For small business owners and operators, there are no breaks. Your company is growing and you need corporate payment solutions to match its momentum. The answer? Instant corporate card issuance that empowers employees and maintains spending control and visibility.
The typical corporate card experience, however, often falls short. Securing corporate cards usually involves paperwork, approval wait times and delays in card distribution. This outdated process creates frustration and slows down business agility. Instant corporate card issuance eliminates these barriers, giving you the speed and convenience necessary to stay responsive.
With instant use credit cards, these scenarios are more than a pipe dream:
Your new hire needs a card? Not a problem.
A team lead wants to seize a last-minute deal on software? Done.
Trying to keep spending in check during busy times? You’ve got it covered.
In this article, we’ll break down the benefits of instant-use credit cards and how modern solutions eliminate delays and frustration associated with traditional corporate card options.
What is instant corporate card issuance?
Instant corporate card issuance is when a credit card provider issues digital or physical cards immediately after your business is approved for the cards. It’s a benefit offered by fintech platforms and modern spend management solutions. Instant issuance is often the norm for virtual cards, but some providers also offer fast physical card issuance.
Traditionally, small and mid-sized businesses (SMBs) played the waiting game every time they applied for a corporate card. They submitted their application—usually with personal guarantees—then waited for the bank to complete reviews, make a decision, process the paperwork and mail out physical cards. Weeks could pass before cards were available for employees to use.
With instant corporate card issuance, you gain access to corporate payment solutions that enable staff to start spending immediately (with control). No more lag time getting in the way of driving your business forward.
Why instant issuance matters for modern businesses
Because instant corporate card issuance allows employees to start spending the moment your business is approved for the cards, you can get new hires up to speed and urgent projects underway without downtime or disruption.
This often-virtual-first solution is also ideal for remote and distributed teams. With digital card issuance, there are no roadblocks or administrative delays interrupting business spending—no matter where in the world you are.
Check out our guide to understand when to use physical vs. virtual corporate cards. It’s got a clear breakdown of the pros, cons and ideal use cases.
How instant card issuance works
The typical process for getting a corporate card involves an application, approval and card issuance—but with modern providers like Float, applying takes just five minutes and cards are issued instantly upon approval. That means no delays for team members who need to spend on travel, software, marketing or other key purchases.
Modern solutions also integrate with your other internal systems like accounting and expense management, streamlining workflows and improving process efficiency.
In addition, with instant card issuance, you can set spend policies, approval workflows and pre-defined limits before the first use of a card. This gives you complete control and visibility over company spending from the very beginning.
Whether you’re launching a new department or managing ad-hoc project expenses, instant card issuance supports faster, more agile operations. Providers like Float offer both virtual and physical corporate cards, allowing you to choose the type that best suits each employee or use case.
Pro tip: Who on your team should receive a corporate card? This article outlines key criteria to help you make smart, secure decisions.
Benefits of instant corporate card issuance
Business moves fast. Your corporate spending should, too. Today’s Canadian SMBs need more than just a way to pay. They need flexible, secure and scalable tools that empower teams while keeping expenses within budget. Instant corporate card issuance delivers on all fronts. Here’s how it helps your business stay ahead:
Speed and convenience: Instantly issue virtual or physical cards so employees can make the purchases they need to without roadblocks or delays.
Stronger controls: Set spending limits, approval workflows and category restrictions from the start—giving you precision without micromanagement.
Improved cash flow visibility: Monitor spending as it happens, allowing you to forecast and manage budgets with confidence.
Employee empowerment: Give your team the tools they need to make informed purchasing decisions without unnecessary hurdles.
Enhanced security: Issue cards with one-time use, pre-set limits and instant freeze/unfreeze features to reduce risk and prevent misuse.
Greater scalability: Planning to grow? Modern corporate cards scale with your business and adapt to your needs.
Pro tip: Float corporate cards come with built-in features that help businesses track, control and easily manage spend, giving you flexibility and peace of mind.
Choosing an instant corporate card provider
Thinking an instant card might be right for you? The good news is Canadian SMBs have several options. Use this best corporate card in Canada guide to compare the top options, including instant card providers, and find the solution that fits your company’s needs.
Speed for the win
At Float, we understand the fast pace and high stakes of running a business, because we’ve been there ourselves. That’s why our corporate payment solutions are built to move as quickly as you do, with instant-use credit cards that help you stay compliant, save money and make smarter financial decisions in real time.
When it comes to business spending, speed isn’t a luxury—it’s a necessity. Float delivers with instant approval corporate cards that don’t require personal guarantees, plus fully customizable virtual, physical and digital card formats, or a mix of all three.
Ready to move faster?Apply for a Float corporate card today.
When every dollar matters, the right payment solution can help your business grow. For Canadian companies, modern corporate card programs offer convenience and, critically, a measurable return on investment (ROI).
From stronger cash flow to sharper expense controls, today’s best business payment methods in Canada are built for speed, savings and oversight.
Whether you’re a scaling startup or an established company looking to cut waste, understanding the financial impact corporate cards can deliver is essential to smarter financial management in Canada.
Let’s take a closer look at how corporate credit cards in Canada are helping finance leaders drive growth, reduce risk and save serious time. We’ll also talk numbers, because when chosen wisely, corporate card benefits can go beyond nice-to-have perks to easing workloads and putting cash in your pocket.
Leverage well-designed card programs for growth
Credit cards are great for racking up points, but with the right terms, a more strategic corporate card program can also be a powerful growth lever. Many card programs offer flexibility that can help small businesses smooth out their cash flow, seize opportunities more quickly and avoid unnecessary capital constraints.
Where the ROI of strategic spending really kicks in
One of the biggest advantages of card programs isn’t what you spend, it’s what you don’t. When you extend your payment cycle by 15 to 30 days, you’re effectively creating interest-free working capital.
Here’s what that means for your bottom line.
1. Preserve working capital
A business that puts $50K per month on a corporate card with a 30-day float preserves roughly $600,000 in working capital per year. That’s money that stays in your account longer, supporting your cash flow and reducing reliance on other financing.
2. Avoid missed opportunities
That extra flexibility comes in handy. You can use the float period to launch a marketing campaign, scoop up a limited-time vendor discount or hire when it matters most without scrambling to cover spend.
3. Ditch expensive alternatives
Instead of tapping into high-interest credit lines or short-term loans (which can ding you with high interest rates), corporate cards give you 0% financing until the statement due date. Smart leverage, minus the interest hit.
For example, consider a common challenge that arises when a business owner needs to pay for inventory or supplies before generating any revenue for the business. Imagine Jake, who runs a custom furniture business and recently got approved for a high-limit business credit card. Instead of waiting for client deposits or saving up cash, he used $20,000 of his credit to bulk-buy premium hardwood at a discount.
This let him take on bigger orders and build multiple pieces, cutting production time and increasing profits. By the time his credit card bill was due, he’d already sold enough furniture to pay it off—without touching his cash flow. Leveraging that credit limit helped Jake grow faster without taking on investors or loans.
For startups in particular, access to more flexible credit through corporate charge cards can mean the difference between holding back and being able to hire, launch or scale. Instead of pausing to shuffle payments or chase down reimbursements, you can keep your operations moving confidently. Look for options that go beyond traditional credit products and offer meaningful short-term flexibility, without racking up interest or fees.
When finance teams combine card programs with smart expense controls, they can give department leads the freedom to spend where it counts—without compromising the company’s financial safety. You can also build trust across teams by ensuring they can make smart spending decisions. Give them tools and guardrails, not handcuffs.
Enhance financial control with automated expense reporting
Manual expense reporting is the finance equivalent of death by a thousand tiny cuts. Between tracking down receipts and chasing late submissions, most teams spend hours every month just trying to close the books. But with the right corporate card program, automation does the legwork for you.
Float customers save an average of 8 hours per month on expense reporting, and that’s just for the finance team. That’s a full workday back each month, or enough time to finally read those Slack threads or just enjoy lunch without your inbox judging you.
But the time savings go past your finance team. Employees save about 2 hours each, thanks to receipt capture and real-time categorization that happens as soon as the card is swiped.
All that time adds up. Even if these 10 hours were paid to an employee making Canada’s average minimum wage, you’ve saved nearly $200 with these time savings. Imagine how high these labour savings can get as salary goes up. But more importantly, consider what these employees can do with that time. High-impact work that delivers on organizational goals is more valuable than digging through manual expense reports.
With automated expense management in place, your team can ditch scouring spreadsheets to focus on more aligned work. And when you’re saving up to 7% of total spend thanks to better oversight and fewer leaks, the ROI becomes impossible to ignore.
Automated tools also reduce compliance risk. By keeping expense data up to date and policy aligned, companies avoid late reporting headaches and keep auditors happy.
Optimize spending with card payments vs. cash
Paying by cash or cheque might seem like business as usual, but those methods come with hidden costs. From tracking issues to out-of-policy spend, managing cash leaves room for error.
Shifting to modern business payment methods in Canada (yup, we’re specifically talking corporate credit cards here) gives finance leaders the visibility they need to course-correct spending before it becomes a problem. With transaction-level data and real-time insights, you’re not left guessing what happened last month.
Companies using Float have seen savings of up to 1.3% by eliminating unwanted or unauthorized spending. When you can catch spending issues as they happen, you avoid that dreaded “wait, who expensed a $200 beanbag chair?” moment at month-end.
And with centralized data, finance teams can spot trends, adjust budgets and forecast more accurately. These are nearly impossible when expenses are scattered across cash reimbursements and missing receipts.
Want to dig into the math? Companies that switch to Float often discover that what felt like minor inefficiencies were actually costing thousands. See how the savings add up.
Maximize cost savings with rewards programs
Deals on hotel stays or office supplies are good, but rewards that align with your actual business needs are even better. (No offence to the airline points you can only use on Tuesdays in February). Many corporate card programs offer tailored benefits. Think cash back, software discounts or business service credits.
Used strategically, these rewards offset real operational costs. For example, prioritize rewards that reduce real spend or put cash back in your proverbial pocket. Travel rewards can be beneficial if travel is tied to your company’s revenue, but they may also be a perk you don’t need.
Cash back programs and high-yield accounts (we see you, 4% interest!) can provide helpful savings or protect you from surprise cost increases in times of uncertainty.It’s a smart way to reduce your burn without reducing your output.
Some cards even offer partner discounts on tools your team already uses, like cloud software or HR platforms. With the right setup, you’re not just spending—you’re stacking value. With corporate cards, it’s easy to track what you’re earning and where it’s going.
Fraud is a costly threat. The right corporate credit card program helps you stay ahead of risk—potentially saving your business thousands in losses. With real-time transaction alerts, customizable spending controls and automatic audits, you’re not relying on end-of-month statements to catch mistakes.
That means fewer sleepless nights and fewer “oops” expenses sliding through unnoticed. It also means more trust in your systems and your people, both essential to financial management in Canada.
Real-time monitoring also reduces admin time spent resolving issues. Instead of days chasing down suspicious transactions, you get instant clarity and control. Float’s tools make it easier to spot and halt problems before they escalate.
If you’re still managing expenses the old-fashioned way, it might be costing you more than you think. Between missed cashback, wasted hours and limited visibility, your current setup could be eroding profits in the background.
The financial impact of corporate cards goes beyond perks, so take the time to compare corporate credit cards in Canada to understand what to look for, from policy controls to platform integrations.
Evaluating modern corporate card benefits means assessing more than just your spend. Look at how your team manages expenses, how often you review transactions and how much manual work goes into reconciliation. Spoiler alert: it doesn’t have to be this hard.
Float makes it easier. As a corporate card and spend management platform, Float gives you the controls, visibility and rewards you actually want, minus the spreadsheet gymnastics.
Getting approved for a corporate card as a new business can feel like trying to join a VIP club without knowing the dress code. It’s frustrating, time-consuming and often ends in a “no.”
That’s because most traditional corporate card providers want to see years of business credit history, revenue numbers and sometimes even a personal guarantee. But when you’re just starting out, you might not have any of that—and that’s okay.
Here’s the good news: modern fintech options are changing the game, helping small businesses access corporate cards faster, with less risk and way fewer hoops to jump through.
Let’s walk through why getting a virtual corporate card can be tricky, what roadblocks you’ll hit and how to get approved for one without putting your personal credit score on the line.
Why corporate cards are hard to get for new businesses
If you’ve just launched your business, chances are you don’t have much credit history. And if you’re a sole proprietor or part of a small partnership, you’ve probably noticed most corporate card issuers aren’t even talking to you.
Here’s why:
1. No business credit history You haven’t had time to prove that you’re “credit worthy.” Most traditional providers want to see a credit score, steady revenue and years of financial records.
2. Providers want a personal guarantee Some providers will make you personally responsible for your business’s debt. That means if your business can’t pay its bills, your personal credit and even your assets are on the hook. That’s risky and defeats the purpose of separating personal and business finances.
3. Slow and outdated approval processes
Applications can take weeks and rely on outdated methods like historical credit scores. That’s not great when your business needs a fast and flexible way to pay vendors or manage expenses.
The irony?
You need a business card to start building the kind of credit that business cards require for you to qualify for their card.
This is tricky because corporate cards can streamline spending, simplify expense management, help pay vendors on time and make tax season less painful. They’re a key part of setting your business up for long-term growth. It can feel like you’re missing out on major tools to grow your business when you don’t yet qualify for these cards.
So where do you start?
Try Float for free
Business finance tools and software made by Canadians, for Canadian Businesses.
How to boost your chances of getting approved for a virtual corporate card
If the traditional route feels like a dead end, don’t worry—there’s another path. Here’s how to improve your chances of approval, without years of financial history and a ding to your personal credit score:
1. Build credibility without a credit history
Even without a long track record, you can take steps to show lenders that you’re running a legit, trustworthy operation:
Open a business bank account (not your personal one)
Set up accounts with vendors who report to credit bureaus
Pay your invoices on time, every time
Some fintech providers like Float make it easier to get started. With a quick application (we’re talking minutes, not weeks), you can get access to a virtual corporate card and start building your credit right away.
2. Leverage alternative metrics
Modern providers care about more than just credit scores. They may look at:
Your current revenue
Cash flow trends
Bank account balances
Real-time business performance
This makes a huge difference for early-stage companies that have yet to file taxes or build a deep credit profile.
3. Avoid personal guarantees
The best option for protecting your personal credit? Choose a provider that doesn’t require a personal guarantee. That means you can keep your business and personal finances truly separate.
Float, for example, doesn’t ask for personal guarantees—ever. This way, you can build your business credit without risking your personal score.
By choosing a provider that doesn’t require a personal guarantee, you’re shielding your personal credit score from potential risk. That means your credit history stays intact if your business hits a rough patch. It’s a smart financial boundary you can set as a new business owner.
4. Look for fast, modern onboarding
You’re busy. You don’t have time to wait weeks for an application review or jump through hoops to get a card in your hands. Some fintech companies have streamlined this entire process:
Apply in 5 to 10 minutes
Get approved in as little as 24 hours
Add team members, set spend limits and start using virtual cards immediately
Float does exactly that and even offers extras like 1% cashback, 4% interest on your funds and no foreign transaction fees on USD spend, since you can get both CAD and USD cards.
Fintechs vs. traditional banks for virtual corporate cards
If you’ve been facing dead ends while trying to find a virtual corporate card, you may have better luck avoiding traditional banks. Big institutions often use slow, rigid approval systems not built for new or fast-growing businesses.
Here’s how fintech providers like Float compare:
Feature
Traditional Bank
Float
Personal guarantee required
Yes
No
Approval time
Days to weeks
24 hours or less
Application complexity
High
Low
Credit history required
Yes
No
Virtual cards
Rare
Unlimited, built-in
Spend controls
Limited
Fully customizable
Accounting integrations
Manual
Seamless (e.g., QuickBooks, Xero)
Modern providers evaluate your business more holistically, which means better chances of approval and faster access to capital. They also build tools for real-world business needs, like virtual cards for remote teams, automatic expense tracking and the ability to cancel or issue cards on demand.
Getting a corporate card used to mean jumping through endless hoops, risking your personal credit and waiting weeks to hear back. But it doesn’t have to be that way anymore.
With modern options like Float, you can:
Get approved in as little as 24 hours
Skip the personal guarantee
Access 1% cashback, 4% interest on funds and no FX transaction fees*
Set spend limits, issue virtual cards and integrate with your accounting stack
We’ve all heard the saying “better safe than sorry.” That’s the idea behind pre-spend controls. Instead of scrambling to fix budget issues after expenses occur, these tools help businesses spot and manage spending risks before the money goes out the door. It’s a proactive approach that can save you a lot of financial headaches.
With 25+ years in finance, Vinnie Recile, CFO at The CFO Centre, has seen it all—from fuel card misuse and gift card scams to surprise software purchases no one approved. “The biggest financial disasters aren’t caused by spending,” says Vinnie. “They’re caused by uncontrolled spending.”
In this article, Vinnie shares all the things your CFO wishes you knew about proactively managing spend before it becomes a business and morale problem. We’ll walk through what’s at stake, plus real-world consequences and steps for effectively managing expenses using modern solutions.
Why it’s important to control spend before it happens: the consequences
Clear pre-spend policies help your business maintain profitability, stability and employee trust, explains Vinnie. The control they provide actually gives you freedom in the form of smoother operations, happier teams and a CFO who doesn’t need a stress ball.
On the flip side, the absence of pre-spend controls often leads to loose budget management, higher risks and lower profits.
Here’s what’s at stake:
Reputational risk
When spending looks off, people notice—both inside and outside of the company. Misaligned or excessive purchases, such as sign-offs on expensive software or vendor commitments made on a whim, can quickly damage your business’s credibility This can send signals to your stakeholders that you may not be keeping a close enough eye on your budget. In turn, stakeholders might start raising eyebrows, and your team may question your leadership.
Employee morale issues
A lack of structure around spending can lead to confusion and frustration, especially if some teams or executives appear to operate under different rules than others.
Once a purchase is made, approved or not, the damage is done. As Vinnie likes to say, “you can’t unburn the toast.” Most finance teams will process the reimbursement to keep the peace, tossing in a gentle “don’t do it again.” But problems can snowball when employees bend the rules and get their way, and others start to question the policies.
According to Vinnie, this “can lead to resentment, loss of employee trust and low morale—especially among finance, human resources or accounts payable teams bearing the burden of the fallout.”
Operational chaos
Without pre-spend controls, operations can also become a mess. Think disjointed processes and hours wasted justifying purchases after the money’s gone.
Expense report mayhem
Vinnie explains that if you’ve got six months of expense claims submitted all at once, especially around the holidays, you’ve got a problem. Not only can this crush your finance team’s holiday spirit, it also throws a major wrench in your forecasting.
But wait—it gets worse. If expense management isn’t correctly forecasted and controlled, it can significantly reduce your profit margins, Vinnie adds. This can jeopardize any loan agreements, forecasts, cash management or covenants with a lender you may have.
“Missing company expense targets signals to the bank, investors and/or stakeholders that you have weak internal controls,” she says. This can quickly shift your focus from running the business to managing your banking relationship.
Fraud potential
“I’ve encountered fraud, with fuel card misuse and buying gift cards being the most widespread problems,” says Vinnie.
When fraud is discovered, the story often shifts to “the one who got scammed” or “the employee who misused funds”—intentionally or not. Employees feel embarrassed, judged and even ashamed, especially if they didn’t fully understand the spending boundaries. The emotional toll is real, often spilling into HR with tears, guilt and financial stress. This can leave finance and HR asking, “Who are we really reimbursing—and should we be?”
Even though the purchase has already happened, the damage continues: company funds are lost, time is spent managing the fallout, and morale takes a hit. That’s why pre-spend controls matter.
Runaway subscription and maintenance costs
“Forgotten subscription cancellations and unexpected expenses are other common issues,” Vinnie shares. “For instance, SaaS subscription costs can climb quickly.
One month you’re testing out a tool with a free trial, and the next thing you know, it’s been quietly auto-renewing for six months on the premium plan.”
Often, maintenance teams pay out-of-pocket on personal credit cards for urgent expenses like tools, supplies or materials. Later, they submit for reimbursement, only for finance to discover after the fact that thousands of dollars were spent.
Culture damage
“A lack of upfront clarity around which expenses are allowed sets the stage for HR challenges,” Vinnie says. Those responsible for approvals are left in awkward situations, too. This creates tension, confusion and a sense of misalignment within teams. What starts as a financial issue, like someone buying software or supplies without approval, can quickly become an HR issue.
“Employees often feel unheard and disillusioned,” says Vinnie. “They think their spending was reasonable, so why the extra questions?”
In other instances, when layoffs are followed by big executive reimbursements, this also sends a poor message. That’s why a lack of pre-spend controls isn’t just a compliance issue—it’s a cultural one. Clear, consistent expense policies are about more than protecting cash flow—they’re about protecting people.
How to establish proactive spending controls
“The good news is that with established policy guidelines, transparency and training, all of the horror stories are avoidable,” Vinnie says. Modern expense management solutions like Float can be a game changer for your business when it comes to managing expenses, introducing corporate credit cards, and even handling bill payments and reimbursements, she adds.
Here’s what to leverage to make a solution like this work for you:
Corporate cards with pre-set limits and purpose
Set and enforce card limits. When receipts are late, cards are paused automatically without any shaming. Accountability without chaos? Sounds good to us.
Customizable rules and workflows
Automate receipt submission and reduce manual errors by customizing rules. This way, your team won’t have to panic when it’s time for month-end close. “With a solution like Float, you can manage limits per employee or department,” says Vinnie.
Real-time visibility
Intuitive reporting offers real-time updates to prevent out-of-policy spending before it occurs. This helps you avoid surprises and late expense reports.
Fraud prevention by design
A system built with transparency in mind cuts down on manual errors, miscommunication and fraud risk. Less time spent on clean-up means more time spent growing your business.
Improved morale and culture
Fairness and clarity lead to happier employees, less resentment and a healthier company culture. Pre-spent controls reduce judgment calls and awkward approvals. “When employees know the rules, they feel trusted, not policed,” Vinnie says.
Lead with intention and spend smarter
Spend control is a cross-functional effort, which means it’s not just a financial concern—it’s a leadership issue.
As Vinnie puts it, “The shift from reactive enforcement to proactive policy doesn’t restrict growth but protects it.” When teams have the tools, clarity and guardrails they need, they operate with greater accountability and confidence, creating a culture of trust.
Ready to implement pre-spend controls at your organization?
Float is an all-in-one platform for managing team and corporate expenses. Get up and spending with Float in as little as one business day.
Try Float for free
Business finance tools and software made by Canadians, for Canadian Businesses.
Bank of Canada rate cuts are gaining momentum. But is your business ready to make the most of them?
Many follow the Bank of Canada’s decisions closely—individual consumers, business leaders and investors here and abroad—because those decisions affect so many aspects of day-to-day life, from the cost of groceries to mortgage payments to business forecasting. In fact, high interest rates and fees on financial products rank as the second-biggest financial challenge for SMBs in 2024, surpassed only by the burden of high operating costs.
Right now, many are crossing their fingers for another rate cut to bring some relief, freeing up cash flow and injecting a hint of optimism across the country.
But for small- and medium-sized businesses (SMBs) in particular, a Bank of Canada interest rate cut is only as valuable as the strategy in place to capitalize on its benefits. How will a rate cut change your borrowing decisions? What about earning on cash? Where will it boost spending, if at all?
This article explores what a Bank of Canada rate cut is, what it means for SMBs across the three main pillars of money management—borrowing, earning, and spending—and how to strategically leverage lower interest rates to thrive in this next phase of Canada’s economy.
What is a Bank of Canada rate cut?
A Bank of Canada rate cut is a decision by the country’s central bank to lower the overnight interest rate for lending in an effort to keep inflation low, stable and predictable, ideally around 2%. Major banks and other lenders use this as a benchmark rate to set their prime rates, so changes to the Bank of Canada overnight rate cascade through the financial sector rapidly following a rate decision.
Part of the larger monetary policy framework, rate cuts (versus rate hikes) are a response to economic slowdowns, aiming to stimulate growth by making it cheaper to borrow, which in turn encourages spending and investment.
Created in response to the Great Depression in 1934, the Bank of Canada is a crown corporation designed to help maintain Canada’s financial system across five main areas of responsibility:
Monetary policy – set inflation-control target and flexible exchange rate
Financial system – foster stable and efficient financial system, which includes banks, credits unions, markets and clearing/settlement systems
Currency – design, print and distribute money
Funds management – provide services to the Government of Canada
Retail payments supervision – oversee payment service providers, ensuring standards and minimizing risk
Why does the Bank of Canada decide to cut interest rates?
A lot of factors go into deciding if and by how much the Bank of Canada decides to cut interest rates, including economic indicators such as:
inflation rates
employment data
GDP growth
consumer spending
business investment trends
Global economic conditions, currency exchange rates, and financial market stability also play a role in the decision, as well as household debt levels, the housing market and how effective the previous rate changes have been in influencing economic activity. It’s a tricky balancing act between fostering economic growth (good for everyone) without triggering a rise in inflation (very, very bad).
So what does a rate cut indicate about Canada’s economic outlook?
Ultimately, a rate cut is a sign of an economic weakness. It means the Bank of Canada, and by extension the government, believes the economy is suffering from extremely low growth and wants to encourage both consumers and businesses to start spending more.
5 years of rates hikes and rate cuts
Leading up to the pandemic, interest rates saw only minor fluctuations since inflation was relatively stable, especially from 2018 to 2020. But when Covid hit in early 2020, the Bank of Canada cut interest rates to 0.5% because the pandemic caused widespread economic disruption, leading to a sharp decline in consumer spending, business activity and overall economic growth. The drastic rate cut was aimed at stimulating the economy by making borrowing cheaper and encouraging investment and consumption.
The result?
A temporary boost to economic activity and a period of increased liquidity in financial markets. But as the economy began to recover, inflation soared, reaching a multi-decade high of 8.1% in 2022. During this period, the cost of borrowing for businesses hovered around 10%.
Still, the Bank of Canada kept the interest rate hovering just above zero until March of 2022, when they announced their first in a series of back-to-back hikes—sometimes jumping as much as 1% at a time—which carried through to the end of the year and into the beginning of 2023.
The Bank of Canada held steady, at 5.25%, for over a year before inflation fell (and held) closer to the 2% target. June of 2024 saw the first of five rate cuts that year, with another quarter point at the top of 2025 and again in March 2025. Since, then we’ve seen two straight holds, in April and again in June 2025.
At the end of 2024, The Bank of Canada also declared an end to quantitative tightening. In simple terms, they’re signaling confidence that inflation is under control and easing restrictive policies on the economy. It’s a way of telling Canadian businesses that now is the time to invest in growth.
Bank of Canada interest rate schedule (2024 & 2025)
The Bank of Canada makes an overnight rate announcement eight times per year, or every six weeks.
The table below shows the scheduled dates for rate announcements in 2024 and 2025.
How does a Bank of Canada rate cut impact Canadian SMBs?
When considering the impact of interest rate cuts on Canadian SMBs, we can focus on three key areas of money management: borrowing, saving, and spending.
Impact on borrowing
Many SMBs have variable interest rates, which means the cost of borrowing money can fluctuate greatly with these Bank of Canada announcements. When a rate cut occurs, the cost of servicing your business’s debt decreases, reducing your debt-related expenses and freeing up capital for other priorities. Lower borrowing costs can make it more appealing to take on new loans for growth initiatives, such as expanding operations, upgrading equipment or hiring additional staff.
Impact on earnings from cash
The flipside of lower borrowing costs is that interest-earning rates also decline, which makes saving cash a relatively less attractive option for businesses. As a result, businesses may opt to allocate funds toward investments or operational expenses rather than parking them in savings accounts that yield minimal returns.
Another consideration is the impact on long-term financial planning. With lower interest rates, you may need to reassess your strategy for building cash reserves, especially if you have relied on interest income as part of your financial cushion over the past few years.
Impact on spending
Rate cuts incentivize businesses to spend more, which means there is generally more money floating (excuse the pun) around in the economy and less being stockpiled for a rainy day/year/decade. For businesses that borrow, a rate cut can translate into greater access to credit and increased funds available for spending on growth initiatives, operational improvements, or day-to-day needs.
Despite the incentives to spend, many Canadian SMBs are still burdened by high expenses leftover from the pandemic-induced inflation. Rising costs for supplies, wages, and other overhead have eaten away at their margins, leaving some businesses hesitant to fully embrace increased spending. “We’ve been able to control the labor line at our stores to avoid uncontrollable bleeding, but really need to build the sales volume back up to get to a healthy margin,” writes one Ontario restaurant owner on an SMB thread on Reddit. “Labor and food cost has been a problem for us the last 18 months as well.”
But that’s not the only reason SMBs are hesitant to pull the spending trigger. There’s also a lack of trust in the government’s ability to manage economic volatility, which adds another layer of caution. Worries about the long-term stability of the economy and future financial imbalances and even unexpected policy reversals run high among business and finance leaders alike.
While rate cuts open up a range of opportunities for growth, SMBs should weigh their decisions carefully before making major changes to any of the above areas of money management.
But wait, there’s more: Increasing gap between loonie and USD
While Canada has implemented several interest rate cuts this year, the US has only made one, creating a growing disparity between the two countries’ interest rates. This gap directly weakens the value of the Canadian dollar (the loonie) against the US dollar.
But why does a weaker loonie matter?
As an export-heavy economy, Canada benefits in some ways from a weaker dollar. It makes Canadian products and services more affordable for Americans, potentially boosting exports. However, this advantage is offset by the looming threat of tariffs, which could make these goods more expensive for US buyers and reduce their appeal.
On the flip side, if your business relies on foreign inputs—whether that’s paying for tools, software, contractors or staff in USD—the weaker loonie can drive up costs significantly. Anything priced in US dollars becomes more expensive, putting additional strain on Canadian SMBs.
Cutting interest rates at three times the pace of the US also reflects a weaker Canadian economy by most objective measures. With a less competitive currency, the loonie becomes less attractive to global investors, further reducing demand and investment in Canada. While this does help exporters, it highlights the broader challenges Canadian SMBs face in navigating a fluctuating economy and an increasingly devalued currency.
7 tips for making the most of a Bank of Canada rate cut
A Bank of Canada rate cut can be a game-changer for SMBs. But making the most of it requires a clear strategy across borrowing, earning and spending—three key areas where thoughtful decisions can drive long-term growth and stability.
Borrowing
A rate cut is the perfect opportunity to revisit your borrowing strategy. Here’s how to make the most of it.
1. Refinance existing debt: If refinancing at a lower rate is an option for your business, take advantage of it. Whether a fixed or variable rate is better depends on your business goals and financial forecasts. Variable rates can be particularly appealing during a rate cut cycle, as they allow you to capitalize on ongoing reductions.
2. Leverage your finance team for borrowing strategies: If you have a Director or VP of Finance, this is their time to shine. They can provide strategic guidance on how to structure debt in a way that aligns with your business growth. Even if your finance team is small, ensure their expertise is focused on strategic tasks like optimizing borrowing decisions—not wasted on manual processes like expense management. A recent Float survey found that half of all Canadian SMBs spend up to 40 valuable hours per month on payments and reconciliation processes. Accounting automation with tools like Float can free up their time to make smarter, data-driven decisions.
Earning
Lower interest rates mean banks and lenders are likely to reduce the interest they pay on earnings. To make the most of your cash reserves, be proactive.
3. Shop for the best rates on cash reserves: Not all financial institutions are created equal. Even though rates will drop across the board, some started with higher baseline rates than others. Look for options with more competitive offerings. For instance, Float Yield is currently offering 4% interest.
4. Involve your controller for strategic earning research: Your controller can help evaluate earnings opportunities by comparing options and identifying accounts or tools that maximize your interest earnings. Like your finance team, their expertise is most valuable when focused on strategic contributions, not tedious administrative tasks (hint: a good time to calculate how much money you can save with software).
Spending
This is the big fish, where you can have the most impact on your business. But it does require a thoughtful approach.
5. Analyze your ROI before increasing spend: Now is the time to evaluate your spending decisions carefully. Create ROI frameworks to identify what’s working well in your business and double down on those areas. For example, where did you see the best returns over the last five wild years? Which products, services, or strategies accelerated your growth? Focus your spending on those proven areas.
6. Invest in high-return areas: Consider whether spending more on specialized talent, operational tools to improve efficiency, or R&D for new product development could generate a strong return. These areas can be game-changers if strategically timed with a rate cut.
7. Be cautious about debt in unproven areas: Avoid piling on debt for areas that don’t have a proven return. This isn’t the time for risky investments or overspending. Use ROI calculators or simple ROI math (gross profit divided by costs) to validate whether a spending decision is worth pursuing.
Even with a small finance team, a CFO or controller can bring a strategic lens to these decisions, helping you allocate resources effectively while steering clear of unnecessary risks. Investing during a rate cut can help your business grow, but only if you prioritize thoughtful, high-ROI opportunities.
Corporate cards can be a game-changer for managing everyday expenses. But without a proper business credit card policy in place, they can also create chaos: finance teams chasing receipts, cleaning up approvals and wondering how the marketing team managed to buy three new software subscriptions.
Thomas-Louis Lafleur, CPA and Co-Founder of Le Chiffre, a leading cloud accounting firm based in Montréal, agrees. His firm helps tech startups and professional service businesses modernize their finance functions and specializes in tech-enabled processes.
“Expense management has always been a hassle for small businesses. It’s either too loose or too locked down, and both are cumbersome,” he says.
In this guide, Thomas shares the practical steps he recommends to help Canadian business owners build a business credit card policy that enhances financial control, simplifies spend management and scales with their teams.
Why a card policy matters more than ever
If you’ve ever had a single shared card for your whole team, you know the drill: unclear spending, missing receipts and mystery charges that no one wants to claim. Finance teams have seen it all (and yes, they still talk about that one semi-scandalous charge nobody could ever reconcile). Without structure, card use gets messy fast.
“Most small businesses either give access to everyone and spend ages chasing receipts or lock cards down completely and frustrate the team,” says Thomas. Neither approach works well long-term.
Inefficient financial processes or systems and insufficient cash flow are two of the top five financial challenges SMBs face in Canada. Improving management of company spend and streamlining reconciliations can help ease some strain.
Unclear policies also complicate audits, slow down approvals and weaken financial visibility. In short, no one wins. And Thomas points out, “The second you don’t have receipts or visibility into card use, it becomes hard to control spend or prove good use of the company’s money.”
The best tools will uphold your business credit card policy
A written document is helpful, but the most effective business expense guidelines live where people actually spend: inside the software. Categorization prompts, text reminders and other nudges from the platform can reduce the burden of reminders and follow-up.
“The best policies are unseen and built into your process,” says Thomas. “If limits and permissions are already built into the system, you don’t need to chase compliance. Technology can help you create clear boundaries.”
This is one reason Thomas encourages clients to adopt tools like Float. Policy enforcement is seamless when spending limits, categories and receipt tracking are automated.
Best business credit cards
Compare top options, fees and benefits for Canadian companies.
5 steps to create a business credit card policy that works
A strong policy starts with clarity and scales with structure. Here is Thomas’s step-by-step breakdown for effective corporate card management (without the ever-tightening band of tension around your head).
Step 1: Define clear usage guidelines
Start with clear boundaries around what your company credit cards are actually for. That means outlining acceptable expense categories, inappropriate purchases (like personal items) and the documentation required to stay compliant.
Thomas suggests aligning business expense guidelines for credit card use with your existing expense policy, but adding more scrutiny to riskier categories.
“Expenses like phones, meals and entertainment should have extra oversight,” he says. “And even though expenses like software seem business critical, they often fly under the radar and can get out of control if software isn’t being used.”
Step 2: Set spending limits and assign responsibilities
Spending caps aren’t just about protecting budgets. They’re about clarity. Role-based limits ensure everyone knows what they can spend, while approval layers keep things moving.
“Under $200 might not require approval,” says Thomas. “But once you go above that, you should require a manager’s sign-off. Anything over $5,000? That should include the CFO or finance lead, too.”
Whether you use Float or another platform, the ability to assign individual card limits and responsibilities is a must for modern corporate card management.
Step 3: Establish approval and reporting procedures
For recurring spend and high-ticket items, a clear process for approvals and monthly reporting ensures nothing slips through the cracks.
“Every expense should have backup documentation, and every manager should review their P&L against the budget regularly,” Thomas advises. “It’s not just an accounting job. Managers need transparency and tools to understand variances and stay on track.”
Modern tools offer smart workflows for credit card expense management and are the brightly-coloured life preservers that keep your team from drowning in paperwork or manual uploads.
Step 4: Communicate policy and provide training
Don’t just email your policy and hope for the best. Make sure your team understands the why behind it and give them guardrails they can actually follow. This is where those built-in guardrails can help guide your employees.
“It’s best when boundaries are embedded into the tools themselves. Float is great for this,” says Thomas. “If the path is already traced and spending limits are built into the software, it’s way easier to enforce.” That means fewer misunderstandings, less manual tracking and better company credit card usage overall.
Better to have your policy built into the process than written in a document no one reads. Tech-enabled training plus precise in-app controls are a winning combo.
Step 5: Monitor and audit card usage
Strong financial management policies don’t mean much without regular review. Make auditing part of your monthly close and conduct deeper dives quarterly to spot trends or category bloat.
“At minimum, do a monthly check,” says Thomas. “But you also need quarterly deep dives into software spend and other GL categories. Without a clear budget as a benchmark, it’s hard to catch discrepancies.”
Platforms like Float support better oversight of your corporate card program with real-time visibility and budgeting tools built for finance teams.
Float: Take control of your company credit card usage with an iron-clad policy
A strong business credit card policy doesn’t just protect your budget. It helps your team spend responsibly whenever your organization needs it, without friction or overspend.
With Float, Canadian businesses can embed their policies directly into the tools they use every day, complete with automated controls, smart limits and simplified reporting that supports every step of your financial management policy.
If you’re still fighting to enforce your business expense policy manually or running corporate card programs off spreadsheets, it might be time to hang up the gloves.
“Integrated tools help clients get out of old-school processes and into a system that works,” says Thomas.
Try Float for free
Business finance tools and software made by Canadians, for Canadian Businesses.
From unpredictably high costs to time-consuming expense reports, effectively managing business spend often leads to frustration and headaches. However, travel expenses, client dinners and office supplies are hard to avoid.
Whether you’re getting ready to launch a startup or leading finance for a small business in Canada, you know that corporate cards play an important role in growing and managing your company. So, how can you—and your team—spend company money without it resulting in a migraine?
With the right corporate cards for your small business, you can improve cash flow, avoid unwanted purchases and make your money go further, all while streamlining expense management.
In this implementation guide, you’ll get step-by-step instructions on the best way to set up corporate cards for a small business in Canada.
Step 1: Identify benefits of corporate cards for your small business
It may seem easy to put your business expenses on your personal credit card, but this can leave you missing out on some major benefits. Leveraging corporate credit cards for small Canadian businesses offers a number of advantages:
Personal finance protections: Separating business and personal spending helps protect personal finances if your business ever runs into trouble.
Improved cash flow: Corporate cards provide a way to increase your access to capital and use your enhanced purchasing power to pay bills and buy supplies without waiting for accounts payable.
Financial rewards: Corporate cards offer financial perks that make your money go further, such as cashback, travel points, shipping discounts and waived foreign transaction fees.
Better business credit rating: Want better business loan terms or insurance rates? Improve your company’s credit rating with a corporate card that you pay off every month.
Enhanced financial control:With a corporate card program, you can set limits, track spending in real time, and avoid budget overruns. This control is especially important considering that 30% of SMBs don’t have good cash flow visibility.
Step 2: Evaluate corporate card features that suit your small business needs
Your corporate card program should make managing your business expenses easier. After all, you’re trying to reduce the number of headaches on any given day.
Opt for corporate card programs that integrate with your accounting software, like QuickBooks and Xero, so you can have seamless expense management processes. Float’s expense management software offers the ability to automatically submit receipts via mobile app or text, completely eliminating the need for those pesky expense reports.
Another major feature to consider when you’re choosing a small business credit card in Canada is employee management. Does the card offer custom spending controls for each cardholder, for example, or can you set limits for one-off purchases? These types of controls remove the burden of manual expense monitoring so you can focus on running the business.
Step 3: Implement corporate card policy rules
Having a corporate card with employee controls is one thing, but you still need corporate card policy rules to ensure compliance and accountability. Effective policies minimize the risk of financial fraud and corporate card misuse and clarify confusion around business expenditures.
Corporate card eligibility: Define which individuals are eligible for a corporate card based on their title or duties.
Rules for usage: Determine what the corporate card can be used for to avoid surprise reimbursement requests. Outline what it should not be used for, such as personal expenses.
Spending limits: Set spending limits for each cardholder or specify limits for specific purchases, such as client dinners and airline tickets.
Documentation requirements: Specify whether you want electronic or hard-copy receipts and how you want the documentation submitted. Clarifying this up front significantly streamlines business expense management (especially at tax time!).
Expense approvals: Clarify the organizational hierarchy for spending approvals and outline the timeline for approvals to avoid expense management delays.
Step 4: Select the right small business corporate card
To get the most business credit card benefits, you’ve got to choose a card that offers perks that matter to you. Here are the key considerations when choosing the best business credit card for your needs:
Annual fee: If you’re paying an annual fee, it should deliver real value. There are also great options with no annual fee that still offer plenty of benefits, so make sure whatever you choose is worth it.
Rewards: Does the card offer cash back on purchases, and if so, how much? Some cards give you a flat percentage back after a certain spending threshold, while others only reward specific categories. Also consider whether the card includes points, discounts, travel perks or other benefits that matter to you.
Interest rates: Many business credit cards have high interest rates, while some, like Float, offer interest-free credit terms.
Application times: Most banks take two to three weeks to process applications, while Float cards are issued almost instantly (if you don’t mind waiting five minutes).
Best business credit cards
Compare top options, fees and benefits for Canadian companies.
A recent study on corporate-issued credit cards showed that 30% of company cardholders have not received any training on how to use them appropriately. That’s a recipe for misuse, and one that can be easily avoided with the right training.
To fully take advantage of business credit card benefits, it’s important to educate staff about company credit card policies (see step 3!). Set up training sessions covering misuse, spending boundaries and documentation requirements when submitting expenses. Make sure to tailor your training to your specific business needs. You can even train people based on their roles and what permissions they would have.
Corporate credit cards for small Canadian businesses: A strategic tool for growth
Business credit cards have considerable advantages for Canadian businesses when implemented properly. Following these steps when getting corporate cards for your business will help you avoid banging your head on your desk at the end of each month while spending confidently.
Ready to get your own corporate credit card program started?
Check out Float corporate cards and see how we can help you scale your financial operations with a balance of control and flexibility. Book a demo with our team today.
As businesses grow and spend becomes more decentralized, the way teams manage expenses has to grow with it. One of the biggest shifts? Moving from plastic in your wallet to virtual numbers in your phone.
Virtual corporate cards are now a go-to for many finance teams, offering speed, security and control. But these aren’t entirely replacing physical cards! Those still have their place, especially for travel-heavy teams or in-person transactions.
So, which should your business be using and when?
Let’s break down the pros, cons and best use cases for virtual and physical corporate cards so you can take advantage of corporate card benefits.
What are corporate cards?
Corporate cards are company-issued payment cards that employees use for work-related purchases, from client dinners to SaaS tools and everything in between. Instead of reimbursing staff, corporate cards let teams pay upfront, giving finance teams visibility and control over spending.
Great expense management solutions use corporate cards as part of a bigger system that:
Increases operational efficiency by reducing the time spent chasing receipts
Improves accuracy by minimizing manual entry and error-prone spreadsheets
Encourages responsible spending through clear budgets and rules
Today’s corporate cards typically include spend limits, transaction tracking and fraud protection. Some also offer extra features like instant card issuance and cashback rewards.
Virtual vs Physical Corporate Cards
There are two main types: virtual cards and physical cards. Let’s look at how each works.
Virtual corporate cards
A virtual corporate card is a digital-only card that exists online. It has a card number, expiry date and CVV, just like a physical card, but there’s no plastic involved. You can generate one instantly, assign it to an employee or a vendor and start spending right away.
Virtual cards are especially useful because of how easy they are to control. You can create a single-use card for a vendor, set daily or monthly limits, block specific merchant categories or have the card auto-expire after a specific time period. If the card is compromised, you can freeze or delete it in seconds. You also generate a virtual replacement just as fast—no waiting weeks for cards to arrive in the mail.
Benefits of virtual corporate cards:
Instant issuance and assignment
Custom spend limits and expiration rules
Better tracking by employee, team or vendor
Higher virtual card security with less exposure to fraud
No physical card to lose, steal or forget at home
“I only use physical card[s] for ATMs, and virtual for every other payment, unless I have absolutely no other choice. It’s safer, because I can block and create a new one any time in case something happens.” — Reddit user
Drawbacks to consider:
Not accepted by all merchants for in-person purchases
Can’t be used at ATMs
Some employees may prefer the familiarity of a physical card
Virtual cards are ideal for managing online subscriptions, assigning budget-specific cards to marketing campaigns or vendors, and giving employees limited-use cards for purchases like software, training or equipment. They’re ideal for startups and digital-first teams that want scalable ways to control company spend.
Best business credit cards
Compare top options, fees and benefits for Canadian companies.
Physical corporate cards are the traditional plastic cards most are familiar with. They’re chip-enabled, tap-to-pay ready and can be swiped or inserted anywhere credit cards are accepted.
They’re ideal when a virtual card won’t cut it, like when employees need to travel, withdraw cash or pay at locations that don’t support digital wallets.
Benefits of physical corporate cards:
More wide acceptance at stores, restaurants, hotels and ATMs
Convenient for travel and day-to-day business spending
Easy to use, especially for employees who prefer traditional options
Some cards offer rewards like travel perks or cashback (though some virtual cards do too—like Float’s 1% cashback)
Common drawbacks:
Cards can be lost, stolen or cloned
Replacements take time to ship
Without proper controls, they’re harder to monitor or restrict
That said, physical cards can offer great control when paired with platforms that let you set spend limits, block categories or track transactions in real time. With the right tools, you can get the best of both worlds: flexibility for your team and oversight for your finance team.
How to compare virtual and physical cards
Here’s a quick comparison of how the two card types stack up:
The best setup isn’t always either-or. Depending on the situation, many companies benefit from using both card types.
Use virtual cards for:
SaaS tools and cloud software
Digital ad platforms
Freelancer or vendor payments
Employee-specific budgets (e.g. onboarding, training, home office)
Use physical cards when:
Team travel, meals and conferences
In-person client purchases or hospitality
Office supply runs and vendor pickups
Situations where ATMs or swipe terminals are required
For example, your marketing manager might have a virtual card for ads and a physical card for travel. This separation adds clarity and control for finance without slowing down the team.
By mixing card types and clearly defining usage rules, you can increase security, reduce confusion and streamline reconciliation.
How to choose the right corporate card solution
When building or upgrading your company’s business card usage, here are some tips to consider:
Choose a provider that offers both virtual and physical cards
Look for tools that allow you to set spend limits, restrict merchants and monitor usage in real time
Make sure the cards connect with your accounting, ERP and HR systems
The system should be simple for your team to understand and adopt
Whether you’re onboarding one person or one hundred, it should take minutes, not weeks
Training also plays a key role. Make sure employees know which card to use and when, what expenses are covered and how to submit receipts or notes if needed. A quick guide or short onboarding video can go a long way.
A well-managed card program can unlock smarter budgets, faster processes and better decision-making across your business. All it takes is the right setup and the right tools to support it. Explore Float’s corporate card solutions today.
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Business finance tools and software made by Canadians, for Canadian Businesses.
Business conferences and trade shows are more than just name tags and networking—they’re strategic investments. These events offer teams the chance to build a sales pipeline, deepen client relationships, gather market insights and boost brand awareness. But let’s face it: they’re also expensive.
Spending can escalate quickly between flights, hotels, ground transport, meals, client entertainment, and pre-event costs like sponsorships and swag. Finance leaders are now expected not just to fund these trips, but to ensure they run smoothly, stay within budget and avoid a post-trip reconciliation scramble.
That means finance teams aren’t just approving card limits from the sidelines. Rather, they’re enabling organized, efficient, and cost-effective travel. As conference attendance increases, scaling this process with the right tools becomes critical.
In this guide to automating conference expense management, we’ll explore how finance teams can empower employees to spend confidently, how they can prepare smartly for business travel and how Float can help.
Finance’s role in seamless event travel
Gone are the days when finance simply reimbursed expenses weeks after a trip. Or to explain, yet again, why taking a limo from the airport is not in the expense policy. Today’s most effective finance teams act as strategic partners, setting the stage for controlled, confident travel.
Today’s most effective finance teams act as strategic partners, setting the stage for controlled, confident travel.
When done right, finance empowers employees by providing:
Fast, mobile-friendly pre-approvals before anyone departs
Policy-aligned guardrails that reduce guesswork and limit out-of-scope spending
This approach helps employees understand what they can spend, when and how, without needing to pay out-of-pocket or upload crumpled receipts at the end of a long day. It also gives finance teams peace of mind knowing the rules are clear and spend is tracked from the start.
When manual expense processes don’t bog down employees, they can focus on their purpose at the event: connecting with prospects, deepening client relationships and representing the company brand.
What finance should know before takeoff
Strong execution starts with smart planning, and finance plays a key role in making that happen. Before your sales or marketing team books a flight, finance leaders should work with them to anticipate spending and map out a plan that balances flexibility and control.
Here’s how to prepare your team for success:
Forecast common expense categories Build a list of expected costs such as conference registration, transportation, meals, hotel stays, incidentals and client entertainment.
Set flexible budgets by role or team A little structure helps avoid overspending. Budgets can be tailored by individual, department or trip type.
Plan for the unexpected Travel is rarely without surprises—plan for delayed flights, extra hotel nights or unexpected client dinners.
Account for local logistics Include regional factors like tipping customs, weather conditions and travel norms. These seemingly small items can have a noticeable impact on spending.
By leading this planning process, finance can ensure employees are empowered, not reactive, and that no one is blindsided by unexpected costs.
Win the week with Float
Float is built to simplify business travel for everyone—whether you’re sending one person to a small meetup or your entire team to a major industry event.
Here’s how Float helps before, during and after the event:
Assign budgets by employee, team or category Know how much is being allocated and for what purpose before the first receipt rolls in.
Issue virtual and physical cards with adjustable limits Float cards can be loaded with specific budgets for meals, ground transport or client entertaining. These limits can also be adjusted as needed.
Manage approvals and monitor spend in real time Use Slack or mobile to approve requests, keep tabs on active spend and resolve issues before they escalate.
Automate receipt capture and reconciliation Float eliminates the need for manual entry by collecting, categorizing and matching receipts as soon as a transaction happens. That means employees (and finance pros) don’t have to dread the post-event expense report process.
These tools reduce administrative overhead, lower the risk of error, and allow finance teams to support fast-paced travel while maintaining full visibility and control.
Float helps you better manage your business spend
See how with your personalized demo from a Float expert.
When employees travel for work, time matters for them and you. Giving your team the right tools helps them focus on building relationships, closing deals and bringing back value. No more worrying about how to track a taxi ride or submit a lunch receipt (and no more worrying from your finance team as they wait to see if the team has gone entirely over budget).
Float enables finance leaders to:
Prevent overspend with clear, proactive guardrails
Empower employees with quick access to funds
Remove post-trip reconciliation bottlenecks
Maintain visibility and control from start to finish
With Float, finance teams can be proactive partners—not reactive gatekeepers. Whether you’re preparing for a local conference or a global trade show, Float gives your team the foundation to operate smoothly, with fewer manual processes and more real-time insight.
A successful business trip shouldn’t come at the cost of your finance team’s sanity. With the right systems in place, expense management doesn’t have to be a burden—it can be a strategic advantage.
Discover how Float helps finance teams simplify event travel from pre-approval to post-trip reconciliation.
Running a business in Canada means juggling a lot of moving parts—and your banking setup can either make things easier or more complicated. With over 98% of Canadian businesses falling into the small or medium-sized category, most business owners are dealing with the same challenges: managing cash flow, paying bills, tracking expenses—and doing it all without getting buried in spreadsheets.
The problem?
A lot of banking tools out there still feel stuck in the past. But the right business banking partner or business finance solution can flip the script—helping you ditch the clunky processes and grow your business with smarter, faster tools that work with you, not against you.
This guide will walk you through modern business banking in Canada, including what today’s fintech solutions offer, how they differ from traditional banks, and the key questions to ask when weighing your options between a traditional bank and a more modern business finance solution.
Why business banking matters for Canadian companies
So, why does business banking matter so much?
Sure, the obvious answer is that you need a place to keep your cash—no money, no growth. But there’s more to it than just having a safe spot to stash your funds.
Choosing the best business banking setup can actually shape your company’s financial foundation. It helps you separate business and personal finances (which is more important than many think), build your business credit, and influence how clients, partners, and investors perceive your professionalism and stability.
The main advantages are:
Accurate tracking of income and expenses
Simplified tax filing and audits
Easier access to business credit and funding opportunities
Protection of personal assets from business debts
What makes a business bank account “best” for you?
The ideal business bank account is one that aligns with your company’s specific needs, considering its scale, the volume of transactions it handles, and its future growth objectives.
Low or transparent fees
Digital banking tools
High-yield savings options
Integration with accounting software
Flexible payment and card solutions
High-yield business accounts in Canada: What to look for
When looking at business banking solutions or a modern business finance solution, you want to make sure that you’re exploring high-yield business accounts.
Most typical business bank accounts don’t give you much in the way of interest, but there are special high-yield accounts that can actually help your business’ cash grow.
A high-yield business account helps your money work harder by earning interest on idle cash, boosting your returns without extra effort. And depending on your financial provider, you could see interest rates as high as 4% on business balances..
How do high-yield accounts work?
High-yield business accounts allow your company to earn interest on its cash balances, generating passive income on funds that are not immediately needed. These accounts offer significant advantages for various types of businesses, like:
Service-based businesses (like agencies or consultants) can earn interest on retainers or prepaid contracts before using the funds for payroll or expenses.
Ecommerce stores can grow idle cash between sales cycles or before big inventory purchases like Black Friday.
Property managers benefit from earning interest on rent collections held for future maintenance, taxes or distributions.
Bootstrapped startups and nonprofits can stretch their runway or funding by earning passive returns on reserve cash.
Here are some factors you want to evaluate with your high-yield savings accounts:
Understand the annual percentage yield (APY) to know the actual return on your deposits.
Be aware of any minimum balance requirements that might apply.
Assess the ease with which you can access your funds when needed (liquidity).
Consider how well the account integrates with your other banking services.
Float’s high-yield account provides up to 4% interest, transparent terms without hidden fees, and no lock-ups.
Corporate cards: no personal guarantee, high limits and spend control
Another key when it comes to your business banking or finance solutions? Corporate cards.
Corporate cards can be a game-changer for business owners. They usually come with higher limits, smart controls and no personal guarantees, so you’re not putting your own credit or assets on the line.
And the modern options come with some other major perks.
Traditional cards often demand a personal guarantee, which can expose your personal finances. Thankfully, new options provide high credit limits without this requirement, offering business owners greater adaptability and peace of mind.
Key benefits of corporate cards include:
No personal guarantee required
High spending limits tailored to business needs
Real-time spend controls and customizable limits
Automated receipt capture and expense categorization
It’s important to weigh the different pros and cons of different corporate cards to ensure you’re getting what you need. Check out the handy comparison below for some of the best business credit cards in Canada:
Expense management software: Automate, integrate and save time
If a high-yield savings account helps your money grow in the background, automated expense tracking helps you save time and sanity upfront.
Manual expense tracking is a drain on time and opens the door to mistakes. Switching to automated expense management software can lighten your administrative load and boost accuracy. A modern expense management platform lets you:
Snap and store receipts effortlessly with your phone or email.
Keep a constant eye on your transactions in real time.
Seamlessly connect with your accounting software, like QuickBooks or Xero.
Set up customized approval steps that fit your team.
Gain clear insights into your spending with detailed analytics.
So how does automated expense management software actually work?
Automated expense management software simplifies what used to be a manual, time-consuming process—by handling each stage of expense tracking for you. Here’s how it works in practice:
Capture: The software automatically collects receipts and transaction data from various sources—credit card feeds, email, mobile uploads—so nothing slips through the cracks.
Categorize: Once captured, expenses are instantly sorted into the correct categories, accounts, or project codes based on your pre-set rules.
Approve: Submissions are routed through custom approval workflows, ensuring the right people review the right expenses—without back-and-forth emails.
Reconcile: Finally, approved expenses sync directly with your accounting system, keeping your books up to date and audit-ready with minimal manual input.
Companies that have adopted automated expense management have seen real benefits. Some companies have seen upwards of 76% time back on their accounting processes—imagine what you could be doing with that kind of time!
Bill payment automation and accounts payable solutions
Once your internal spending is under control, the next big win is handling what goes out the door. Paying suppliers shouldn’t mean chasing emails or getting lost in spreadsheets—and yet, that’s the reality for a lot of businesses.
Paying your suppliers on time is crucial for any Canadian business. But let’s be real. Chasing down invoices and juggling manual payments can be a major time suck. It’s tedious, prone to errors, and not the best use of your team’s energy.
Thankfully, there’s a smarter way. Automating your bill payments lets you schedule and approve payments from anywhere online. This helps you avoid those annoying late fees, avoid duplicate payments and keep a trackable record of all your transactions without the stress.
Here’s how solutions like Float can help with bill payment automation:
See all your invoices and schedule payments in one simple place.
Set up customized approval steps to match your company’s needs.
Connect directly with your accounting software to keep everything in sync.
Know exactly where your payments are with real-time tracking.
Canadian businesses need more than just a basic place to keep their money. The ideal banking or finance solution fuels growth, improves cash flow and cuts down on annoying administrative tasks. They need a solution that work with them.
Float is a complete business finance platform that offers high-yield accounts, modern corporate cards and automated expense management—all built with Canadian businesses in mind.
Ready to see how Float can save your company time and money? Book a demo today.
