit check and guarantee. Think of these like an extension of your personal credit, where the card owner is held liable for the balance if the business can’t pay.
Corporate credit cards are for businesses with more spending power—like scaling start-ups or SMBs. They typically offer higher spending limits, automated controls and no personal guarantees (meaning you won’t need to risk your personal assets or credit to secure a card for your business).

Corporate cards are issued based on your business’s financial health rather than the applicant’s personal credit. (Note: they may also have other eligibility requirements). The company is responsible for paying the balance in full each month—not the “cardholder” or employee the card is assigned to.

What is a corporate card program?

A corporate card program makes managing your business expenses faster and easier by bringing all credit spending into one place.

Here’s what to think about when building your corporate card program:

1. Issuance and eligibility

Full-time employees who regularly manage expenses—like client lunches, travel or team purchases—can benefit the most. For contractors or temporary staff, set clear guidelines on if and how they can use a card.

2. Types of charges

Spell out exactly what your corporate cards can be used for. Whether it’s travel, software subscriptions or team events, a clear expense policy helps your employees know how to use the card appropriately.

3. Responsibility for payments

With corporate cards, your business handles payments—not the employees. This takes the pressure off your not-so-finance-savvy teammates while giving whoever pays the bills complete visibility and control over spending.

4. Credit limits and policies

Set limits that match the needs of your team. For example, you might have higher limits set for frequent travelers or decision makers. Use tools like category-specific caps or single-use virtual cards for added security and flexibility.

5. Reconciliation

Here’s the best part about corporate cards: you can finally say goodbye to chasing receipts and juggling spreadsheets.

With automated tools, employees can upload receipts instantly, so your finance team can track and approve expenses in real time. For employees, this removes the hassle of out-of-pocket payments and slow reimbursements.

Who offers corporate card programs in Canada?

Traditional banks

Canada’s major banks, such as RBC, TD and Scotiabank provide corporate credit cards that often include features like rewards programs and travel perks. These cards are well-suited for larger enterprises but may come with higher fees, lengthy application processes and less flexibility.

Modern fintech providers

Fintech companies have introduced a new generation of corporate card solutions designed for more flexibility. These programs often prioritize ease of use, offering tools like virtual cards, automated expense tracking, and accounting integrations. Some providers (like Float) focus specifically on Canadian businesses, offering options like CAD and USD card limits with lower fees and faster approval processes.

Types of corporate credit cards

Traditional banks

Modern fintech providers

Fintech companies have introduced a new generation of corporate card solutions designed for more flexibility. These programs often prioritize ease of use, offering tools like virtual cards, automated expense tracking, and accounting integrations. Some providers (like Float) focus specifically on Canadian businesses, offering corporate card options like CAD and USD card limits with lower fees and faster approval processes.

Types of corporate credit cards

Corporate credit cards

Corporate cards or corporate credit cards are your versatile, all-purpose cards designed to cover a wide range of business expenses and day-to-day operational costs. They’re a great option for businesses looking for a straightforward way to manage spending without focusing on special categories.

Corporate charge cards

Charge cards vs credit cards—are they one in the same? Not exactly.

Charge cards require the full balance to be paid off at the end of each billing cycle, making them ideal if your business wants to maintain disciplined spending habits. With higher spending limits than traditional credit cards, they’re great if your company is growing or has variable cash flow. If you plan on spending a minimum of $10,000 per month and want to pay it off quickly, a charge card could be for you.

Purchasing cards (P-cards)

P-cards are built for procurement and vendor payments and eliminate the need for traditional purchase orders or invoices. These cards simplify tracking vendor-specific expenses, reduce paperwork and ensure spending stays within your allocated budgets.

Travel and entertainment (T&E) cards

T&E cards are designed for travel-related expenses like flights, hotels, car rentals, and client dinners. They often come with travel perks like discounted rates, travel insurance and airport lounge access, making them handy for sales teams or frequent travelers.

Virtual cards

Perfect for online transactions, virtual cards offer added security and flexibility to your business. These digital-only cards are ideal for managing subscriptions, one-off purchases or vendor payments online.

Wondering how to use virtual credit cards when there’s no physical plastic to swipe?

Using a virtual card platform, your accounting team generates a single-use card customized with a specific spending limit and assigns it to an individual employee or vendor. This limited nature minimizes the risk of fraud and is especially useful for recurring expenses.

Check out the best virtual credit card Canada has to offer >

Ghost cards

Ghost cards are assigned to vendors, projects or departments rather than individuals. They help your business track spending by budget or recurring expenses, offering an easy way to monitor compliance and streamline reconciliation.

Fleet cards

Designed for companies with vehicles, fleet cards manage fuel, maintenance, and other vehicle-related costs. They often include fuel discounts, detailed reporting on mileage and consumption, and tools to track vehicle expenses with ease.

Expense management cards

Expense management cards combine payment functionality with integrated tracking and approval workflows. They can reduce the time your finance team spends on reconciliation by syncing directly with accounting software.

Prepaid corporate cards

Unlike traditional credit cards, prepaid corporate cards require you to load funds onto the card upfront instead of borrowing from a bank. This gives your business more control over expenses while helping you avoid debt. Explore the prepaid business credit card Canada’s businesses love.

Types of corporate credit cards comparison chart

Top 4 benefits of corporate cards

1. Take back time with automated workflows

Corporate cards eliminate the hassle of managing paper receipts and processing reimbursements. With real-time tracking and automated expense reporting, your finance team will save hours on admin.

For start-ups and SMBs operating with lean resources, this means your staff spends less valuable time sorting through expense reports. For mid-market companies, finance teams will appreciate the ease of categorizing expenses without chasing receipts from hundreds of employees each month.

2. Drive smarter decisions with better cash flow

Corporate cards provide better visibility into company spending, allowing you to track it in real time and set individual limits. This is especially beneficial for start-ups and scale-ups diligently managing cash flow in the early stages of growth when budgets can be tight.

3. Save more and earn rewards

Many corporate card programs offer rewards, such as cashback, travel benefits, or discounts on essential services. At Float, we help businesses save an average of 7% on their spend through a combo of rewards like 1% cashback, 4% interest on deposits, no foreign transaction fees with our USD cards and employee time savings. We call that a win.

4. Control your capital by building credit

Building credit is vital for growth. For start-ups, corporate cards grant you access to higher business credit card limits without personal guarantees, creating a strong foundation for future financing opportunities. For larger SMBs and mid-market companies, you can strengthen your credit position to access larger credit lines as you scale.

Risks to be aware of

Security and fraud: Stats show Canadian businesses experience a higher rate of fraud (20%) than Canadian consumers (13%). Make sure to look for features like virtual cards for one-time purchases, transaction alerts and the ability to freeze a card instantly if something seems off.
Compliance headaches: Keeping track of expenses and ensuring they align with tax regulations can get complicated. Automate tracking and reporting to simplify these operations, giving you peace of mind and making tax season less stressful.
Overspending: Without proper limits, it’s easy for spending to spiral. Set clear boundaries with spend limits and restricted categories so you’re always in the driver’s seat.
Confusion: Sometimes, employees simply don’t know the rules. A quick onboarding session or a set of clear expense guidelines can make all the difference and keep everyone on the same page.

When you choose a corporate card program with smart controls and built-in security, you can enjoy all the perks without the headaches.

How to choose the right corporate card

Currency: If your business operates across borders, look for a card that supports CAD and USD spending without high foreign transaction fees. For example, Float avoids conversion fees by linking directly to your CAD or USD bank account, while cards like the RBC Avion Visa Infinite Business focus solely on Canadian spending.
Fees: High annual fees can eat into your budget, so consider whether the benefits outweigh the cost. Float has no annual fees, while traditional cards like the AMEX Business Platinum charge upwards of $799 annually, offering premium travel perks in return.
Rewards: Cashback and point-based systems are common, but the value of these rewards can vary. Float offers unlimited 1% cashback on all spending, while cards like the Scotiabank Momentum for Business Visa provide 3% cashback on specific categories like office supplies.
Features and controls: Real-time expense tracking, virtual cards, and integrations with accounting tools can save your team hours of work. Float excels in this area, offering both physical and virtual cards with spending controls, while traditional banking options focus more on rewards.

The best card for you depends on your goals, spending habits, and priorities. For a detailed breakdown of what’s available, compare Canadian corporate cards here.

Best corporate credit cards in Canada

Choosing the best business credit card Canada offers can help you streamline expenses, earn rewards, and maintain better control over your company’s finances.

Here’s a brief overview of the leading programs to make an informed decision:

Corporate cards by banks

RBC Avion Visa Infinite Business: Known for its travel perks and point-based rewards.
TD Business Travel Visa Card: Tailored for frequent travelers with competitive travel rewards.
Scotiabank Momentum for Business Visa: Great for cashback on office supplies and electronics.
BMO AIR MILES No-Fee Business Mastercard: A no-fee card offering AIR MILES rewards.
AMEX Business Platinum Card: A premium option for travel-heavy businesses, featuring luxury travel perks.

Corporate cards by fintechs

Float: Offers no annual fees, unlimited 1% cashback, and advanced expense management tools with up to 7% savings on average.
Keep: Provides higher credit limits, up to 4% cashback rewards, and no fees.
Loop: Allows spending in multiple currencies with no foreign exchange fees.

Selecting the right corporate card comes down to how your business spends and other factors like your industry. For example, a Canadian e-commerce business often purchasing from US suppliers, might prioritize a card that doesn’t charge foreign transaction fees. Or, a marketing agency managing several online ad accounts might prioritize a card that tracks spending per client.

For a detailed comparison including fees, rewards, and features for the best corporate cards in Canada, click here.

How to apply

Wondering how to get a business credit card?

Once you’ve selected a corporate card and have confirmed you meet the qualifications, applying is quick and easy with most providers.

Gather your business info: You’ll need basic details like your company name, location, type, industry, registration documents and financial figures.
Verify identities: Provide ID for key shareholders or decision-makers, as required.
Gather financial documents: Some providers may ask for proof of income or financial statements.
Complete your application: Many fintechs offer online applications, while traditional banks might require more paperwork and in-person appointments. At Float, our fast online application only takes 10 minutes.
Get approved: Approval times vary—some cards are ready in 24 hours (like Float), while others take a few days.

Once approved, you can start issuing cards to employees and using your new corporate card program to simplify spending.

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How to implement a corporate card program

Start by establishing clear policies that outline which employees will receive cards, set spending limits, and define approved expenses.

Next, take advantage of your provider’s tools to set up spending controls. Features like customizable limits, category restrictions, and virtual cards for one-off purchases help you keep expenses organized and transparent.

Once the program is set up, train your team on how to use it effectively. A quick overview of the guidelines, including how to upload receipts and manage expenses, will set them up for success.

Finally, monitor spending using real-time reporting tools. This allows you to spot trends, adjust limits, and refine your policies to better fit your business as it changes.

Consider Float

Looking for the best business credit card Canada has to offer?

Float offers Canadian businesses a smarter, simpler way to manage spending. With no annual fees, unlimited 1% cashback on every dollar spent and tools like real-time tracking and virtual cards, Float puts you in control of your finances.

Unlike traditional corporate credit cards, Float corporate cards provide high spending limits with no personal guarantees, making it easier to grow without the stress of added liability. You’ll also earn 4% interest on funds held in Float and enjoy a seamless onboarding process that gets you started in as little as 24 hours.

Learn how to save with Float and discover how you can make your money count.