Dana Krook, Author at Float

ACH vs EFT Payments: Key Differences for Canadian Companies

Posted on February 18, 2026February 20, 2026 by Dana Krook

If you’ve ever searched “ACH vs EFT,” you’re probably trying to answer one simple question: What’s the right way to pay this bill? The confusing part is that ACH and EFT aren’t really options you compare and choose between. They’re payment rails, and the one you use depends on where your recipient’s bank account is located.

In plain English:

EFT is the electronic payment system for Canadian bank accounts
ACH is the US equivalent

Same concept, different country. So typically, if you’re paying a Canadian employee or vendor, you’ll use EFT, and if you’re paying a US supplier, contractor or SaaS provider, you’ll use ACH.

Where businesses often run into trouble is when they accidentally use the wrong rail—for example, paying a USD invoice from a CAD bank account and eating FX fees, bank markups and wire charges along the way. Those small inefficiencies add up quickly, especially as payment volume grows.

And that’s exactly what this guide is here to prevent. We’ll walk through:

When Canadian businesses should use EFT vs ACH
What each payment method costs
When wire payments still make sense (and when they don’t)
How modern bill pay tools remove the complexity altogether

By the end of this article, you’ll have a better understanding of how to move money faster in 2026 with fewer fees and no guesswork. Let’s start with the basics.

What is an EFT payment in Canada?

Electronic Funds Transfer (EFT) is the standard electronic payment system used for Canadian bank accounts. When a business sends money from one Canadian bank account to another—whether that’s for payroll, vendor payments or bill payments—it’s almost always moving over the EFT rail.

In day-to-day operations, EFT is what powers most domestic business payments. It’s how Canadian companies pay employees, settle invoices with local suppliers and move money between accounts without relying on cheques or cash. Instead of manual processing, EFT payments move securely through Canada’s banking network and are settled electronically.

For most Canadian businesses, EFT is the default for:

Payroll and contractor payments to Canadian workers
Vendor and supplier invoices billed in CAD
Rent, utilities and recurring operating expenses
Government remittances and CRA payments

Processing times typically range from one to three business days, depending on your bank or payment provider. Because EFT is designed for domestic payments, it’s generally low-cost, reliable and well-suited for high-volume accounts payable workflows.

The key thing to understand is that EFT is not a special or premium payment method—it’s simply the normal way money moves between Canadian bank accounts. If both you and your recipient bank in Canada, EFT is the rail your payment will travel on.

What is an ACH payment for Canadian businesses?

Automated Clearing House (ACH) payments are the US equivalent of EFT. ACH is the standard electronic payment system used to move money between US bank accounts and powers everything from payroll and vendor payments to subscription billing and recurring charges.

For Canadian businesses, ACH becomes relevant any time you need to pay a US-based supplier, contractor or service provider. If your recipient’s bank account is in the US, your payment must travel over the ACH rail. It’s not an upgrade or an alternative to EFT—it’s simply the correct system for receiving US bank accounts.

Common ACH use cases for Canadian businesses include:

Paying US contractors or consultants
Paying US software and SaaS providers
Paying US-based manufacturers or distributors
Running cross-border payroll for US staff

ACH payments are processed in batches through the US banking network, which means they’re predictable and cost-effective but not instant. Most ACH payments settle within one to three business days, making them well-suited for routine accounts payable rather than urgent, same-day payments.

You don’t need a US entity to use ACH. Any Canadian business that pays US vendors can benefit from ACH—as long as they have access to a USD account. That’s where many companies run into friction with traditional banks, which often force businesses to rely on expensive wire transfers instead.

That is, unless you have a Float Business Account. But more on that below.

When to use ACH vs EFT for Canadian business payments

ACH vs EFT isn’t a decision you make based on preference. For Canadian businesses, it’s determined by where your recipient’s bank account is located.

If the recipient’s bank account is in Canada, the payment travels over EFT. If the recipient’s bank account is in the US, the payment travels over ACH.

Here’s the simplest way to think about it:

Who you’re paying	Where their bank is	Payment method
Canadian employee	Canada	EFT
Canadian contractor	Canada	EFT
Canadian vendor/supplier	Canada	EFT
Rent, utilities, CRA	Canada	EFT
US contractor	United States	ACH
US SaaS provider	United States	ACH
US vendor/supplier	United States	ACH
International vendor (outside CA/US)	Global	Wire transfer

In short: EFT is for Canada, ACH is for the US and the right method is determined by your payee—not your preference.

When wire transfers still make sense

Wire transfers are fast, secure and global, but they’re also the most expensive way to move money. For most Canadian businesses, wires should be the exception, not the default.

They still make sense in a few situations:

Paying international vendors outside of Canada and the US
Making large, time-sensitive payments that require same-day settlement
Paying vendors that only provide wire instructions
Sending payments that require detailed invoice or reference information

In short, wires are best reserved for international or urgent payments, not everyday accounts payable.

ACH vs EFT: Cost comparison for Canadian businesses

From a payment-rail perspective, EFT and ACH are both designed to be low-cost, high-volume systems. The real cost differences usually come from how businesses access them and whether they’re paying in the right currency from the right account.

At a high level, here’s how the three main business payment methods typically compare:

Payment method	Typical use case	Typical cost
EFT	Domestic Canadian payments	Free to low-cost
ACH	Payments to US bank accounts	Free to low-cost*
Wire transfer	International or urgent payments	$20-$80+ per transfer

*Must be paid from a USD account

Where Canadian businesses get stuck with hidden fees

Where Canadian businesses often run into trouble is when they try to pay a USD invoice directly from a CAD bank account. In that case, banks typically apply currency conversion and FX markups of up to 4% and often route payments through wire rather than ACH, which can cost $20 to $80 per transaction.

To make this real, let’s look at a common scenario for Canadian businesses paying US vendors through a major Canadian bank. Many banks charge tiered wire fees that look roughly like this:

$30 per wire for payments up to $10,000
$50 per wire for payments between $10,000 and $50,000
$80 per wire for payments over $50,000

Now imagine your Canadian business paying ten US suppliers $15,000 USD each, every month.

That’s:

10 wire payments × $50 per wire = $500 in wire fees
Plus a lower end FX fee of 2.5%, which adds another $3,750 on $150,000 USD

That’s $4,250 in monthly payment costs—and that’s before accounting for any account or treasury management fees. Over time, these hidden FX fees can cripple your cash flow.

ACH avoids most of that. When businesses pay US vendors from a USD account using ACH, they avoid wire fees altogether and typically get much better FX rates when converting funds.

Right now, you might be wondering: Do Canadian businesses need a US bank account to use ACH and avoid FX fees?

Yes and no. Let’s talk about it.

How Float simplifies both ACH and EFT payments

Float is a complete finance platform built for Canadian businesses that combines bill payments, CAD and USD business accounts, and currency exchange in one place to reduce friction and improve control.

With Float Bill Pay, finance teams can view, schedule, and send EFT or ACH payments from a centralized workflow, with multi-approver controls built in.

Canadian businesses don’t need a US entity to pay US vendors efficiently, but they do need the right payment setup. Traditional banks often make cross-border payments more complicated than they need to be, pushing businesses toward wires, layering on FX markups and spreading payments across multiple portals.

This is where modern payment platforms like Float completely change the experience.

With Float, you get access to an account that can hold both CAD and USD, as well as ACH and EFT payments with zero transaction fees and in-platform conversions of 0.25%. In the example above, converting $150,000 at 0.25% would cost about $375—rather than thousands in combined wire and FX markups.

That’s a savings of $3,725 in one month, simply by using the right payment rails and avoiding unnecessary wire transfers and bank FX markups.

Instead of forcing finance teams and business owners to think about currencies, rails and bank infrastructure, Float automates the entire Bill Pay workflow. Invoices are uploaded or synced, the system reads the currency and chooses a default payment method based on currency (EFT for CAD, ACH for USD). Note: for USD, you have the option to manually switch to wire if desired.

In practice, that means:

CAD bills are paid via (free) EFT without manual routing
USD bills are paid via (free) ACH instead of expensive wire transfers
Businesses can hold and pay in USD without needing a US entity
Currency conversion happens at far lower rates than traditional banks
All payments run through one approval and tracking system

The result is fewer fees, fewer errors and far less operational overhead. Finance teams spend less time managing payments and more time managing cash flow.

Learn more about Float

Get a 10-minute guided tour through our platform.

See a Demo

Choosing the right payment method for your business type

Whether you use EFT or ACH depends on where your recipient’s bank account is located—and different business models run into different payment challenges. Understanding where complexity shows up in your operation can help you spot inefficiencies and avoid unnecessary fees.

Here’s how payment methods typically shake out by business type:

Canadian-only businesses

If you operate entirely in Canada and pay employees, vendors and partners in CAD, EFT will cover nearly all of your payment needs. Your focus should be on streamlining approvals, scheduling payments on time and keeping cash flow predictable.

Agencies and service firms with US contractors

If you work with US-based freelancers, consultants or offshore teams paid through US entities, ACH is essential. Paying these partners via wire or CAD conversion can quickly become expensive and difficult to reconcile. This is where using a platform like Float can save you thousands.

SaaS-heavy companies

Many popular business tools and platforms bill in USD. If your software stack includes US providers, using ACH from a USD account can dramatically reduce FX costs and eliminate recurring wire fees. When you use Float for Bill Pay, you get a USD business account right out of the box.

Ecommerce and product businesses

Manufacturers, distributors and logistics partners are often based in the US or overseas. ACH is the most efficient way to pay US suppliers, while international partners may still require wire transfers.

Companies with US entities or operations

Businesses with a US presence typically rely on ACH for payroll, vendor payments and operating expenses south of the border. Having a unified system for both EFT and ACH simplifies reporting and cash management across entities.

No matter your business model, the goal is the same: pay CAD bills with EFT, pay USD bills with ACH and reserve wires for international or exceptional cases. That’s how you keep costs down and payments running smoothly as your business scales.

2026 Canadian payment regulations: ACH vs EFT compliance

For most businesses, EFT and ACH feel simple on the surface. You send a payment and it arrives. Behind the scenes, though, both systems operate under strict banking and compliance frameworks designed to prevent fraud, protect payees and ensure proper authorization.

In Canada, EFT payments are governed by Payments Canada rules (where Float is a member) and your financial institution’s authorization requirements. That means businesses are responsible for maintaining accurate payee information, keeping records of payment approvals, and ensuring proper controls are in place for payroll and vendor payments.

ACH payments are subject to US banking regulations under the NACHA network. These rules require:

Proper authorization from payees
Secure handling of bank account information
Clear audit trails for every transaction
Timely monitoring of failed or returned payments

For Canadian businesses paying US vendors, this means you’re operating across two regulatory environments at once. The good news is that nothing about this needs to be manual. Modern bill pay platforms build these controls directly into the payment workflow, automatically creating audit trails, enforcing approvals and securely storing payment details.

As payment volumes grow and digital payments continue to replace cheques, having strong controls around EFT and ACH protects your business from errors, fraud and costly payment disputes.

Simplify cross-border payments with Float

For Canadian businesses paying US vendors, the real cost of ACH vs EFT is all about currency conversion, hidden bank fees and expensive workarounds like wire transfers. Paying USD invoices from a CAD account can cost up to 4% in FX markups, plus $20 to $80 per wire. Over time, those fees add up to thousands of dollars lost every month.

Float eliminates that friction with Bill Pay and Float FX. Bill Pay automatically routes CAD invoices via EFT and USD invoices via ACH, so you’re always using the right rail without thinking about it. Float FX gives you instant access to CAD/USD conversion at market-leading rates, saving businesses up to 90% on FX fees compared to traditional banks.

All this with:

No hidden markups
No forced wire transfers
No need to open a separate USD bank account outside of Float

That means a faster, cheaper and more predictable way to pay US suppliers. For Canadian finance teams, that’s one less thing to stress about in 2026.

Book a demo to see how Float handles cross-border payments today.

Xero Integration for Corporate Cards: Modern Accounting Software Guide

Posted on February 17, 2026February 17, 2026 by Dana Krook

Integrations have become one of the biggest drivers of a finance team’s efficiency. When your systems talk to each other, your workflows speed up, your books stay accurate and you get a clear, real-time picture of your spending. When they don’t, accounting becomes a game of spreadsheets, exports and guesswork.

Unfortunately, over half of SMBs are struggling with financial tools that don’t integrate well, which drives down their efficiency.

But for small and mid-sized Canadian businesses using Xero, native integrations can be the difference between reactive bookkeeping and a finance function that actually moves at the speed of your company. And when you’re managing non-payroll spend across teams—from corporate card transactions and employee reimbursements to vendor bill payments—a strong Xero integration keeps your month-end tight and your reporting trustworthy.

This guide walks through how the Xero integration works across your full spend stack, the benefits finance teams can expect, and the steps to set it up successfully.

Why integrations matter

The best finance teams rely on connected systems to do their jobs well. When your spend platform, corporate cards and accounting software are aligned, every transaction moves through the workflow cleanly.

Effective integration provides:

Real-time visibility into company-wide spend
Accurate, consistent categorization
A faster, cleaner month-end
Fewer manual uploads and fewer opportunities for human error

Disconnected systems hold everybody back. Invoice uploads live in one tool, card exports in another, and reimbursement spreadsheets somewhere else entirely. Teams end up exporting data, re-uploading it into Xero, and manually cleaning up information that should have flowed in automatically. Finance loses hours to administrative work, and leaders struggle to get up-to-date visibility into budgets until the books eventually close. By the time month-end lands, you’re playing catch-up.

This doesn’t have to be the case with Xero. It’s an accounting software with a robust integration ecosystem, designed to work hand in hand with modern spend management tools. When paired with a platform like Float, the result is automated reconciliation, real-time spend visibility and hands-free accounting workflows that stay reliable as your business grows.

How the Xero integration with corporate cards works

When you connect your spend platform and accounting software, you don’t need to translate information or re-key it manually. It flows through automatically. A smooth Xero credit card integration ensures your spend data flows cleanly into Xero without friction.

Float’s Xero integration eliminates manual uploads and reconciliations, so finance teams spend less time coding transactions and more time analyzing spend. Here’s what that looks like in practice.

Continuous data syncing between Float and Xero

Every Float card transaction includes details such as vendor, GL codes and receipts. Through the direct integration, those details appear in Float and are ready to export into Xero without any extra work. The system codes every submission according to your setup and syncs it with the correct GL account and tracking fields.

The same applies to approved reimbursement reports and bill payments. Once finalized in Float, they’re prepared with the correct GL accounts, tax codes and tracking categories for export into Xero.

Automated categorization from the moment a purchase happens

When a spender makes a corporate card purchase, Float prompts them for the required details based on your spend policies. And then, whether it’s a corporate card purchase, a reimbursed expense or a vendor invoice processed through bill pay, Float pulls categories directly from Xero and ensures transactions are coded correctly from the start. By the time you’re ready to export to Xero, the work is already done.

Real-time budget visibility

With the integration in place, finance teams can see spend as it happens—across recurring vendor invoices, contractor payments, and travel reimbursements. You’re no longer waiting until month-end or digging through spreadsheets to understand how teams are tracking against budgets.

Reduced manual uploads

The biggest win? No more spreadsheet imports or copy-pasting into Xero. Integration removes the fragmentation caused by multiple tools and centralizes your spend data.

Direct integration for a faster, cleaner reconciliation workflow

Float mirrors your Xero setup inside the platform and prepares all expenses for a clean, consistent export. Because everything is coded correctly upfront, reconciliation becomes faster and far easier to manage.

The benefits of integrating Xero with your spend platform

For teams comparing options, a Xero integration with corporate cards often makes the biggest difference in speed and accuracy. The real value shows up when Xero financial tools and automation replace manual uploads and spreadsheet juggling.

Here’s what teams typically experience once the integration is in place.

Save hours every month

Instead of exporting card transactions from one tool, batching reimbursements from another and manually uploading vendor payments into Xero, everything flows from a single source of truth. With integration, Float handles coding, categorizing and reconciliation prep automatically. Finance teams often see hours restored each month simply because workflows become operational rather than manual.

Accurate, consistent data

Because Float pulls your chart of accounts, vendors and tracking categories directly from Xero, you’re always coding transactions from the right, most up-to-date fields. Policies enforce accuracy during submission, so nothing gets missed. The result is cleaner financials with fewer errors, fewer adjustments and fewer follow-ups at month-end.

Real-time visibility you can act on

Instead of waiting until after close, finance leaders can see spend as it happens. If a budget is trending high, you can take action now rather than discovering the problem weeks later.

A noticeably faster month-end

Because every transaction is coded upfront and receipts are collected automatically, month-end isn’t a scramble. Float users can shift from task-heavy closes to simply reviewing and approving the final export. That makes close cycles faster, more predictable and much less stressful.

Scales with your business

Even small shifts in headcount or spending activity can balloon the workload for finance teams using manual processes. But when Float and Xero work together, the automations scale for you.

Whether you add more employees, more spend categories or more complex approval needs, your month-end doesn’t automatically get longer. Strong policies and rules in Float keep things consistent and efficient as you grow.

More time for meaningful work

Automating reconciliation frees finance from the bottomless admin that traditionally blocks strategic work. Instead of cleaning up data, teams can focus on analyzing spend, guiding decisions and improving forecasting.

How to get started with a Xero integration

Setting up your Xero integration is one of the highest-impact steps you can take to streamline corporate card management. When it’s configured correctly from the start, every transaction flows cleanly from Float into Xero, your coding stays consistent and month-end becomes a quick review instead of a multi-day marathon.

Think of this as your practical Xero accounting software guide for building a cleaner, automated spend workflow. The good news: it only takes a few minutes to connect, and a thoughtful setup now saves hours every month.

1. Enable the Xero integration

Start in Float by navigating to your Accounting Integration settings and selecting Xero. You’ll be prompted to sign in, approve permissions and choose the correct Xero organization. The initial sync pulls your chart of accounts, vendors and tracking categories into Float within seconds. It’s like flipping the switch: seconds to connect, hours saved monthly.

Tip: If you manage multiple entities in Xero, double-check you’re connecting to the correct one before you approve access.

2. Sync your chart of accounts, vendors and tracking categories

Once connected, Float mirrors your Xero setup so you can start coding card transactions right away. Before you make changes in Float, review your chart of accounts and tracking categories inside Xero to ensure they’re clean and up to date.

Tip: Xero accounts must have account codes to appear in Float, so fill in anything that’s missing before you sync.

3. Set up a clearing account in Xero

Create a bank-type account in Xero called something like “Float Clearing Account.” This account acts as the landing place for all Float transactions you export, keeping reconciliation consistent and tidy.

Tip: Make sure the clearing account currency matches the Float balance you’re exporting from so you don’t have to manage conversion differences manually.

This same chart of accounts and tracking setup applies to card transactions, reimbursement reports and bill payments, ensuring consistency across all spend before export.

4. Map fields and set permissions in Float

In Float, select the clearing account you created and map your default categories. Then confirm the right people have coding and approval permissions so transactions move through your workflow smoothly.

Tip: If you use tracking categories (like department or project), require them through submission policies so spenders provide the right context upfront.

5. Verify your first sync and export

Run a small test by categorizing a few transactions in Float and exporting them to Xero. Check that vendors, GL codes and tracking categories landed correctly in your clearing account.

Tip: If something looks off, update the mapping in Float. There’s no need to fix it manually in Xero. Float will export clean data on the next run.

6. Launch with a controlled rollout, then scale

Start with one team or a handful of cards to validate your policies, rules and workflows. Once everything works as expected, roll out the integration across your full spend program. Think of it as test-driving your spend model before letting the whole fleet of cards hit the road.

Tip: Early on, keep an eye on rule suggestions in Float. The platform learns your coding patterns and will help you automate recurring categorization quickly.

Xero integration: Best practices for a smooth transition

Once your integration is live, a few ongoing habits will keep your workflows clean and your reporting accurate. Following these recommendations helps you get more value from your Xero integration and corporate card setup as you scale.

Review data mappings regularly

Because Float mirrors your chart of accounts, any changes in Xero should be reviewed to ensure they sync correctly into Float.

Keep your chart of accounts clean

A clear, consistent chart of accounts prevents confusion for spenders and admin users. If an account is outdated or no longer relevant, clean it up in Xero so it doesn’t clutter Float.

Use spend policies to enforce accuracy

Float lets you require specific fields based on category or spend type.

For example:

Travel expenses may require department and project
Marketing purchases may require a vendor code
Stipends may not need receipts under a certain threshold

Policies keep categorization consistent and make your Xero exports friction-free.

Take advantage of card and merchant rules

High-performing teams often rely heavily on automation. Card rules allow you to categorize all transactions on a specific card the same way every time. Merchant rules extend this approach so that any spend with a vendor like Meta or Uber is automatically assigned to the right GL every time.

Over time, Float will also suggest rules based on your patterns so you can continue refining your accounting automation.

Maintain a clear audit trail

Strong user permissions and clean submission workflows mean you’ll always know who spent what, why they spent it and how it was approved. This speeds up audits and protects the integrity of your reporting.

Monitor integration health

Float monitors your Xero integration and alerts you if sync issues need attention, so data keeps flowing cleanly. If anything needs your attention, you’ll be notified so you can address it quickly and keep data flowing cleanly.

Looking for more integrations?

Float doesn’t just offer Xero credit card integration. Its integration capabilities also cover reimbursements and bill payments. That means all of your non-payroll spend can live in a single platform and flow cleanly into Xero, with consistent coding and reporting.

When your non-payroll spend streams into Xero automatically, your finance data becomes more reliable and your workflows become dramatically lighter. Integrations stitch your tools together so your reporting stays accurate and your month-end doesn’t grow as your business does.

Learn more about Float

Get a 10-minute guided tour through our platform.

See a Demo

A faster, more connected finance workflow

Integrating your corporate card program with Xero is one of the quickest wins for modernizing your finance workflow. Instead of manually uploading transactions or correcting coding errors, everything flows automatically and accurately.

If you’ve been looking for a straightforward Xero accounting software guide for integration to tighten your month-end, this approach will get you there.

When systems do the heavy lifting, finance teams get the breathing room they deserve. Float’s native Xero integration gives you ‌real-time visibility and control while cutting hours of manual admin from month-end.

And because Float scales with your business, you can keep your close tight even as your team grows, your spend increases or your workflows become more sophisticated.

Float secures close to $100M in funding to unlock over $1.5B in spending power for Canadian businesses

Posted on January 26, 2026January 26, 2026 by Dana Krook

TORONTO, January 26, 2026 – Float Financial (“Float”), Canada’s leading business finance platform, today announced it has secured nearly $100 million CAD through two debt facilities from Silicon Valley Bank (SVB), a division of First Citizens Bank, and a tier-1 Canadian bank. Despite a year of consecutive interest rate cuts from the Bank of Canada, the facilities enable Float to continue offering up to 4% interest on every dollar, the best interest rates in Canada. It also positions Float to scale its Charge product, extending flexible working capital to thousands more Canadian businesses and unlocking north of $1.5B in annualized spending power.

The funding comes as Canadian businesses navigate a critical inflection point. A recent Float report revealed that while revenues rose 5% in 2025, rising costs compressed margins and companies avoided new debt despite clear growth opportunities, creating a capital confidence gap. Canada’s economy grew just 1.2% last year, marking three consecutive years of below-potential growth. Yet Canadian businesses proved resilient through tariff shocks, inflation and uncertainty. This puts Canadian businesses at a crossroads in 2026: continue defensive positioning or shift to intentional growth through smarter capital access and better financial tools.

“Float is bullish where others may be bearish. We’re betting on Canadian businesses,” said Rob Khazzam, Co-Founder and CEO of Float. “We’ve secured nearly $100 million to inject capital directly into the Canadian economy, enabling us to offer interest rates up to 4% on business accounts, expand credit products and deliver the financial tools these businesses need and deserve to drive intentional growth.”

Float is using the facilities to enhance its Business Account product, continuing to offer interest rates up to 4%—the highest available in Canadian business banking—while boosting base rates from 2% to 3% on every dollar. Unlike traditional business accounts that force trade-offs between liquidity and returns, Float Business Accounts combine chequing account flexibility with savings account returns. Customer funds are also protected by CDIC insurance up to $100,000 CAD and held in segregated trust accounts at a tier-1 Canadian bank. Since launching in September 2025, the product has gained strong traction, with nearly two-thirds of customers stating that they prefer to hold their business cash in Float over traditional banks.

“With its innovative platform and suite of financial products, Float aims to deliver industry-leading rates to help local businesses and, in turn, bolster growth across the Canadian economy,” said Brian Foley, Market Manager, National Fintech group at Silicon Valley Bank, a division of First Citizens Bank. “Silicon Valley Bank is excited to provide Float with this facility and support their mission to help local Canadian businesses succeed and scale.”

The debt facilities will also fuel Float’s expanding suite of financial products, including corporate cards with credit limits up to $3 million, approvals in as little as one day and no personal guarantees required. Float’s integrated platform combines corporate cards, automated expense management, bill pay, reimbursements, foreign exchange and high-yield business accounts into a single solution built specifically for Canadian businesses.

The announcement comes amid strong momentum for Float, the fastest-growing fintech in Canada which now serves over 6,000 Canadian businesses across technology, professional services, hospitality, retail and non-profit sectors. The backing from world-class banks like Silicon Valley Bank reflect institutional confidence in both Float’s growth trajectory and the broader potential of Canadian businesses.

Float raised a $70 million Series B led by Goldman Sachs Alternatives in January 2025 and ranked among Canada’s fastest-growing companies, including #4 on the Globe and Mail’s Top Growing Companies, #9 on the Deloitte Technology Fast 50, and #23 on the Deloitte Technology Fast 500.

About Float Financial

Float is the financial home for Canadian businesses to move, manage and multiply their money. From high-limit corporate cards and automated expense management to bill payments, foreign exchange, and business banking, Float brings essential financial tools into one friction-free platform. Trusted by more than 6,000 Canadian companies, Float delivers world-class technology and fast, friendly support—built in Canada to power the next generation of growth.

For more information, visit floatfinancial.com.

About Silicon Valley Bank

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world’s most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.

Media Contacts

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

416-992-7471

Canada’s Crossroads: Why Now is the Moment to Move from Defensive to Intentional Growth

Posted on January 19, 2026January 19, 2026 by Dana Krook

Canada is on the defensive. We’ve skirted a recession, revenues are up (slightly) and businesses have proven remarkably resilient through back-to-back shocks, from pandemic challenges to an ongoing trade war. But beneath the surface, something else is happening. Low appetite for new debt. Shrinking cash reserves. And Canadian businesses, despite their strengths, are still playing it safe.

That caution is understandable. After years of volatility, the instinct to protect what you’ve built is a logical one. And the financial infrastructure in this country, though making progress, is still years behind where it needs to be to properly support Canadian businesses, the backbone of our economy. But caution, stretched too far, becomes its own risk. A defensive growth mode keeps the lights on. It does not build the future.

This State of Canadian Business Report for 2025 draws on Float’s proprietary data from thousands of Canadian businesses, alongside insights from our accounting partners and broader economic indicators to show you what’s working, what’s squeezing margins and where businesses need to act.

What we found: revenues grew modestly, but costs climbed almost as fast. Profit margins thinned. Operating profit declined. Cash balances dropped while debt stayed flat, with businesses burning through reserves rather than taking on new capital.

The picture is one of resilience without momentum.

This brings us to the crossroad. One path forward is the status quo: low risk, low reward. Protect what you have, wait for certainty, hope conditions improve. The other is intentional growth, which includes sharper visibility into financial operations, smarter deployment of capital and the confidence to act while others hesitate. It’s the difference between reacting to your environment and shaping it. Canadians love the idea of stability. What if we still had that but on our own terms?

Float is betting on Canada, specifically those businesses ready to take the second path of intentional growth. We are entering 2026 ready to deploy capital, tools and insights to pursue that growth with confident intention.

In the sections that follow, we unpack the economic context shaping Canadian business today, share findings from Float’s data and partner insights, and lay out what will separate winners from the status quo in 2026.

Note: Our data and partner insights primarily reflect technology-enabled and service-based, non-enterprise businesses. Industries facing direct tariff impacts, such as manufacturing, steel, mining, are navigating a different set of challenges that fall outside the scope of this report. What we’re capturing here is one piece of the broader picture: how growth-oriented Canadian businesses in our ecosystem are adapting, and what that might tell us about the road ahead.

The macroeconomic picture: Why Canadian businesses entered 2026 playing defence

Canada’s GDP grew approximately 1.2% in 2025, according to the IMF, marking the third consecutive year of below-potential expansion. Statistics Canada reported that the economy proved more resilient than many expected, particularly after a 0.4% contraction in Q2 driven by a 9.2% collapse in merchandise exports following US tariffs in April. Growth bounced back in Q3, expanding 2.6% on an annualized basis and beating market expectations of 0.5%.

Resilient, yes. But thriving? Not quite.

Canada trails its G7 peers and has for some time. The US posted 2% GDP growth in 2025, with GDP per capita growing six times faster than Canada’s, according to McKinsey. But this isn’t a resource problem. Canada boasts one of the world’s most educated workforces, high quality of life and proven ability to weather economic shocks. The gap is one of execution and confidence.

That confidence continues to erode. In November of last year, BetaKit reported that venture capital investment in Canada is down significantly, projected at $6.5 to 7 billion CAD for all of 2025, which is an 18 to 38% decline from 2024’s $7.9 billion. Fewer tech startups formed in 2025 than 2024, dropping from roughly 1,100 to 800, a staggering 27% decline. And founders are voting with their feet. The Globe and Mail reported that just 32% of Canadian-led high-potential startups launched in 2024 were headquartered in Canada, down from over 67% between 2015 and 2019.

Beyond the startup scene, business formation and closure rates overall have held relatively stable, oscillating between 4.7% and 4.8% throughout 2025, according to Statistics Canada. But stability isn’t the same as progress. The macro picture here is one of an economy holding steady rather than pushing forward, and that posture is filtering down to how individual businesses operate.

Inside the numbers: Float’s 2025 findings

Revenue is up, but costs are following suit

When we look at aggregated Float customer data across 2025, the headline is deceptively simple: revenue is up. Median revenue grew 5.09% year over year. For a year filled with many macro-economic challenges, that growth is encouraging. Businesses are successfully driving sales even in a difficult environment.

But look closer and the picture gets more complicated. Cost of goods sold rose 3.91% and operating expenses climbed 4.37%. Revenue is outpacing costs, but barely. The margin between growth and the cost of growth is razor thin. Each dollar of revenue is costing more to generate. These businesses aren’t struggling with demand but with keeping what they earn.

Our spend trend data tells a similar story. Costs are rising across the board, but only a small fraction of businesses are leaning into growth levers. Marketing and advertising spend jumped 30%, yet just 27% of businesses drove that increase. Inventory and supplier costs rose 33%, with less than a third increasing spend significantly. Software and SaaS spend climbed 26%, concentrated among only 16% of businesses.

For those investing more in software, the bet is increasingly on AI. Among businesses that increased SaaS spend, AI-related costs grew nearly 2x faster than non-AI software from Q4 2024 to Q4 2025. OpenAI has quickly risen to become a top-seven vendor for these companies, trailing only cloud infrastructure giants like Amazon, Google Cloud and Alibaba.

The bigger pattern is clear: inflation is pushing costs up everywhere, but relatively few companies are actively investing to grow. And for those that are, those investments are eating into margins almost as fast as revenue comes in.

Mike Pinkus, Partner and Co-Founder at ConnectCPA sees this dynamic playing out. ConnectCPA is a tech driven chartered accounting firm serving predominantly Canadian SMBs between $1-25M revenue with tax, accounting, bookkeeping, controllership, and cloud-based financial solutions. “We’re seeing flat to minor growth across our client base, with about 60% having improved profitability,” says Mike. “But that has come from a shift to focusing on profitability and slowing growth on purpose.”

He goes on to explain that those businesses are cutting burn and focusing on better unit economics rather than top-line expansion. The other 40%, Mike says, are experiencing exactly the squeeze our data shows: revenue up slightly, costs up just as much, margins under pressure.

On the payroll side, the pressure is severe. Brian Didsbury, a CPA and Director of Finance at LiveCA, is seeing it firsthand. A full-service accounting firm serving Canadian-owned SMBs in the $3–15M revenue range, LiveCA saw clients experience talent shortages in professional and technical roles in 2025 that drove compensation even higher than anticipated, on top of existing cost-of-living wage pressure. “Starting salaries are coming in above what companies expected,” Brian says, also mentioning a fairly flat year for clients. “And for certain roles in high demand, raises are running above cost-of-living adjustments just to retain people.” Add in increased demand for benefits like health spending accounts, and labour costs are climbing across the board.

The takeaway is clear: revenue growth alone isn’t enough. When costs climb almost as fast, margin discipline becomes the difference between growing profitably and just growing. Ignoring these shrinking margins means less cash to reinvest in tools and marketing or advertising, less cushion for a slow quarter and fewer options when growth opportunities do crop up.

The Bottom Line: Profitability Under Pressure

The margin squeeze showed up across Float’s customer base, with EBITDA declining 1.08% in 2025, even as revenue grew.

That disconnect tells a story. Businesses have raised prices to offset rising input costs and, in doing so, contributed to the broader inflationary environment. But they haven’t been able to pass along the full extent of those increases. The result is compressed margins and declining profitability, even for companies doing everything right on the top line.

Our spend data shows businesses exercising discipline where they can. Historically, spend on travel and meals has a marked increase in Q4 (generally about 24%). In 2025, that seasonal bump was just 15%. Companies are cutting these types of discretionary costs while maintaining operational investments, which is a sign they’re aware of the pressure but have limited room to maneuver.

Mike Pinkus at ConnectCPA confirmed this pattern. “The main cuts we’re seeing are headcount and SaaS spend, which is being monitored for the first time. Companies are now scrutinizing everything outside of their core tech stack to understand what they’re paying for and how these products are being used,” he says. “We are also seeing cuts to larger discretionary items like retreats, conferences and big team events.”

Our data reflects this nuance: the businesses driving that SaaS growth are doubling down on core tools and AI. The rest are trimming redundancies while keeping core tech stacks intact.The rest are trimming redundancies while keeping core tech stacks intact. The way they do that is with visibility, knowing exactly what’s being used, what’s not and where to cut without losing ground.

Canadian businesses are showing discipline. They’re cutting discretionary spend, scrutinizing SaaS and treating every hire like the investment it is. What separates those that protect profitability from those that watch it erode is visibility: knowing exactly where every dollar is going and whether it’s earning its keep. Without that clarity, cuts become guesswork. And guesswork in a margin-squeezed environment is the difference between canceling a retreat no one needed and cutting a tool your team depends on every day.

Cash is down, debt is flat and capital is harder to find

Float’s data shows the average cash balances for Canadian businesses declined 4.86% in 2025 while total debt stayed flat (0% change year over year).

Businesses are spending down reserves to support operations or growth while deliberately avoiding new leverage. In an uncertain economy, that caution makes sense. But it’s not the whole story.

Capital is also getting harder to secure. Credit conditions tightened significantly in 2024 and show no signs of easing, with collateral requirements surging 43% year over year, from 46% to 66% of borrowers, according to ISED; loan approval rates slipped from 91% to 89%; and access-to-capital concerns among small businesses hit 29%, well above the historical 22% average, as reported by the Canadian Federation of Independent Business (CFIB).

This isn’t new. Float’s own State of SMB Report in October 2024 found that 70% of new SMBs had difficulty accessing capital. Small business lending remained flat through the second half of 2024 and showed no signs of recovery going into 2025, according to ISED. Meanwhile, business insolvency levels remain 33% above pre-pandemic averages.

Mike Pinkus at ConnectCPA has seen the shift firsthand. “Overall debt appetite is down, but not because businesses don’t want it,” he says. “They’re actively having those conversations, but the terms are worsening, with tougher covenants, more personal guarantees. Some are outrageous. In the last year, the big five banks were giving covenants I’ve never seen in the last 15 years of doing this. And banks are calling loans faster when covenants get tripped.”

Brian Didsbury at LiveCA echoed the sentiment. “Debt uptake in 2025 was very low. The rates weren’t advantageous enough, at 5%, 6%, 7% and sometimes 8%,” he says. “Plus, requirements have gotten a lot stricter over the past few years: the financial ratios, the covenants, sometimes the collateral you actually need. Certain banks now require audited financial statements, which gets expensive. It can be $10,000, $20,000, sometimes upwards of $100,000. And time-consuming.”

Access to capital has long been a structural challenge for Canadian businesses. Heading into 2026, when we see reserves shrinking and traditional lending tightening, businesses need maximum flexibility from their existing resources. They need to earn better returns on cash while maintaining liquidity, and find partners who can offer working capital without punishing terms. Not making those shifts could be the difference between taking on a major new client or turning them away because you can’t float the upfront costs. Between hiring the senior developer you need now or waiting six months to rebuild the cash cushion. Between jumping on a supplier discount for bulk ordering or watching the window close while you wait on a bank approval.

Float’s predictions for 2026: What the winning businesses will do differently

The businesses that pull ahead in 2026 won’t be the ones waiting for conditions to improve. They’ll be the ones treating every dollar, and every tool, like it has to earn its place.

That starts with SaaS. Our data showed software spend up 26% in 2025, but partner insights reveal a shift: for the first time, companies are actively scrutinizing what’s outside their core tech stack. Consolidation is coming. Duplication gets cut. And AI is speeding up those decisions. The tools that deliver measurable ROI will stay, while everything else is on the chopping block.

Brian Didsbury at LiveCA pointed to innovative professional services firms as the standout performers of 2025. “The ones that adopted AI—using it to show up in search results, to turn month-long research projects into days—they excelled,” he says. “They’re acquiring customers differently and delivering work faster. That combination is hard to compete with.” Finance leaders he’s spoken with are more optimistic about 2026 specifically because of the cost savings AI is starting to unlock.

Winners will also demand more from their financial partners. When margins are compressed and capital is expensive, every basis point matters. That means scrutinizing banking fees, renegotiating service costs and expecting better returns on cash reserves. “Conserve cash, protect margins, grow selectively.” That’s how Mike Pinkus at ConnectCPA describes the dominant mindset heading into 2026. Businesses operating with visibility, intention and appropriate discipline will have outsized results and help drive broader economic growth.

Discretionary spend will remain tight in 2026. The muted Q4 we saw in 2025, with travel and meals up just 15% versus a historical 24%, that isn’t a blip. Conferences, retreats and big team events will remain on the back burner until confidence returns.

But cutting alone won’t win. The businesses that gain ground will be the ones investing aggressively in marketing and customer acquisition, particularly those with pricing power who can maintain margins while competitors pull back. Simultaneously, they’ll be building the infrastructure for cash flow optimization: real-time financial visibility, smarter treasury management, and tools that maximize returns on reserves while minimizing capital costs. In 2026, that shifts from nice-to-have to competitive necessity.

On the flip side, businesses that maintain the status quo (waiting for rates to drop, tariff uncertainty to resolve, government incentives to kick in, etc.) will likely watch competitors pull ahead on efficiency gains they can’t recover.

Float’s bet on Canada

Canadian businesses are feeling the pinch in 2026. Capital is harder to access, terms are worse and the margin for error is shrinking. But constraint has a way of clarifying what really matters.

And what matters now is working capital that doesn’t come with punishing terms, cash reserves that don’t sit idle, and visibility sharp enough to act on, not just report from.

That’s exactly what Float has built and what we’re doubling down on in 2026. Charge cards that give businesses flexible access to working capital. High-interest accounts that put cash reserves to work. And expense management tools that deliver real-time control over spend before it happens.

The winners of 2026 won’t just cut costs. They’ll optimize how capital flows through their entire business. We’re betting on Canada. We’re backing the businesses ready to lead. And we’re here to ignite their full potential.

Ready to move toward intentional growth?

Earn more on your cash. Access capital on better terms. See exactly where every dollar goes. Explore how Float gives you the tools to move with confidence in 2026.

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Methodology

Float Financial Changes

Total sample size was 919 Float customers.
Data compares June 2025 to Dec 2025 for the same cohort of companies. Samples were removed if there were concerns with data quality.
Financial data follows an exponential/power law distribution, comparing medians, not averages.

Float Spend Trends

Total sample size was 2,071 customers and only those that had fully ramped on Float usage.
This analysis compares customer spend across Q4 FY24, Q2 FY25, and Q4 FY25 within consistent customer cohorts.
Spend trends were measured using aggregated card transactions, categorized at the merchant and spend category level.
Percentages of businesses “notably increasing spend” represent customers whose category spend grew above a defined threshold relative to their own historical baseline.
Customers with incomplete data, irregular usage patterns, or significant account changes (e.g., mergers, closures) during the period were excluded from the analysis.

Sole Proprietor Corporate Cards: Business Credit Solutions for Single-Owner Companies

Posted on December 29, 2025December 30, 2025 by Dana Krook

When you’re running a business of one, every dollar and decision counts. You’re managing clients, sending invoices and paying for expenses—often from the same laptop you use to watch Netflix. It’s easy to reach for a personal credit card to cover early business costs.

But using personal credit for business can blur financial lines, complicate your taxes and slow your path to building real business credit. That’s where sole proprietor corporate cards can help.

In this guide, we’ll walk through what these cards are, why they matter and how to find the best corporate card for your one-person business in 2025.

What is a sole proprietor corporate card?

Many founders start by using personal cards, but sole proprietor business cards make it easier to separate expenses and build credit from day one. A sole proprietor business card is a corporate-style payment solution designed for freelancers, consultants and small business owners. It helps manage day-to-day expenses, earn rewards and build a separate business credit profile.

Some corporate cards, like Float, don’t require you to be incorporated or have multiple employees. You can apply with your business registration, GST number or Business Number (BN), making these cards ideal for sole proprietors who want professional tools without traditional banking barriers.

An important distinction is that personal credit cards are tied directly to your personal credit score and limit. Corporate cards, on the other hand, are issued under your business and often linked to your Business Number (BN). That separation helps protect your personal credit, simplifies taxes and gives your business a chance to build its own financial reputation.

What makes a card sole proprietor-friendly?

Not every business card works for sole proprietors. The best options are simple, accessible and flexible. Look for:

No incorporation requirement: Accepts Social Insurance Number (SIN) or BN
Simple application process: No need for years of revenue history or complex documentation
Low or no annual fees: Keeps overhead costs low
No personal guarantee: Protects your personal credit
Built-in expense management: Categorizes and tracks spend more easily

Some business credit cards—especially from traditional banks—still require a personal guarantee, meaning you’re personally liable if your business defaults on payments. This can limit risk separation between your personal and business finances.

Modern corporate card providers are changing that, offering options that don’t rely on personal credit or guarantees. These newer models make it easier for sole proprietors to access funding and build business credit safely.

Key benefits of sole proprietor corporate cards

Running your own business means wearing every hat from finance to marketing to operations. A corporate card can help lighten that load. It keeps your finances organized, protects your personal credit and earns rewards on the spending you’re already doing.

Here are the key benefits for sole proprietors:

1. Financial organization

Mixing personal and business spending is one of the fastest ways to lose track of your finances. A corporate card lets you:

Keep business transactions separate
Simplify bookkeeping and tax filing
Present a more professional image to clients and vendors

When everything flows through a single business card, your accountant will thank you—and so will your future self.

Learn more about the key steps to establishing a business credit card policy.

2. Building business credit

Using a corporate card tied to your BN helps your business build its own credit profile, which can support future growth.

Consistent, on-time payments and responsible usage can help you qualify for:

Higher limits or loans down the line
Lower insurance and financing rates
Supplier or vendor credit terms

It also keeps your personal credit utilization low, protecting your personal score from business-related swings.

3. Rewards and perks

Many business cards offer rewards tailored to entrepreneurs, such as cashback on software, travel, advertising or office supplies. With a corporate card, you can:

Earn cashback or points on everyday business purchases
Access business-focused benefits like accounting software credits
Track employee or contractor spend

Modern cards like Float go even further with real-time reporting, virtual cards and automated receipt capture that integrates directly with your accounting tools.

Explore the pros, cons and use cases for physical vs. virtual corporate cards.

Top sole proprietor card picks for 2025

There are several card providers for sole proprietors, and each has its own strengths. We’ve rounded up the best business credit cards for sole proprietorships below. For business owners, the goal should be to pick the one that fits how you spend and your growth plans.

Best overall: Float Corporate Card

Float is one of the few Canadian options offering business credit cards with no personal guarantee, making it ideal for small business owners seeking flexibility and protection (though it doesn’t currently report to credit bureaus). It’s also a strong fit for founders looking for startup business credit cards with flexible spend controls and simple approvals.

Key features:

No annual fee
1% cashback on card spend (over $25,000) and up to 4% interest on funds held in high-yield accounts
10-minute application and 1-day approval
Real-time expense tracking and spend controls
Unlimited virtual cards issued in CAD and USD
Integrations with QuickBooks, Xero and Wave

Best for: Canadian sole proprietors who want clear separation between business and personal finances, with modern software controls instead of traditional banking obstacles.

Learn more about Float

Get a 10-minute guided tour through our platform.

See a Demo

Best for building business credit: BMO CashBack Business Mastercard | CIBC bizline Visa Card

If your top goal is to establish business credit, these two US options are strong places to start. Both report to business credit bureaus and keep costs low.

BMO CashBack Business Mastercard

0.75–1.75% cashback on all purchases
No annual fee
Reports to major business credit bureaus

CIBC bizline Visa Card

$0 annual fee annual fee
Low interest rates
Access to flexible credit
Reports to both business and personal bureaus

Best for: Sole proprietors building credit history and keeping expenses simple.

Best for rewards: Amex Business Gold Rewards Card | RBC Avion Visa Business

If you’re spending big on travel, ads or software, these cards can offer sole proprietors strong earn rates and varied redemption options.

Amex Business Gold Rewards

Earn 1x the points for every $1 in purchase, with no cap and no expiry
Earn 10,000 bonus points each quarter when you spend $20,000
Redeem points for statement credits to offset business or travel costs
Use points for travel, gift cards or merchandise through Membership Rewards

Note: Amex recently cancelled their Platinum Global Dollar card as of January 21, 2026, so some Canadian businesses are scrambling to find alternatives. Read more about alternatives for this global dollar card and a comprehensive overview of Float vs. AMEX.

RBC Avion Visa Business

Earn 1 Avion point for every $1 spent in net purchases
Redeem points for merchandise, gift cards or financial rewards
Save 3 cents on fuel at Petro-Canada locations
Earn 35,000 Welcome Avion points upon enrollment

Best for: Sole proprietors looking for steady rewards and flexible redemption options on a wide range of business purchases.

Pro tip: Pay in full each month and keep utilization under 30%. Responsible use matters more than the limit you start with.

Quick comparison chart: Top sole proprietor corporate cards

Category	Card	Annual fee	Rewards	Standout feature	Best for
Best overall	Float	$0	1% on cashback* and 4% interest on funds held in high-yield accounts	No personal guarantee and real-time controls	Sole proprietors in Canada
Build business credit	BMO CashBack Business Mastercard	$0	1.5% cashback	Reports to business bureaus	Founders building credit
Build business credit	CIBC bizline Visa Card	$0	Access to lower interest rates	Reports to both business and personal bureaus	New businesses with an income of at least $15,000
Best rewards	Amex Business Gold Rewards	US$199	1x points for every $1 spent and quarterly bonus points	Flexible rewards with no points expiry	Flexible, everyday rewards
Best rewards	RBC Avion Visa Business	$120	Flexible Avion points and bonus welcome points	Redeem Avion points with multiple airlines	Travelling entrepreneurs

*on spend over $25,000 per month

Eligibility and application tips

Getting a business credit card as a sole proprietor is easier than most people think, but preparation is key. Most providers will ask for:

A personal credit score of around 670 or higher
Proof of business activity (invoices, tax filings or bank statements)
An BN or SIN (some providers now offer business credit cards with BN only, helping you separate your business finances and protect your personal credit)
A valid government ID

If you’re applying with Float, you don’t need to be incorporated or show years of business history—just proof that your business is active.

Documents to prepare

Before you apply, have these documents ready:

Recent tax return or business bank statement
Business registration or GST/HST number
Photo ID (driver’s license or passport)
Proof of address (utility bill or bank document)

Keeping your information consistent across documents (name, address, business name, etc.) helps speed up approval.

How to improve approval odds

Check for pre-qualification: Some issuers let you see your chances without impacting your credit score.
Clean up your credit report: Pay down balances and correct any errors before applying.
Avoid multiple applications at once: It can temporarily lower your score.
Show business activity: Even small, steady income or recent invoices help demonstrate credibility.

Unlike most traditional banks, Float doesn’t require a personal guarantee, so you can qualify based on your business activity, not just your personal credit.

Choosing the right card for your business

The best business card depends on what you value most. Some cards help you stretch cash flow, others build credit and a few reward you for the way you already spend.

It all depends on what you want to focus on.

If cash flow is your focus: Choose a flat-rate cashback card with no annual fee. It’s simple, predictable and ideal if you want to control expenses without juggling reward categories.
If you’re building business credit: Look for cards that report to business credit bureaus. Consistent payments and low utilization help your company qualify for larger credit lines down the road and protect your personal score in the meantime.
If you’re chasing rewards: Pick a card that fits your biggest spend categories, like travel, advertising or software. A strong earn rate on the purchases you make most often can add up quickly.

Don’t just compare reward rates. Instead, look at the total value. A premium card with perks you never use costs more than it’s worth. Pay attention to:

Annual fees vs. cashback earned
Reward caps and bonus categories
Integrations with accounting or expense tools
Any hidden fees like foreign transactions

Choosing the right card isn’t about chasing points; it’s about finding the one that fits how you operate and supports your business as it grows.

Managing and maximizing your card

A few smart habits can make a big difference in your credit profile, rewards and cash flow. Once approved, get the most out of your card by:

Paying in full every month to avoid interest
Keeping utilization below 30%
Using virtual cards for recurring subscriptions
Monitoring expenses weekly to catch errors early
Linking your accounting software for automatic syncing

These habits not only protect your credit, but also demonstrate healthy business behaviour if you apply for future financing.

Common pitfalls to avoid

Even experienced business owners make mistakes with their corporate cards. Avoid these traps to keep your finances clean and your credit strong:

Mixing personal and business transactions
Applying for too many cards at once
Ignoring fees or payment terms
Carrying balances month-to-month

Treat your corporate card like a business asset, not a safety net. Responsible use builds credibility with lenders and clients alike.

Smart credit for a one-person business

Running a one-person business doesn’t mean you have to rely on personal credit. The right corporate card helps you stay organized, earn rewards and build a stronger financial foundation, all while keeping your personal and business finances separate.

Whether you’re freelancing, consulting or growing a small business, choosing a card that fits your goals makes day-to-day operations smoother and future financing easier.

Float makes that simple. With no personal guarantee, real-time spend controls and seamless accounting integrations, it’s built for modern Canadian sole proprietors who want flexibility and control—without the banking barriers.Ready to simplify your business spending? Explore Float Corporate Cards.

Corporate Card Misuse Prevention: 2026 Control Strategies for Canadian Businesses

Posted on December 23, 2025December 27, 2025 by Dana Krook

Corporate cards can be a powerful tool—if you set the right guardrails from the start. Ideally, they empower your team, protect your bottom line and help you avoid headaches from corporate card misuse and month-end mystery charges.

Brian Didsbury, CPA and Senior Manager/Controller at LiveCA, understands the realities behind small business owners’ common concerns about corporate card use. In his experience with the Canadian online accounting firm, Brian has seen both sides: advising clients and managing his own team’s finance operations.

“We rarely see employees misusing cards egregiously,” says Brian. “It’s more about small slip-ups or processes that need tightening.”

With the right tips, you can feel confident issuing company credit cards and minimize the risks that come with it. In this guide, Brian shares practical strategies to help small and medium-sized businesses confidently issue corporate cards, whether you’re issuing your first card or tightening up an existing program. We’ll also cover advanced spending controls and monitoring technologies as well as what to do if you notice corporate card misuse.

The importance of safeguarding company resources

The financial risks tied to corporate card misuse can be real, but they’re often preventable. Even honest mistakes can rack up a hefty tab. Left unchecked, unclear spending practices, forgotten software subscriptions and small recurring charges can quietly eat into your profits.

And this proves true throughout Brian’s experience. Brian notes that most issues aren’t deliberate fraud, but are often errors like forgetting to cancel a subscription after a free trial, which can add up fast. Proactive policies and smart tech controls can save businesses from these silent drains. Having peace of mind is priceless, after all.

However, outright corporate card misuse does happen, and it’s wise to incorporate employee credit card fraud prevention strategies into your planning. The Association of Certified Fraud Examiners (ACFE) attributes 32% of occupational fraud to a lack of internal controls, while 19% results from overriding existing controls.

6 steps to sidestep corporate card misuse

Handing out company cards shouldn’t feel like tossing cash into the wind. You can share spending power with just a few smart moves—without losing control of your business expenses.

Here are six best practices that will help you prevent employee misuse, tighten your processes and keep your finances running like a well-oiled machine. (Bonus: You and your finance team will sleep better at night, too.)

Step 1: Develop a comprehensive corporate card policy

Good intentions and the honour system aren’t enough. A strong and well-documented expense policy is critical. Brian recommends that the policy clearly state who is eligible for a corporate card, its acceptable uses and the expected handling of card transactions.

“At LiveCA, the employee handbook provides clear documentation outlining when you can request a card, what you can spend it on and what happens if you don’t meet expectations,” says Brian.

Defining acceptable and prohibited expenses upfront leaves little room for creative interpretations later, like deciding that sushi lunches are a necessary operational cost.

Step 2: Implement spending limits and controls

The smart playbook for corporate card management involves clearly communicated expectations in advance. For example, no one needs a $700 emergency desk chair ordered at midnight, but we bet it’s happened.

LiveCA uses Float to create spending limits for each situation: loading specific amounts, restricting spending categories (like only allowing hotel and meals during travel) and setting expiry dates so cards automatically reset to zero after an event.

“You can’t just hand someone a card with a $5,000 limit and hope for the best,” he says. “We preload it, limit the categories and limit the time. It gives autonomy without giving a blank cheque.”

Automation also plays a key role in corporate card misuse prevention, helping flag risky transactions and prevent runaway charges before they snowball.

Step 3: Enforce an expense approval workflow

Approval processes can feel like red tape when they’re overly complex. Brian recommends keeping corporate card management practical.

“Set a dollar threshold where a second approver steps in, but keep it simple,” he says.

At LiveCA, expenses under $10,000 need just one approver; anything above that triggers a second level of review. This smart approach balances control with efficiency, so employees don’t wait weeks for basic approvals or grow old trying to expense a single conference ticket.

Step 4: Monitor transactions and conduct regular audits

You can’t fix what you don’t see. Brian’s team conducts monthly variance analyses, reviewing all software and discretionary spending line by line.

“It gives us a clear audit trail. If you gave someone $100 to trial software but they spent it on something else, we can spot it,” he says.

Regular transaction monitoring and smart tools that surface anomalies help businesses catch problems early, before they become costly habits.

Step 5: Educate employees on policy and procedures

Skipping training is an expensive gamble. Brian points out that even the best policy is useless if employees don’t know how to follow it. Luckily, Float makes onboarding easy. “We relied on Float’s help centre materials. They’ve got great tutorials and templates,” he says.

Companies should incorporate card usage policies into employee onboarding, revisit them at key milestones, and encourage a culture of asking questions if employees are unsure.

Step 6: Respond appropriately to unauthorized use

Mistakes happen, and occasionally, so does misuse. Employee credit card fraud prevention is easier when internal controls help you respond promptly. If something looks suspicious, Brian recommends investigating carefully. “First, make sure you’ve got your facts. Look at the transaction, the support documents, the policy,” he says.

If you confirm unauthorized use, the next step is to lean on your documented policies to take action. That could mean revoking card access, restricting future travel privileges or, in more serious cases, formal disciplinary action.

“Having a clear policy allows you to say, ‘Here are the expectations, and here are the consequences.’ It shouldn’t come as a surprise,” Brian says.

Advanced spending controls and monitoring technologies

Here’s the thing: corporate card programs and policies will only take you so far if you’re handling corporate card misuse manually or with basic tools. To truly have full control over corporate card use, it’s vital to use advanced spending controls and monitoring technologies. Float’s corporate card, for example, offers comprehensive visibility and control into your company’s card use, so you can catch any out-of-line spending as transactions occur.

When you’re looking for tools with advanced spending controls and monitoring solutions, here’s what to focus on.

Real-time transaction monitoring

You don’t want to see expenses a month from now—you want the ability to track them as they happen. Choose tools like Float that show you spending in real time. Alerts for out-of-policy transactions are also key so your finance team can get spending back on track ASAP.

Customizable spend controls

Opt for tools that let you set spend limits by user, team or department so you can keep a handle on spending based on your organizational goals. Float also lets you add spend controls by merchant category so users can only make purchases for specific business needs.

Automated expense reconciliation

Reconciliation is a necessary evil that no finance team member enjoys. But with the right tools, you can make it less painful. For example, Float can suggest rules to auto-categorize recurring purchases, such as rideshares being tagged to the correct expense category. This allows you to easily spot any unusual transactions.

Instant receipt capture

Put your hand up if you’ve ever had to chase down an employee and beg them to submit their expense receipts. Avoid the rigamarole with tools that let employees capture receipts and submit them instantly from their phones. Monitoring corporate card spend just got easier.

Built-in approvals

Automating the expense approval process keeps the business moving and reduces the number of headaches. Tools like Float offer configurable routing rules and multi-level approval workflows that automate low-value approvals and escalate higher-value spend.

Robust reporting and analytics

Having a breakdown of spend by individual, team, project or category gives you a quick way to spot trends and anomalies. Plus, it’s not just handy for spotting corporate card misuse—it’s also an excellent way to determine how to optimize company spend overall.

Learn more about Float

Get a 10-minute guided tour through our platform.

See a Demo

Real-time spending controls vs. traditional monthly reviews

All of these advanced controls point to one major advantage: real-time oversight is far more effective than waiting for a month-end statement. Let’s dig into why.

With traditional corporate cards, you receive a monthly statement that outlines spend. It’s essentially accurate and up-to-date for one day and one day only. The remainder of the month, you’re basically flying blind with no clue as to who is spending what, where and how much. If there’s corporate card misuse, you may miss it as you wait for month-end.

With real-time spend controls and visibility, you have insight into your team’s corporate card use as it happens—there’s no waiting till the end of the month.

Additionally, with a traditional corporate card, spend controls are typically set by the bank once. With tools like Float, you can set custom spending limits per user, card, project or category whenever you want. This means that as your business priorities evolve, you can update controls to keep pace, so your team has access to funds to complete their tasks.

Similarly, you can revoke access to funds instantly with real-time spend controls if you spot any corporate card misuse. Tools like Float offer additional real-time security measures, such as instant freezing and multi-factor authentication on the platform controls, so that only authorized individuals have the ability to spend or manage spend controls on behalf of the company. You don’t need to wait to speak with someone at a bank to adjust permissions or controls. They’re right at your fingertips.

How to investigate and handle corporate card misuse

As Brian said, most instances of corporate card misuse are not deliberate. Usually, they are as a result of poor card management processes. Regardless of the reason for corporate card misuse, there are key steps you need to take to investigate and address the issue effectively.

1. Confirm the corporate card misuse

If you suspect corporate card misuse has taken place, check and double check the numbers. You’ll need to review the receipt and your corporate card policy to ensure the expense was out of line. You may also want to contact the vendor to make sure the expense has in fact taken place.

2. Understand the context

Here is where you’ll have to determine whether or not the corporate card misuse was accidental or purposeful. Have a conversation with the employee who made the purchase in question to understand the situation. It could very well be that the misuse was not deliberate. For example, the employee may have forgotten to cancel the company’s software subscription. Or, they may have confused their corporate card with their personal card if both were kept in the same place in their wallet. Keep an open mind and don’t start the conversation with an accusatory tone.

3. Document the issue in detail

Having a paper trail is essential here. Gather clear documentation of the corporate card misuse, including the conversation you have with the employee. This is especially important if you plan to take disciplinary action.

4. Determine your response

How you respond to corporate card misuse will depend heavily on the context. If it truly was an accident, your response may involve providing additional training to employees on managing corporate card spending. If the misuse was deliberate, your actions may include asking for repayment, revoking card privileges or taking further disciplinary action.

5. Review corporate card policies with your team

Use this moment to retrain your entire team on your corporate card policy. Go over each key aspect with them so there is no question about what constitutes acceptable spending. This step can save you awkward conversations in the long run!

6. Re-assess spend controls and processes

It’s a good idea to review your corporate card spend controls to make sure they still align with your business priorities. Tighten your spend approval processes and make updates as necessary. This is especially important if the corporate card misuse could have been stopped if stronger controls and processes had been in place.

Employee education and corporate card misuse prevention

One of the most effective ways to prevent corporate card misuse is to make sure your employees understand your expense policy. Here’s how to ensure your team knows what is an acceptable expense—and what is not!

Make your corporate card policy easily accessible

You’ve gone through the trouble of creating a detailed and comprehensive corporate card policy. Don’t hide it in your internal documents where employees have to search hard to find it. Make the policy available to all staff, both in paper and digital formats. Remind them where to find it regularly.

Provide mandatory in-person and online corporate card policy training

Offer in-person and online corporate card policy training for your whole team, whether they currently have access to a corporate card or not. Be sure to provide multiple training sessions throughout the year, so new employees and those who couldn’t make the last session have an opportunity to learn the ins and outs.

Test employees on their corporate card policy knowledge

Want to take things a step further? Include short quizzes in your training sessions to evaluate employees’ understanding of your corporate card expense policy. If you notice any knowledge gaps based on quiz scores, you’ll know where to focus the content of your next training session.

Discuss the consequences of corporate card misuse

In addition to teaching employees about the rules you expect them to abide by when spending on behalf of the company, talk about what happens if someone violates your policies. It’s important for employees to fully understand the consequences of their actions—accidental or deliberate.

Legal and HR considerations for card misuse cases

Now, let’s get into the stuff no one wants to talk about. When it comes to corporate card misuse cases, you may have to deal with some legal implications and human resources actions. It’s not going to be fun and it’s most likely going to be stressful—so preventative action is crucial (like with all the strategies above!). If you do get to this point, however, here’s what you need to know:

Follow employment law obligations: If you’re dealing with employee dismissal or discipline, it’s vital to understand local employment and labour laws to make sure your actions are reasonable.
Have a detailed paper trail: You will need audit logs, receipts, expense reports, employee communications and more to demonstrate that the employee violated your corporate card policy.
Consider tax complications: Misclassified personal or business expenses can result in CRA audits. As a result, there could be some financial penalties you may have to deal with.
Treat corporate card misuse consistently: Your human resources team must handle similar cases in the same way, avoiding bias or personal issues.

The good news? There are several preventative actions you can take to avoid corporate card misuse in the first place. With the right tools, like Float, you can tighten compliance without adding friction, building a corporate card program that’s secure, predictable and easy to manage.

Building trust and control with Float

With a clear policy, smart controls and the right tools, business owners can confidently manage company spending.

Float is a modern expense management software platform with one of the best corporate cards in Canada built for Canadian businesses. It streamlines finance operations by combining real-time spend tracking, unlimited virtual and physical corporate cards and seamless accounting integrations.

Platforms like Float help businesses implement these best practices, making it easier to empower teams without opening the door to risk. With built-in approval workflows, automated receipt capture and fast reimbursements, Float makes it easy to control company spending.

As Brian says, “Start with trust and build good controls, and you’ll rarely have a problem you can’t handle.”

Effective Working Capital Management: 2026 Strategic Guide for Canadian Businesses

Posted on December 15, 2025January 31, 2026 by Dana Krook

Tight cash flow is a constant concern for business owners, especially without proactive working capital management. When expenses pop up before revenue flows in, even the financially healthiest companies feel squeezed tighter than a too-small pair of pants.

If this sounds familiar, you’re in good company. Cash flow constraints were a key investment barrier for 50% of small businesses in 2025, according to the Canadian Federation of Independent Business (CFIB).

The good news? Credit can help; it isn’t just a fallback plan for when things get rough. When used wisely, it can be a strategic tool to strengthen your working capital position and keep your operations humming.

In this guide, we’ll explain how credit can help you manage your working capital needs more effectively and share smart strategies to help you build a stronger financial foundation.

What is working capital management?

At its simplest, working capital is the money you have available to run your day-to-day operations. It’s calculated by subtracting your current liabilities (what you owe in the short term) from your current assets (what you own and can quickly convert to cash).

Given that explanation, what is working capital management?

Working capital management is about balancing the cash flow in and out of your business. Think of it as ensuring your business always has enough gas in the tank to keep moving, without running on fumes or overfilling the tank and wasting resources.

Why working capital management matters

Small businesses often face working capital challenges due to delayed customer payments, seasonal swings, rising inventory costs or unexpected expenses. (Surprise! That HVAC system you forgot about needs replacing.)

Managing cash flow isn’t always enough. Traditional cash management practices like speeding up receivables and stretching payables can help, but they don’t solve every problem. And without careful expense management, it’s easy to fumble the timing.

This is where smart credit use can change the game. When used strategically, credit helps you bridge cash flow gaps, seize growth opportunities and manage uncertainty without putting your business at risk or your blood pressure through the roof.

How can you use credit to manage your working capital more effectively?

Credit can do more than just plug holes. It can help fuel smarter decisions. From bridging timing gaps to unlocking new opportunities, here are six strategies to make it work for your business.

1. Bridge cash flow gaps

Revenue and expenses rarely move in perfect sync. Maybe you need to pay suppliers now but won’t get paid by customers for another 30 or 60 days. A line of credit or a corporate card can give you breathing room. It covers short-term obligations while you wait for incoming cash, helping you stay current on bills and payroll without draining reserves or resorting to “please pay us” emails.

2. Fund upfront investments

Growth often demands investment before payoff. You might need to buy inventory, ramp up marketing or add staff ahead of a busy season. Using credit to fund these moves can help you navigate them smoothly, without sacrificing cash reserves that keep your business stable.

3. Take advantage of supplier discounts

Suppliers sometimes offer discounts for early payments. With credit, you can pay sooner, score a discount and then pay off your balance when your regular cash flow catches up. Saving money while spending it? Not quite magic, but close.

4. Smooth out seasonal fluctuations

Businesses with seasonal peaks like retail, tourism or construction often face working capital pressure in the off-season. Access to credit lets you cover costs during slower periods and ramp up quickly when demand returns.

5. Seize opportunistic deals

Sometimes opportunities come knocking when cash flow isn’t at its strongest. A supplier offers a bulk discount, a new market opens up or a key hire becomes available. Credit gives you the flexibility to move fast and capitalize on opportunities that can pay off big.

6. Avoid draining cash reserves

It’s tempting to rely solely on available cash, but keeping a healthy cash reserve is critical for resilience. Smart use of credit means you can cover operational costs without depleting your safety net, making you better prepared for unexpected bumps in the road. (Spoiler: there are always bumps.)

Best principles for using credit strategically

Using credit effectively to manage your working capital requires going beyond securing access to include clear intentions about use. These principles will help you ensure credit remains a growth tool, not a financial trap.

Tie credit use to business objectives: Only use borrowed funds for initiatives that drive revenue, improve efficiency or support growth.
Forecast cash flow carefully: Know when and how you’ll repay borrowed amounts before you draw on credit.
Monitor your financial performance regularly: A strong month-end process is especially important when using credit. Track your working capital needs, spot risks early and adjust strategy.
Understand the true cost of borrowing: Weigh interest rates, repayment terms and potential fees before tapping into credit.
Stay disciplined: Credit should extend your runway, not send your business into a nosedive.

Bringing your credit strategy back to business fundamentals is key. Ask yourself, does this investment or expense fit with the goals you’ve set for your company? Will it improve your financial position over time? If the answer isn’t a clear yes, it’s time to hit pause.

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Modern working capital management tools and techniques

If you’re looking to stretch your working capital with credit so you have more gas in the tank to take your business further, it’s important to use the right tools and techniques. Consider them as higher quality fuel. The better the tools and techniques, the better the results.

Enhance your cash flow forecasting abilities

To make better decisions about how you spend your money so that you can maximize working capital efficiency, you’ve got to have detailed insight into your inflows and outflows. Use modern cash flow forecasting software that provides you with real-time data based on your accounts receivable, accounts payable and purchase orders.

Speed up accounts receivables

Provide clients with incentives for paying early, such as a 2% discount for paying within one week, for example. Use automated invoicing software that sends invoices as soon as work is completed and sends payment reminders as deadlines approach.

Manage accounts payables timing

Consider negotiating longer payment terms with suppliers to give yourself some breathing room. This way, you can preserve both cash and your supplier relationships. Use digital payment tools to avoid payment delays to keep suppliers happy.

Review your inventory strategy

While you can avoid supply chain disruptions and stockouts by holding more inventory, you can also tie up your working capital that way. Use demand forecasting tools to align your inventory with sales patterns, freeing up more working capital.

Working capital management for different business stages

Understanding best practices and tools is valuable, but it’s worth noting that working capital management can look different at different stages of business. As your goals change, your working capital needs naturally change, too.

Here’s what to keep in mind when it comes to optimizing your working capital depending on your business stage.

Startup

You’re probably dealing with limited cash reserves, unpredictable revenue and high startup costs. Right now, it’s all about survival. Keep your cash burn low, negotiate favourable terms with suppliers and find fast cash inflows like upfront payments. Avoid overstocking inventory to free up cash.

Early growth

Revenue is increasing but it’s still inconsistent, and you’ve also got a growing accounts payable list. The key in this stage is to balance growth with liquidity by formalizing your financial processes and tightening up credit policies for customers. You don’t want to grow too fast without having any cash reserves.

Scaling

Your cash demands are predictable but larger. You’ve also got bigger teams and supplier networks. How can you optimize operational efficiency while still supporting your expansion? Automation tools that streamline AR and AP are crucial here. Additionally, be sure to optimize your inventory turnover so your excess working capital isn’t trapped in stock.

Mature

With stable revenue streams and predictable cash flow patterns, you still run the risk of inefficient capital allocation and process complacency. Consider how you can optimize your cash conversion cycle and look at ways to invest your excess cash into growth opportunities.

Uncertain

If your business is declining, you have to restore liquidity fast. Focus on cash collections by shortening accounts receivable cycles. You can also negotiate temporary extended payables with long-term suppliers. Liquidate excess inventory and freeze non-essential spending so you can deal with any cash shortages and declining margins.

Working capital metrics and KPIs for Canadian businesses

If you’re considering using credit to increase working capital, seize growth opportunities and avoid liquidity crunches, you’ll need to know which working capital metrics and key performance indicators (KPIs) to track. By keeping an eye on the numbers, you can strengthen working capital without incurring any risks.

Here are some important metrics and KPIs to consider tracking:

Working capital ratio: This tells you whether you can cover your short-term debts with your current assets.
Acid test ratio: This excludes inventory from your assets to test your business’s true liquidity.
Operating cash flow: This measures the actual cash generated from your core business.
Free cash flow: This is the cash left after paying your operational expenses and capital expenditures.
Working capital requirement: This is the minimum cash balance that your business has to maintain in order to meet short-term requirements.
Net working capital turnover: This measures how efficiently working capital supports sales.
Liquidity buffer: This shows you how many days of cash you have on hand.
Debt ratio: This is the proportion of your business’ assets that are financed by debt.
Cash conversion cycle: This metric measures how long cash is tied up in your operations.
Days sales outstanding: This measures the average number of days it takes your business to collect payment after a sale.
Accounts receivable turnover ratio: This shows how efficiently your team collects payments.
Days payable outstanding: This shows the average time it takes you to pay your suppliers.
Accounts payable turnover ratio: This shows how efficiently your team pays suppliers.
Days inventory outstanding: This metric shows how long inventory sits before it is sold.
Inventory turnover ratio: This shows how many times you sell and replace inventory over a specific period.

Seasonal working capital management strategies

If you work in a seasonal business like construction, travel or retail, managing working capital poses additional challenges. You likely have a wide variability between your inflows and outflows during seasonal periods.

How can you manage your working capital effectively year-round to address receivable delays, unpredictable expenses and operational growth? These strategies help you avoid missed opportunities, higher costs and strained vendor relationships.

Build your cash flow buffer during peak season

Protect your business during the slower months by setting aside a percentage of your peak season profits. Ideally, you’ll want to save three to six months of operating reserve in a separate account from your day-to-day operating account.

Accelerate accounts receivable during peak season

When demand is high, turn sales into cash as quickly as possible. Offer early payment discounts, shorten payment terms or require deposits.

Strategically stretch accounts payable during off season

Preserve cash during the off season by negotiating extended payment terms or aligning payment dates with your revenue cycle. You can also make payments early when you have a cash surplus and take advantage of early payment discounts.

Consider flexible cash-flow support (not long-term debt)

Avoid plugging short-term or seasonal gaps with long-term debt. Instead, look for tools that improve cash-flow timing and give you flexibility without locking you into loans. Options can include operating lines of credit, seasonal working capital solutions, and charge programs that let you pay expenses today while settling the balance later (Float offers 15–30 day terms). This helps smooth cash flow without taking on traditional financing.

Use a rolling 12-month forecast

Seasonal businesses can’t rely on static budgets. You need to have earlier visibility to avoid working capital surprises. It’s best to use a weekly rolling forecast that accounts for your seasonality.

Technology solutions for working capital optimization

Strong working capital management isn’t a one-time task. It’s an ongoing process that demands attention and adaptability. Building a robust month-end review process that looks at revenue, expenses, cash flow timing and working capital exposure can help you spot issues before they become crises.

Platforms like Float make this even easier. With corporate cards, expense management tools, accounting automations and more, you can have clear visibility into cash flow patterns, upcoming obligations and available credit.

When choosing technology solutions for working capital optimization, here’s what to focus on.

Corporate cards with custom spend controls

Provide your team with financial flexibility while you maintain control with corporate cards like Float’s. Corporate cards enable your team to move with the fast pace of business, while custom spend controls ensure spending stays within user, department, project and category limits so you can keep your working capital on track.

Real-time expense management

See how your working capital is being used in real-time, not days or weeks after the fact. With Float, employees submit their receipts instantly at the point of spend, and your finance team tracks spending in an intuitive platform.

Integrated accounting

With Float’s direct integrations with QuickBooks, Xero and NetSuite, you can make reconciliation seamless. Shorten month-end workloads and have a clear idea of your working capital at all times, not just at month-end.

Cost-saving financial features

There are many ways to optimize your working capital, and Float brings several of them together in one platform. Earn up to 1% cashback on spend, grow your CAD and USD balances with a market-leading base interest rate of 3%—with the ability to earn up to 4% based on your Float Card spend—and avoid FX fees on USD purchases by using Float’s USD cards. The result is more cash working for your business and a stronger net working capital position.

Strengthen your financial foundation with Float

Working capital management is part art, part science. Done wisely, it can help you manage expenses, smooth cash flow and position your business for sustainable growth.

Float helps Canadian businesses tap into the power of smart expense management and strategic credit use. With corporate cards, real-time spend notifications, accounting integrations and more, your business can align credit use with cash flow forecasting and operational needs to maximize liquidity and minimize costs.

Learn how Float’s modern platform can help you strengthen your financial foundation and easily manage working capital.

Managing Travel Expenses for Growing Companies

Posted on December 9, 2025January 31, 2026 by Dana Krook

Business travel is surging again—and with many employees still working remotely, managing travel expenses has never been more complicated.

Chasing down travel receipts, untangling expense reports and manually reconciling scattered spending can turn a simple trip into a full-blown admin project. A better expense management process cuts the chaos. It reduces manual work and makes travel easier for everyone from employees to finance.

In this guide, we’ll break down how to take control of your travel expenses with insights from Sophie Dillon at Orbit Accountants, whose clients recently overhauled their process using Float.

Managing travel expenses with a hybrid or fully remote team

For teams that are hybrid or fully remote, companies need two core elements for effective travel expense management:

A clear travel expense policy outlining what’s covered, what’s not and how reimbursement works.
A simple, user-friendly system where employees can submit expenses without friction or delays.

Without this foundation, things can get complicated. Dillon explains that, before Float, her clients dealt with endless receipt-chasing and manual tracking. They were also reluctant to spend out of pocket. For distributed teams, these issues compound quickly—especially when employees are submitting travel expenses from different cities and time zones.

“It’s really important to put processes in place to save time and administrative effort. Integrating our clients’ existing accounting tools with Float enabled them to make the reimbursement process seamless. With increased employee travel, all of this becomes essential,” she says.

Float’s Prepaid cards start at a $0 balance until funds are added, reducing risk during travel. Charge cards draw from your approved limit and include the same real-time controls and spend policies.

Building a strong foundation with clear policies

A clear business travel expense policy sets expectations up front. It should outline exactly what expenses are covered, the limits attached to them and how employees are reimbursed, giving them the confidence to spend responsibly and making day-to-day travel spending far easier to handle. It helps your team spend with clarity and avoids surprises for finance.

Reimbursable expenses typically include:

Hotels
Transportation (flights, taxis and Ubers, rental cars, mileage on a personal car)
Daily meal per diem
Office or development-related costs

Be sure to define your approval chain. “Having department-level approvals eases pressure on the finance department,” says Dillon. “Clearly state spending limits on daily meals, alcohol and who qualifies as a business guest at a meal to avoid any confusion.”

Corporate credit card guidelines are also key to managing travel expenses—but they need to come with clear rules. This consistency matters even more for distributed teams who book travel independently. Decide who gets a card, what it can be used for and what the consequences are when rules aren’t followed.

“When you’re transitioning from out-of-pocket expenses to corporate cards, start with low limits to make sure the team is playing by the rules,” Dillon says. “Once people get used to the process, you can increase the budgets.”

Travel expense policy template for Canadian businesses

Need a travel expense policy template but don’t have the time to create your own? Use the template below to help. You can copy and paste the sections directly into your internal documents, then fill in the blanks based on your own policy. You can also add or remove sections based on your business’s needs.

1. Policy Purpose

This travel expense policy outlines how employees should book, pay for and submit travel-related expenses. It creates consistency, keeps costs in check and keeps reimbursements moving quickly.

2. Eligible Expenses

The company reimburses:

Airfare/train travel: ____________________________________
Hotels or accommodation: __________________________________
Local transportation (rideshare, taxi, rental car): __________________________
Mileage rate (if using personal vehicle): _________ per km
Daily meal per diem: __________ per day
Internet or mobile data for business: ____________________________
[Insert other eligible expenses]: _______________________________________

3. Non-Reimbursable Expenses

The company will not reimburse:

Seat upgrades or luxury add-ons
Personal entertainment or leisure
Alcohol beyond approved limits
Late fees or penalties
[Insert other non-reimbursable expenses]: ______________________________

4. Approvals & Spending Limits

Travel approved by: _________________________________________
Per-trip limit: ______________________________________________
Exceptions approved by: _____________________________________
Remote employees must follow the digital approval workflow: Yes / No

5. Corporate Card Use (eg. Float)

If provided with a (Float) corporate card, employees must follow these rules:

Card starts at $0 until funded
Spending limit: ____________________________________________________
Merchant restrictions: _______________________________________
Receipts uploaded via app prompt within: _____________hours
Cardholder agreement signed: Yes / No

6. Travel Booking Requirements

Preferred platform: _____________________________________
Partner integrations used: Yes / No
Automatic receipt matching (via email forwarding or app): Yes / No

7. Canadian Tax Requirements

Employees need to include the correct tax components on receipts:

GST: ______% | HST: ______% | PST: ______% | QST: ______%

Float automatically supports multi-tax components.

8. Reimbursement Process

Claims submitted within: _________________ days
Reimbursements issued via: _________________________________
Required documentation (check all):
- Itemized receipts
- Proof of payment
- Business purpose statement
- Approval confirmation

9. Policy Violations

Non-reimbursed expenses
Temporary suspension of card privileges
Internal review or disciplinary action

10. Acknowledgment

Employee Name: ________________________________________
Signature: _____________________________________
Date: ____________________

How to handle international business travel expenses

International travel isn’t much different from domestic. You still need clear rules and good documentation, just with a few extra steps.

Clarify which international expenses are eligible, including flights, accommodations, local transportation and meals. Try to provide limits on each expense category by major city, so employees have geo-specific guidelines to work with. This includes per-diem limits and approval rules, so employees know exactly what they can book and spend on before leaving the country.

If employees are using corporate cards, be specific about currency exchange and which cards should be used depending on the country of travel (eg. use USD corporate cards only when travelling to the US to avoid unnecessary fx conversion fees). If employees pay out of pocket, spell out when they should submit claims and what they need to include.

Employees travelling internationally should follow the same approval steps used for domestic trips. Using the same steps across all trips avoids confusion.

How to empower teams with the right tools

Some teams still rely on spreadsheets for travel spend, but that’s where mistakes creep in and savings slip away. Float’s expense management tools are built for teams who travel frequently, giving employees a way to pay for hotels, flights and rideshares without using personal cards. Meanwhile, finance departments get real-time insight into every transaction. With modern tools, your team can:

Snap receipts on the go
Submit expenses with a few taps
Set corporate card controls and spending limits
Enforce policy automatically

Float also offers up to 1% cashback on eligible CAD and USD card spend, plus 3% base interest on all CAD and USD balances—scaling up to 4% based on monthly Float Card spend. Built-in accounting integrations support fast, accurate reconciliation, and Canadian tax handling with bilingual support simplifies operations for teams working across provinces.

“Float offers real-time visibility, prepaid cards and an easy approval system that even works from a phone,” Dillon says. “There are no more paper trails required to maintain travel expenses, and there’s no more financial guesswork.”

If employees forward receipts to Float or upload them via mobile, they are automatically matched to the correct transaction using OCR, making travel documentation far easier to manage.

Pro tip: Customize limits based on role, responsibility and travel frequency. For example, your road warrior in sales may need a higher limit than your team lead who travels once a quarter.

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Set up mobile expense management for travelling teams

Most travel spend happens in transit, not behind a desk. A mobile-first workflow helps employees stick to the rules without thinking about it, avoid delays and submit accurate information while details are still fresh.

With Float, employees can manage the full expense lifecycle from their phone—reviewing card balances, confirming what’s approved and checking spending rules before making a purchase. This reduces back-and-forth with finance during tight travel schedules.

Instead of waiting until later, employees can save the information finance needs right away, keeping submissions clean and complete. Approvers can also review and respond to requests without waiting for desktop access, keeping travel plans moving.

A mobile workflow brings order to travel spending and helps everyone follow the policy naturally, even when they’re moving fast.

Provide regular staff training

Set your team up for success with a proper onboarding session. This is especially important for remote employees, who depend on clear digital training to stay aligned on travel expectations. Explain your policy, show them how to use the tools and create a space for feedback or questions.

Review policies regularly to keep them relevant as your business grows. Needs evolve—and your policy should too.

Monitor for compliance and efficiency

Once your travel expense management system is in place, don’t set it and forget it. Live oversight keeps finance connected to in-progress travel spend, even when employees are spread across different regions. Review travel spending often, look for unusual patterns and catch issues early.

Automated checks and digital approvals help teams stay aligned and catch issues early.

“Approval documentation is now a built-in part of our clients’ processes,” Dillon says. “It gives visibility to top management and department heads as to where funds are being spent. This has improved budget management.”

Travel expense automation vs. manual processes: what’s better for business travel?

A major driver for businesses wanting to change or upgrade their business travel expenses? The amount of manual processes they currently work with.

Manual processes can slow things down, especially when expense details land all at once after a trip. When employees rely on spreadsheets, paper receipts or end-of-trip reporting, finance doesn’t get the information they need until long after a trip ends, making it harder to track budgets or resolve issues.

Automation fixes that delay by pulling in transactions the moment they happen—and blocking non-approved spend before that happens. Systems like Float categorize expenses, apply policy rules and route approvals as soon as a transaction occurs. This reduces admin work and ensures every travel purchase follows the same standards, regardless of where employees are travelling.

Because Float pulls transaction details directly from corporate cards and syncs them into accounting tools, documentation stays linked to each expense without the extra effort. Finance teams can view spending in a structured way, catch irregularities early and close faster at month-end.

Automation turns scattered steps into one clear, consistent workflow, easing pressure on finance and giving employees a smoother travel experience.

Ready to spend smarter?

Building a strong expense policy, equipping your team with the right tools and keeping a sharp eye on compliance aren’t just best practices—they’re must-haves if you’re serious about managing travel expenses.

When your policies are clear, your team is empowered and your tracking is tight, travel expenses become a well-oiled part of your operations. And with more teams distributed across the country, a unified travel expense workflow keeps things consistent no matter where employees work or travel from.

If you’re still chasing receipts or juggling expense reports, it’s time to give your processes a first-class upgrade. Want your ticket to smarter, faster and more transparent business spending? Book a demo today.

How Do You Handle Employee Reimbursements Efficiently?

Posted on December 5, 2025December 5, 2025 by Dana Krook

Employee reimbursements may not be the flashiest part of running a business, but they are pretty telling. When handled well, they reinforce trust, improve financial visibility, and keep operations humming. When handled poorly, expect confusion, wasted time, delayed payments, and frustrated employees.

Whether you’re running a lean startup or managing a finance team in a larger business, your approach to reimbursements sets the tone for how your company values time, clarity and accountability.

And compliance around employee reimbursements isn’t just about keeping your books in order—employer responsibilities for timely reimbursements are covered under Canada’s Labour Code.

We spoke with Mandeep Saini, Co-Founder and Head of Finance Services at BrightIron, a fractional finance, HR, and go-to-market services provider for Canadian startups and scale-ups and Float customer, to get his take on where businesses go wrong and how they can fix it.

Efficient employee reimbursement strategies for small businesses

Small teams move fast. They’re often short on headcount and time, and processes like employee reimbursements tend to happen on the fly. That ad hoc approach might work at first, but it doesn’t last.

“Manual processes are fine, but they don’t scale—and then they break quickly,” says Mandeep.

Here are Mandeep’s top tips for small business owners who want to avoid the clutter, chaos and confusion that often come with employee expense reimbursements.

1. Create a simple employee reimbursement policy

Even if your team is only five people strong, put together a one-pager that outlines what can be reimbursed, when to get pre-approval and how to submit expenses. Without it, expectations can vary wildly. One employee might think lunch with a client means a $100 sushi bill, while another sticks to a sandwich. Clear policies prevent those awkward “is this reimbursable?” moments and create consistency across the board.

2. Automate, don’t email

Reimbursements via email might seem efficient, but they’re a black hole in reality. Once someone hits ‘send’ on their employee reimbursement form and backup docs, the process becomes opaque. Employees are left wondering when (or if) they’ll be reimbursed—and whoever’s managing reimbursements ends up fielding status update requests. Modern expense tools streamline the entire process, from receipt capture to approval and payment.

3. Make it easy for employees

Missing or incomplete receipts can create headaches during reconciliation and tax time. But most small businesses don’t have the bandwidth to chase them down. A simple fix? Make it easy for employees to upload expenses in real time through a software platform or integrated tool rather than waiting to email or submit physical receipts.

4. Make it mobile-friendly

Reducing obstacles for expense submission is half the battle. Choose a tool that lets employees snap and upload photos of receipts from their phones. It simplifies compliance and ensures that you capture the right data for accurate reporting. Itemized receipts and tax information can go a long way toward keeping you compliant.

5. Don’t DIY forever

Founders often try to save money by handling reimbursements themselves. But time spent approving expenses or chasing receipts could be better invested in growing the business. Even if you’re not ready to hire in-house finance support, outsourcing or automation can buy back critical hours.

Efficient strategies for medium or larger businesses (with in-house finance teams)

As companies grow, so do the complexities of their spending. With more employees and a wider range of expenses, the risks of non-compliance, delays and inconsistencies multiply fast.

“The biggest concern at scale is efficiency and transparency,” says Mandeep. “Employees need to know what’s allowed, what’s not and where things stand at any point in the process.”

And finance teams need the same. Here’s how Mandeep suggests you keep employee expense reimbursements running smoothly as your organization scales—without losing control (or sanity).

1. Use robust systems that help enforce your policies

Larger organizations need software that can handle more complex rules. Whether limiting spend by role, enforcing preferred vendors or flagging claims outside your employee reimbursement policy, modern platforms can keep you compliant without slowing down the process.

2. Set approvals before the spend happens

It’s too late to flag issues after the fact. A pre-approval process helps set expectations and avoid awkward back-and-forth exchanges that create anxiety on both sides. With upfront guardrails in place, employees can confidently make purchases they know will be reimbursed.

3. Increase transparency

No one likes submitting an expense report and hearing crickets for weeks. A good expense management system provides real-time tracking so employees can see when something is pending, approved or paid. That visibility also helps managers spot bottlenecks or delays in the process before they escalate.

Make expense management even easier

Streamline your business spending with automation tools built right into Float.

Learn More

4. Align finance with employee experience

Delays in reimbursement can erode employee trust—especially for team members who may not have the financial flexibility to front business costs. A consistent, predictable system supports both employee satisfaction and operational integrity.

5. Match tools to team structure

Choose solutions that integrate seamlessly with your existing workflows and approval processes. If your finance team is juggling multiple tools, consolidating can reduce friction and improve accuracy. The right platform should feel like it’s working for your team, not the other way around.

Reimbursements vs corporate cards: Cost and efficiency analysis

Even with the best policies and tools, reimbursements still create friction. They’re reactive by nature: employees spend first, then finance teams scramble to reconcile later.

Beyond the workflow challenges, reimbursements are also extremely costly. According to the Global Business Travel Association, processing a single properly submitted expense report costs companies an average of $58. Even if your team processes just one report per business day, that’s more than $14,000 per year in administrative overhead.

And that’s before you factor in errors—because mistakes are almost guaranteed. According to the same report, 19% of expense reports contain errors, each requiring about 18 minutes to correct and costing an additional $52. That brings the cost of an error-ridden report to $110. Across a year of business days, those errors alone add roughly $5,500 more.

In total, even a low-volume reimbursement process can cost a business nearly $20,000 annually—much of it tied up in manual corrections, wasted time, and preventable inefficiencies.

What a waste.

Corporate cards flip that equation on its head by enabling approved spending upfront and capturing every transaction in real time.

Here’s how the two approaches compare:

Factor	Traditional reimbursements	Corporate cards (like Float)
Speed	Payments processed days or weeks after submission	Instant payment at the point of purchase
Employee experience	Employees cover costs out of pocket and wait for reimbursement, causing frustration and concern	Employees never have to front business expenses
Administrative time	Manual data entry, receipt chasing and approval bottlenecks	Automated tracking and built-in approval workflows
Cost to process	Higher due to manual oversight and multiple touchpoints	Lower thanks to automation and reduced errors
Visibility and control	Limited insight until after expense reports are filed	Real-time visibility and spend limits by role or team
Scalability	Breaks down as headcount and transactions grow	Built to scale with your business structure

Corporate cards not only eliminate the pain of reimbursement but also give finance teams a live snapshot of where money is going. For small businesses and scaling teams, it’s the difference between looking in the rear-view mirror and seeing what’s coming on the road ahead in real-time.

How to create an effective employee reimbursement policy

Even with modern spend tools in place, some out-of-pocket expenses will still happen from time to time—like travel or unique one-off purchases. That’s why every business needs a clear, consistent reimbursement policy.

A good policy answers three key questions:

What’s reimbursable? Define allowable expenses upfront. Include common examples like mileage, client meals or event travel and any ranges or caps for each.
When and how to get approval. Set pre-approval guidelines so employees know when they need to get the green light before spending.
How to submit expenses. Outline the format, required documentation and timeline for submission and payment.

Keep it short, easy to follow and easy to find. No one should have to dig through a 20-page manual to figure out whether their parking receipt qualifies.

Modern expense management platforms make enforcing these policies much easier. They automatically flag claims that fall outside your rules and streamline approvals so finance teams spend less time policing and more time analyzing spend.

For more guidance on policy structure and compliance, check out our best practices for expense policy compliance.

Digital receipt management for employee reimbursements

If your reimbursement policy sets the rules, your receipt process keeps them enforceable. The challenge is that paper and email receipts are easy to lose, forget or misfile, and that’s a headache for everyone from employees to auditors.

Digital receipt management solves this by automatically capturing and storing expense data. Employees can snap a photo or upload a digital copy from their phone the moment a purchase happens. The system then matches it to the right transaction, eliminating guesswork and reducing follow-ups.

With Float, this process is seamless from start to finish:

Employees submit a reimbursement with one click. Float’s AI-powered OCR automatically extracts receipt details (merchant, amount, currency, even taxes) so there’s no manual data entry needed.
Requests are routed to the right reviewer automatically via mobile, email or Slack. Custom multi-level approval workflows ensure the right eyes are always on every expense.
Reimbursements are paid out directly via EFT (for Canadian employees) or ACH (for US employees), often in as little as one business day. Payments can even be batched to save time.
Reimbursements sync with your accounting software, complete with GL codes, tax data and embedded receipts for smooth, confident closes.

For finance teams, this means fewer missing receipts, fewer compliance issues and cleaner books at month-end. For employees, it means no more inbox hunting or “I swear I had that receipt somewhere” moments.

And when paired with Float’s corporate cards, finance teams get full visibility into every type of employee spend, all in one place. It’s the simplest way to make expense compliance a non-issue and enforce timely receipt submission from employees.

Reimbursement automation tools and new technologies

Over the past few years, new technologies have popped up to solve specific pain points like receipt management, approvals or payments. As a result, businesses now have more options than ever, but also more complexity to juggle.

Here’s a look at the key categories reshaping how reimbursements get done in 2025:

1. Receipt capture and OCR tools

These tools read receipts automatically using optical character recognition (OCR). Employees snap a photo, and the software extracts merchant, date and amount details with zero manual entry.

2. Policy automation software

Instead of relying on memory or manual checks, these tools apply your reimbursement rules automatically. Out-of-policy claims get flagged, approvals route to the right person and compliance stays airtight.

3. Accounting integrations

APIs that sync with accounting platforms like QuickBooks, Xero or NetSuite help keep everything in one source of truth. Every approved reimbursement is posted automatically, reducing reconciliation time to nearly zero.

4. Payment automation platforms

These handle reimbursements directly by connecting expense systems with payment rails. No more manually scheduling transfers, because employees get paid back quickly and securely.

5. All-in-one expense management systems

This is where things start to click. Instead of juggling five “one-trick” tools, modern businesses are consolidating under unified platforms. Float combines all of the above—receipt capture, policy enforcement, approvals, payments and real-time visibility—into one intuitive system. Not only that, but Float’s corporate cards eliminate the need for reimbursements altogether, empowering employees to spend responsibly while finance teams maintain full control.

Modern alternatives to traditional reimbursements

Even the most efficient reimbursement process still has a flaw: it happens after the spend. Someone pays out of pocket, tracks down receipts and waits for repayment—all while your finance team plays catch-up.

Modern businesses are rethinking this model. Instead of reacting to expenses after the fact, they’re building systems that prevent reimbursements from being needed in the first place. The shift here is moving from reimbursements to proactive spend management by using corporate cards with built-in spend controls.

With a card-first approach, employees can make approved business purchases instantly, while every transaction syncs automatically to your expense management system. Finance teams get real-time visibility, and employees never have to wait weeks to get paid back for doing their jobs.

This results in:

No more chasing receipts for the finance team
No more guessing where money went
No more frustration for employees waiting on reimbursements

It’s faster, fairer and far more scalable than relying on manual expense reports or endless reimbursement cycles.

Float: Streamlined workflows for employee reimbursements

Whether you’re a founder buried in emailed receipts or a finance lead wrangling approvals across departments, it’s time to trade manual reimbursement chaos for a simple system that saves you time and money.

Float offers a complete solution built for small and scaling businesses. With it, employees can spend how and when they need to, without the headaches of traditional reimbursements.

In Mandeep’s experience, that kind of streamlining makes all the difference.

“We love Float. It’s cost-efficient, meets the needs of SMBs and the company is constantly innovating,” says Mandeep, Co-Founder and Head of Finance Services at BrightIron. “It’s built from the perspective of a finance person. We were using three or four different tools, and now we can replace them with Float.”

From virtual corporate cards and spend limits to automated receipt tracking and pre-approvals, Float replaces informal, scattered processes with smart, scalable ones. Because efficiency doesn’t just come from speed—it comes from systems that work together.

Learn more about Float

Get a 10-minute guided tour through our platform.

See a Demo

Ready to make reimbursements a thing of the past? Book a demo to see how Float automates spend, boosts transparency and helps your team work smarter.

BrightIron is a fractional resource provider to leading startups and SMBs across North America. They offer both functional and leadership talent as-a-service, scaling with your business and delivering the right expertise at the right time. Their broad range of services include bookkeeping, accounting, fractional CFO, HR support as well as go-to-market expertise.

Float vs Venn: Which Solution Fits Your Business?

Posted on November 25, 2025January 31, 2026 by Dana Krook

When it comes to modern business finance, Canadian companies have more choices than ever. Platforms like Float and Venn both promise to simplify spending, improve visibility and give teams control over finances.

Managing spend effectively has a significant impact on the success of SMBs. Our Financial Outlook of Canadian SMBs in 2025 report shows that 40% of SMBs lack a single source of financial truth, while 30% use financial tools that don’t integrate effectively. This is why the proper solutions are critical for your business.

But how do you pick what to use? Below, we break down how Float and Venn each stack up across key areas like cards, automation and credit access, to help you choose the right fit for your team. This Float vs. Venn comparison highlights what sets each platform apart and which one can best support your business growth.

Understanding the platforms

Float is a complete financial platform built for Canadian businesses. It combines corporate cards, bill payments, reimbursements and high-yield business accounts into one system. This enables finance teams to control spend, move money instantly and earn up to 4% interest on cash balances.

Venn offers digital business accounts at only 2% interest and prepaid Venn corporate cards designed for smaller teams. Its focus is on quick card issuance and multicurrency transactions, but it lacks the automation, credit access and integrations that larger or growing companies often need.

Think of it this way: While both platforms can get you started, Float also helps you scale efficiently and earn up to double the interest rate, all while maintaining financial control and visibility.

Float vs Venn at a glance

Feature	Float	Venn
High-interest CAD & USD business accounts	✅ CAD & USD accounts with up to 4% interest on balances (tiered)	⚠️ CAD & USD accounts with 2% interest
Flat FX rates	✅ Flat 0.25% FX on all plans	⚠️ Higher FX on base plan, improves only on higher tiers
Corporate cards	✅ Physical & virtual	✅ Physical & virtual
Charge cards	✅ Access up to $3 million in unsecured credit	❌ Pre-funded cards only
1% cashback	✅ Unlimited cashback on ALL spend over $25K (on both CAD and USD)	⚠️Cashback limited by tier (1% on spend up to $5,000 CAD or CAD equivalent per month on Essentials plan; unlimited only on Pro plan)
Accounting integrations	✅ QuickBooks, Xero, Netsuite and custom API	⚠️ QuickBooks and Xero only
Expense management & approvals	✅ Full expense management, controls, and multi-level approvals	⚠️ Basic controls and tracking
Mobile app (iOS / Android)	✅ Mobile app for receipts, approvals, and spend	❌ No dedicated mobile app
Bill pay	✅ AP workflows + no-fee EFT/ACH transfers	⚠️ Payments supported, but EFT/ACH have fees on lower tier
Support & service	✅ Canadian-based, multi-channel support (incl. phone/SMS)	⚠️ Fewer support channels (no phone/SMS) and no French support

Business accounts, interest rates and FX

With the basics out of the way, let’s get into one of the most important parts of any finance platform: how your money is held, how it grows and what it costs to move.

When you compare the two platforms side-by-side, the biggest early difference is how each handles business accounts and the returns you earn on your cash.

Venn recently announced a flat 2% interest rate for USD and CAD balances, which is a helpful step up from the 0% interest many digital solutions offer. But this rate doesn’t change based on balance, and their FX pricing varies significantly based on which plan you’re on. Lower-tier plans come with higher FX markups, and only Venn’s most expensive plan offers something close to Float’s pricing.

Float, on the other hand, offers a spend-based interest model, with all tiers above Venn’s:

3% base interest on all CAD and USD balances
3.5% with $25,000+ in monthly spend
Up to 4% with $250,000+ in monthly spend

These high-yield business accounts give Canadian companies a way to earn meaningfully more on their cash—without lockups, monthly fees or complexity.

Float also keeps cross-border operations simple. You can convert between CAD and USD instantly at an all-in 0.25% FX rate (roughly 90% cheaper than traditional banks) which is available on every plan. Venn’s lower-tier plans have higher FX rates, which can make a noticeable difference for teams that pay US vendors or operate across currencies.

When it comes to security, all Float funds are held 1:1 in trust at a Tier 1 Canadian bank and are eligible for CDIC protection up to the applicable limits through our banking partner, adding another layer of safety for your business.

If you’re looking for stronger returns on your cash, predictable FX and a more complete Canadian business account experience, Float has a clear advantage.

Corporate cards

Now let’s move from managing funds to controlling day-to-day spend, starting with corporate cards. Both platforms offer physical and virtual corporate cards, but how they work is where the gap widens.

The Venn corporate card option is prepaid only, meaning funds must be loaded in advance. That can limit flexibility, especially for companies managing multiple teams, recurring vendor payments and higher transaction volumes.

Float’s cards, on the other hand, offer both prepaid and charge options, each tailored to different business needs. This means businesses can access the model that best fits their stage of growth, whether they’re optimizing cash flow through prepaid cards or unlocking up to $3 million in unsecured credit with Float’s charge program. With either funding model, you can issue unlimited cards in CAD or USD and set custom spending limits, all accessed without a personal guarantee. Every card earns up to 1% cashback on spend over $25,000 per month, helping your business reinvest in its growth.

For finance teams managing budgets, reimbursements, and compliance, Float’s all-in-one platform brings together cards, bill payments, and expense management, replacing manual work with automation and visibility.

The takeaway: Float gives Canadian businesses a flexible, future-ready spend management platform, offering prepaid and charge cards under one roof, faster access to credit and full automation to eliminate manual top-ups or funding delays.

Expense management

Expense management is where Float really shines because it’s designed for both finance teams and employees. The key difference? Robust expense management software that connects seamlessly with accounting systems like QuickBooks, Xero and Netsuite (as well as offering a custom API for additional integrations), which gives finance teams not just visibility throughout the month but also a truly streamlined and easy month-end. On the employee side, Float’s mobile-first workflow lets them submit receipts the moment they spend, not days later. This is in addition to helping reduce friction and finance team time spent chasing receipts.

Let’s dig a little deeper into this workflow.

Float automates the entire expense process from swipe to reconciliation. Receipts are captured automatically through email, SMS or the Float mobile app, where employees can snap a photo the moment they spend—no more chasing down missing receipts or guessing who bought what.

Float’s OCR technology reads the receipt, pulls key details, and suggests the correct GL code, category, and vendor, reducing manual work and speeding up reconciliation. Transactions sync instantly to your accounting system (QuickBooks, Xero, or NetSuite), and teams can set multi-level approval workflows, merchant restrictions, and category controls, all in real time. Finance leaders get visibility into every dollar spent without waiting until month-end to see where the money went, because the heavy lifting happens automatically.

Venn, by comparison, offers basic spend tracking and more limited accounting integrations. It works well for small teams that want to monitor card usage, but not for those looking to automate their entire expense process.

On average, Float saves finance teams about eight hours a month in manual reconciliation and data entry. That’s one full day every month-end. On top of that, employees save an average of two hours per month by submitting receipts immediately through Float’s mobile-first workflow. These automation and time-saving capabilities are among the top features cited by customers.

Usability and integrations

Both Float and Venn aim to simplify financial management. But Float’s platform goes further, especially for Canadian teams using accounting software.

Float integrates directly with QuickBooks Online, Xero and NetSuite. You can also connect via API or export custom CSV files for use in other systems. Managers can approve expenses or upload receipts right from the Float mobile app (available on iOS and Android).

Venn connects to QuickBooks and Xero at a basic level but lacks a mobile app and advanced automation.

And when you need support, Float’s Canadian-based team is available by phone, SMS, chat or email with no ticket queues or long waits.

Pricing overview

Both platforms use tiered pricing, but what’s included differs significantly. Venn’s plans start with a free Essentials tier and scale up to Plus ($40/month) and Pro ($100/month). Features like lower FX rates or free EFT transfers are only available with higher plans.

Float’s pricing starts at $0 for the Essential plan, $10 per user/month for Professional and custom quotes for Enterprise. Every plan includes CAD and USD accounts with market-leading interest rates, no EFT or ACH transfer fees and transparent FX pricing.

There are no surprise markups, no hidden costs and no minimum balances. Float’s automation, cashback and yield allow you to earn interest and save precious time.

Unlike the competition, Float gives growing teams the best of both worlds: simplicity and scalability. It’s designed for business and finance leaders who want effortless spend management today, plus the flexibility, control and automation to keep pace with tomorrow’s growth.

Best fit scenarios

No two businesses’ needs are the same. If you’re comparing Float vs. Venn, here’s a quick guide to who each platform serves best.

Choose Float if you:

Run a growing or multi-user business
Want to streamline month-end and save ~8 hours per month
Want to simplify the end-to-end movement and reconciliation of funds
Need credit access, automation or detailed spend analytics
Want to earn market-leading interest on your cash while keeping it liquid
Manage spend and vendors primarily in CAD and USD
Want your team working with best-in-class, bilingual support

Choose Venn if you:

Have a small team with straightforward spending
Spend higher in international currencies outside of USD and CAD
Don’t need access to credit
Don’t need robust expense management or direct accounting integrations beyond QuickBooks and Xero advanced automation

Both can simplify business spending, but only Float offers the power, flexibility and control to scale with your company.

Make expense management even easier

Streamline your business spending with automation tools built right into Float.

Learn More

Float vs. Venn: Making the decision

The right choice depends on your business goals. If you’re ready for a smart, integrated finance platform built to serve and grow with Canadian businesses from coast to coast (yes, including Quebec), Float is the clear pick.

In the end, Canadian teams want a finance tool that’s fast, transparent and built for how they actually work. Float checks all three boxes.

Float helps Canadian businesses manage spend, automate month-end, access credit and earn on their cash, all from one intuitive dashboard.

Discover how Float can help your business simplify finance and scale with confidence.