As a finance leader, you know that managing corporate credit card expenses can be a time-consuming and error-prone process. Manual data entry, lost receipts and lack of real-time visibility into spending can lead to costly mistakes and missed savings opportunities. That’s where corporate card management software comes in.
In this article, we’ll explore the top corporate card expense management solutions for 2025, highlighting the key features and benefits that can streamline your expense reporting process and provide better control over your company’s spending. Whether you’re a small business owner or a CFO of a large enterprise, you’ll find valuable insights and recommendations to help you choose the right solution for your needs.
What is corporate card expense management?
Corporate card expense management is the process of tracking, categorizing and reconciling credit card transactions. It involves setting spending limits, enforcing expense policies and ensuring compliance. The goal is to streamline the expense reporting process, reduce manual work and gain real-time visibility into company spending.
With the right corporate card management software, businesses can automate credit card expense tracking, integrate transactions directly into accounting systems and reduce the risks of fraud or policy violations. This ensures that finance teams have accurate, up-to-date records of corporate spending while allowing employees to make necessary purchases efficiently.
How corporate card expense management differs from expense management
Corporate card expense management is a specialized subset of expense management that focuses on tracking, categorizing and reconciling corporate credit card transactions in real time. Unlike general expense management, which includes reimbursements, vendor invoices and cash expenses, credit card expense management deals exclusively with company-issued credit cards. This allows businesses to automate tracking, enforce spending controls upfront and reduce manual reconciliation.
A key difference is that corporate credit card expenses are automatically recorded, categorized and matched with policies, whereas general expense management often involves at least some manual submissions and approvals. Credit card management also enables real-time visibility into spending, fraud prevention through virtual cards and transaction limits and seamless integrations with accounting systems.
While both processes aim to control business spending, corporate card expense management offers a more automated, proactive approach compared to the broader, often more reactive, nature of general expense management.
Best business credit cards
Compare top options, fees and benefits for Canadian companies.
Benefits of corporate card expense management solutions
Now that you’re clear on what corporate card expense management is, and the pros and cons of using credit cards vs. other payment methods, let’s look at the advantages a corporate card platform can offer. From time-saving automation to enhanced visibility into spending, the right software can transform how your team manages credit card spend.
Automation: Automate the capture and categorization of credit card transactions to eliminate time-consuming manual data entry.
Policy enforcement: Enforce spending policies and limits in real-time, reducing the risk of fraud and overspending.
Simplified reporting: Streamline the expense reporting process for employees with features like receipt management solutions and mobile apps.
Real-time visibility: Provide finance teams with real-time insight into company spending, enabling more informed budgeting and decision-making.
Seamless integration: Integrate with accounting systems for seamless expense reconciliation and financial reporting.
Key features to look for in a corporate card expense management solution
Reaping the benefits of a corporate card platform comes down to choosing the solution that best fits your company’s needs. No two expense management systems are the same, so you’ll want to assess the features of each one you’re considering to determine how they stack up against one another.
Here are a few elements to evaluate:
Convenience
Look for easy issuance of physical or virtual cards. Once the cards are in hand, it should be effortless for employees to capture on-the-go receipts and submit expenses through mobile apps.
Advanced card controls
Restrict transactions to specific merchants with card control. You can also automate expense categorization based on merchant codes and customizable rules.
Security features
Solutions like Float offer real-time reporting and insights, so you have full visibility into transactions as they happen and make decisions faster—especially when something doesn’t look right. Also look for a system with built-in approval workflows and policy enforcement for better transparency.
Card lifecycle management
Find a provider that will enable you to issue physical cards for team members or one-time-use virtual cards for vendors. You should be able to easily update spend limits or ownership transfers, and renew, freeze, cancel or reassign cards instantly.
Integration
Choose a provider with software that easily integrates with popular accounting solutions like QuickBooks, Xero and NetSuite.
Keep in mind that choosing the right platform isn’t just about ticking feature boxes. The key is to find a system that complements the way your team works, that scales with your business, and that strengthens your financial oversight.
Top types of corporate card expense management solutions
In addition to assessing features, another way to choose the best corporate card platform for you is to understand the different types of solutions available. For instance, some focus on automating a specific part of the process, while others offer end-to-end functionality.
Here’s a breakdown of the most common types.
Automated expense reporting: Solutions that eliminate manual data entry and streamline the expense reporting process.
Automated receipt matching: Receipt scanning and matching technology for accurate and efficient expense reconciliation.
Integrated spend management: Spend management guide with budgeting, forecasting, and analytics capabilities.
All-in-one platforms: Expense management solutions that combine corporate cards, expense reporting, and bill payments into a single platform.
The right solution type for your business will depend on your size, structure and specific pain points—from managing employee expenses to gaining clearer spend insights.
How to choose the right corporate card expense management solution for your business
You’ve now had the crash course in corporate card platform benefits, features and types.
Let’s walk through how to choose a solution in five steps.
Step 1: Evaluate your current expense management process and identify pain points and inefficiencies.
Step 2: Determine your key requirements, such as the number of cardholders, expense policy complexity and accounting system integration needs.
Step 3: Compare features and pricing of different solutions, considering factors like user experience, customer support and scalability.
Step 4: Look for a provider that offers a free trial or demo to test the solution before committing to it.
Step 5: Consider the long-term value and ROI of the solution, not just the upfront cost.
Corporate card program setup and administration
Choosing a corporate card expense management solution is only half of the task at hand. Finding success with a new platform also comes down to smart implementation.
Here are three key steps to follow during the setup phase.
1. Define your policies
Creating clear company credit card policies is key to ensuring compliance and minimizing the risk of misuse. (Say goodbye to the “I thought it was covered” excuse!)
An effective expense policy should outline the types of purchases that are permitted and the approvals required. Similarly, a purchasing policy helps standardize how vendors are paid, regardless of whether a formal purchase order system is used.
If your team travels often, a travel policy should make it crystal clear what’s covered—flights, hotels, meals and all the usual suspects.
To keep things smooth, automated approvals, built-in checks and real-time monitoring can support you in enforcing these policies—no micromanaging required.
2. Communicate with your team
Having a policy is a great start, but it won’t enforce itself. Don’t be shy about clearly communicating expectations and best practices. Training sessions, lunch-and-learns and handy digital guides can all help make your corporate card policies easy to understand (and even easier to follow).
Be sure to cover the real-world stuff too: how to submit expenses, which purchases are allowed and how to request temporary card access when needed. When in doubt, overcommunication beats crossed wires any day.
3. Optimize and evolve
A corporate credit card program isn’t a crock pot—you can’t just set it and forget it. Ongoing oversight is crucial to maintaining efficient operations.
Finance teams should regularly review spending patterns to ensure expenses align with policy and spot areas for improvement. For instance, this can help you catch unnecessary reimbursements that happen simply because someone didn’t have card access.
Don’t overlook the reconciliation process, either. If closing the books still feels like a marathon, it’s probably time to fine-tune your workflows. Consider it your financial check engine light—it’s telling you something needs attention.
End-to-end corporate card expense management for Canadian businesses
As you embark on your journey to streamline your corporate card expense management process, remember that choosing the right software can make all the difference. We invite you to explore the innovative features and benefits of our platform, designed specifically with the needs of modern Canadian businesses in mind. Get started for free today and experience the power of automated corporate card management firsthand.
A business credit card can be a powerful tool—helping you manage cash flow, build business credit and keep personal and business expenses separate. But knowing how to get a business credit card (and which one to choose) isn’t always straightforward.
This comprehensive guide walks you through how to get a business credit card without the headache. From determining your eligibility to submitting your application, you’ll find it all here. We’ve also included tips to maximize your approval odds, along with answers to the most frequently asked questions on these cards from business owners.
Ready to learn how to get a business credit card? Let’s go!
What is a business credit card?
A business credit card is a type of corporate card designed specifically for business-related expenses—like inventory, software subscriptions, travel and day-to-day operations. It offers companies a flexible way to manage cash flow, track spending and often earn rewards or cash back on purchases. Unlike personal credit cards, business cards also help you build business credit, which can be valuable as your company grows.
Business credit card vs. corporate credit card
In Canada, “business credit card” and “corporate credit card” are often used interchangeably. However, there are differences between the two types of cards.
Business credit cards are designed for entrepreneurs, sole proprietors and small businesses. They require a personal credit check and guarantee, meaning you’re personally liable if the business can’t cover the balance. These cards are ideal for smaller operations with limited expenses.
Corporate credit cards cater to larger businesses, scaling startups and SMBs with higher spending needs. They offer greater spending limits, advanced expense tracking and automated controls. Unlike with business credit cards, personal guarantees are not required for corporate cards, so your personal credit or assets are not at risk. Approval is based on the financial health of the business and the company is responsible for paying the balance each month, not individual cardholders.
How to get a business credit card in Canada: Prerequisites
While it may seem daunting to get a business card, there are a few steps you can take to simplify the process and maximize your approval odds.
1. How to get a business credit card: Eligibility requirements
In Canada, businesses must prove their eligibility and often include supporting documentation to apply for a credit card.
Is the business registered?
Do you have a valid business number?
If incorporated, do you have Articles of Incorporation or a Masters Business License?
For more information on registering your business, please visit the Government of Canada website. Province-specific support can be found here.
2. Gather necessary documentation
Collect key documents such as your business registration, tax ID (EIN) and financial statements. You should also be prepared to provide personal information. For small business owners and operators, please note that your personal credit score may impact your business credit card approval.
Pro tip: Separating your personal and corporate cards is key for protecting your personal credit score. You can find tips for getting approved for a virtual corporate card without hurting your credit score here.
3. Choose the right card
Evaluate your business needs and spending habits to determine the type of business credit card that best suits your operations.
Consider factors such as:
Annual percentage rate (APR): The cost to borrow money if you plan on carrying a monthly balance.
Rewards: These can include points, travel miles, cashback or other perks based on your qualifying spend.
Fees: Most cards charge an annual fee (although Float doesn’t), so consider if the perks are worth it.
Additional cards: Are they readily available if you need them for your team?
Foreign transaction fees: These can add up if you conduct business internationally.
Insurance coverage: For expenses such as travel, car rentals or technology, are you protected in the event of theft or damage?
Card type: Do you require physical cards, virtual cards or a combination of formats?
Digital experience: Can cards be integrated with your existing systems for user-friendly experiences and easy expense tracking?
Most credit card applications can be completed online. Ensure all information is accurate and complete, and be prepared to provide additional information if requested by the issuer.
How long does it take to get a business credit card?
Waiting weeks to get approved for a business credit card was once the norm, especially with traditional banks that rely on lengthy review processes and paperwork. But that timeline doesn’t work for fast-moving startups or small businesses that need access to funds now, not next month.
With instant corporate card issuance from providers like Float, you can skip the wait. Instant issuance enables your company to get approved and set up with a business credit card in as little as one day. No branch visits, no red tape—just fast, seamless access to company spend.
Tips on improving your approval odds
Getting approved for a business credit card isn’t always straightforward, especially for early-stage startups or small businesses without a long credit history. But there are a few smart steps you can take to boost your approval odds:
1. Keep your personal credit in good shape
For many new businesses, personal credit plays a big role in the approval process. Here’s how to keep it strong:
Pay your bills on time and keep your credit use low
Regularly check your credit report and fix any errors
Lenders want to see that your business is stable and reliable. You can demonstrate that by:
Registering your business properly and keeping your info consistent
Using a business bank account
Paying vendors and bills on time to build business credit
Showing revenue growth or consistent income
Having a business address and a few months of operating history
3. Apply strategically
Not every card is a fit for every business. Improve your chances by:
Applying only for cards that align with your business size and financial profile
Understanding the card issuer’s approval criteria in advance
Keeping your application accurate and complete
Frequently asked questions
Have credit card application questions? Your answers are here.
Eligibility often depends on your business structure and creditworthiness.
Yes, a strong personal credit score can increase your chances of approval.
These can include rewards, credit line access and financial separation between personal and business expenses.
Yes! Depending on your business credit card provider, you can get both physical and virtual credit cards. Float offers both virtual and physical credit cards options for users.
Business credit card application checklist for Canada
Before applying for a business credit card in Canada, ensure you have the following documents and information prepared, as they may be requested throughout the application process:
Business registration (e.g., Articles of Incorporation, Master Business Licence, or provincial/territorial registration)
Business Number (BN) issued by the Canada Revenue Agency (CRA)
Business incorporation documents, such as:
Certificate of Incorporation
Articles of Incorporation
Certificate of Amalgamation (if applicable)
Recent financial statements, including:
Income Statement (Profit & Loss)
Balance Sheet
Business plan (typically required for startups or newly incorporated businesses)
Government-issued personal identification (e.g., Canadian driver’s licence, passport) for:
Authorized signers
Beneficial owners (anyone owning 25% or more of the business)
Float’s Know Your Business (KYB) application requirements
When applying for a Float corporate card, you’ll need to provide the following information as part of our KYB verification process:
Legal entity name
Principal place of business (legal address)
Jurisdiction of incorporation (e.g., Ontario, British Columbia)
Corporate identification number (e.g., Corporation Number or Business Number)
Business type (e.g., SaaS, retail, professional services)
Legal structure (e.g., corporation, partnership, sole proprietorship)
Take the next step for your business credit card with Float
Whether you’re launching a new business, scaling operations or looking to separate business from personal expenses, we can help you get a business credit card today. To learn about options that can help you streamline and manage your finances more effectively, contact our team at Float.
As part of a Canadian finance team, you know that finding the right virtual corporate credit card is key to streamlining expenses, improving cash flow and gaining better control over spending. With so many options available in 2025, it’s essential to understand the unique features and benefits that distinguish certain corporate cards from the rest.
When searching for the best virtual corporate card for Canadian finance teams, consider factors like instant card issuance, customizable spending limits, integration capabilities with accounting software and the level of security provided. By assessing these elements and aligning them with your company’s financial goals, you can make an informed decision that will help drive your business forward.
What are virtual corporate cards?
A virtual corporate card is a randomly generated 16-digit number that is linked to your company’s existing corporate credit card account. This means your team can make purchases online without exposing your actual corporate credit card details, adding an extra layer of security to your transactions.
Although transactions completed with a virtual card use a separate card number, they will still appear on your company’s regular credit card statement, making it easy to track spending.
Virtual corporate cards vs. virtual credit cards: Key differences
Virtual corporate cards and virtual credit cards are often used interchangeably, but there are some key distinctions that are important in a business context. A virtual corporate card is linked to your corporate account (either a prepaid account or charge account) while a virtual credit card is linked to your personal credit or business credit card account. Virtual credit cards have limited controls, spend management, and other integrations, making them less ideal for team-based business spending.
On the other hand, while both types of virtual cards utilize randomly generated 16-digit numbers and add a layer of security when making online purchases, virtual corporate cards offer several benefits specifically designed for Canadian finance teams and businesses.
Virtual corporate cards linked to corporate accounts typically have higher limits compared to personal virtual credit cards. Some virtual corporate card providers, like Float, include expense management software that provides detailed real-time visibility into spending in addition to custom controls to keep expenses in check.
Why use a virtual corporate card?
Virtual corporate cards have gained significant popularity among Canadian startups due to their convenience and flexibility. These digital payment solutions offer a range of features designed to simplify expense tracking, enhance security and provide greater control over spending.
Incorporating virtual corporate cards into your startup’s financial management strategy can yield numerous benefits for your business, including:
Enhanced security: By generating unique corporate card numbers for each transaction, virtual cards minimize the risk of fraud and unauthorized purchases.
Simplified expense management: With virtual cards, you can bid farewell to traditional expense reports. Transactions are automatically categorized and synced with your accounting system, saving time and reducing manual data entry.
Flexibility for one-off purchases: Virtual cards are ideal for single-use scenarios, such as purchasing a new software service. You can create a card specifically for that purpose and deactivate it once the transaction is complete.
Enhanced vendor management: With a virtual corporate card, you can create vendor-specific virtual cards. This makes it easy to oversee recurring bills and large one-time vendor payments.
On-track project budgets: Use virtual corporate cards to stay within project budgets. Create a virtual card for each major project to keep a closer eye on spending. Simply deactivate the card once the project is over.
Controlled department spending: Stay on top of departmental budgets by assigning a virtual corporate card number for each department. Temporarily increase or decrease spending limits based on organizational priorities and departmental needs.
Key features to look for in a virtual corporate card or credit cards in 2025
When evaluating virtual card options for your Canadian business, there are several key features to consider:
Instant card issuance: Look for providers that offer immediate access to virtual cards upon approval, allowing you to start making purchases right away. Some options can take days or weeks.
Customizable spending limits: Look for cards that enable you to set specific spending limits for each virtual card, giving you greater control over employee expenses.
Integration capabilities: Choose a virtual card that seamlessly integrates with your existing accounting software, which allows automated expense tracking and reconciliation.
No credit check virtual card options in Canada
For startups with limited credit histories, some providers offer virtual cards that do not require a credit check. These options assess your business’s financial health based on alternative data points, such as bank account activity and cash flow. Float is among the providers that offer no credit check virtual cards, making them accessible to a broader range of businesses.
Virtual corporate cards for employee management
With virtual corporate cards, Canadian finance teams can simplify the management of employee spending. This saves hours at month-end while providing individuals and teams with the flexibility they need to keep up with the pace of modern business.
Finance teams can delegate virtual corporate cards to key individuals for one-off or recurring expenditures, such as for projects or departmental spending. Similarly, you can also create virtual corporate cards for multiple users, such as within teams or business groups. Set custom spending limits and adjust them as needed.
Virtual cards also provide detailed oversight for finance teams. You get real-time visibility and flexible controls without having to micro-manage spending. Plus, virtual cards simplify expense reports as receipts can be automatically sent to you for reconciliation.
Virtual corporate cards approval workflows
Slow approval workflows can bring business to a halt, even causing your company to miss time-sensitive opportunities. With virtual corporate cards, you can expedite the entire spending approval process.
Administrators and managers can approve, edit or deny spending requests from employees, setting custom spending limits for individuals or teams on virtual corporate cards. Whether it’s for a departmental or project budget, employees don’t need to follow up with managers for approvals as automatic notifications keep the process moving.
Plus, each virtual card features a detailed audit trail for simplified tracking. Transactions are auto-coded, providing managers and finance teams with clear visibility into spending at all times.
Top picks for Canadian virtual corporate cards
Let’s review a few of the best virtual cards for businesses in Canada.
Unlimited 1% cashback on every dollar of spend over $25K. No annual or monthly cashback caps. Total of 7% in estimated savings (learn more)
• Real-time expense tracking• Unlimited Virtual Cards• No personal guarantee• 4% interest on deposits
• No travel rewards
RBC Virtual Card
Visa
$175 ($79 for additional cards)
1 point per $1 on all purchases. Capped out at $75k per year. When applied to a statement credit, 1 point is equivalent $0.58 (0.58% cashback)
• Point-based reward system for Travel• Device insurance
• Only for existing RBC Commercial cardholders• Must talk to the sales team or visit a branch to access
Wise Virtual Card
Visa Debit
Free
0.5% cashback on eligible transactions
• Low FX rates compared to traditional banks
• Limited Cashback• No protection plans or insurance
BMO Payment Controller
Mastercard
Paid – Talk to Sales
No Cashback or rewards found on the website
• Web portal to manage cards
• Only for existing BMO Commercial cardholders• Must talk to the sales team or visit a branch to access
We’ve considered factors such as:
Annual fees: Look for cards with low or no annual fees to minimize overhead costs.
Interest rates: If you plan to carry a balance, opt for cards with competitive interest rates to minimize the cost of borrowing.
Rewards programs: Some business credit cards offer cashback, points or miles on purchases, which can add up to significant savings over time.
Ease of use and signup: See how quickly you can access issuing cards and set up your account. Your virtual card won’t be of any use if it takes weeks to get set up.
By carefully evaluating these factors and aligning them with your business needs, you can find the best virtual corporate card to support your startup’s growth and financial well-being in 2025 and beyond.
Our recommended business virtual card is Float. It combines ease of use and powerful rewards, and doesn’t require personal guarantees to get started. Plus, you can sign up for Float in less than five minutes.
Float: Best virtual corporate cards for Canadian SMBs in 2025
Choosing the best virtual business card in Canada isn’t just about finding the shiniest piece of plastic. It’s about finding a financial tool that aligns with your business goals and spending habits.
Whether you’re after cash back, travel perks or building credit, there’s a card out there for you. Take the time to compare options, read the fine print and pick a card that’ll work as hard as you do.
If you’re interested in getting your hands on the best virtual credit card, consider Float’s solution:
Running a Canadian business means more than just keeping the lights on—it’s about scaling smarter, spending strategically and maximizing every dollar. Whether you’re a startup founder, a finance lead at a growing company or managing expenses for a larger organization, choosing the right business credit card can have a major impact on your bottom line.
This is especially key given how credit is such a critical topic for businesses. Nearly 30% of independent Canadian businesses surveyed still carry pandemic-related debt, with an average balance of $65,000. Although credit card fees have decreased, only 7% of eligible businesses have realized savings.
But here’s the catch: not all business credit cards are built for how you do business. That’s where this guide comes in. We’ll help you find the one that pulls its weight.
Try Float for free
Business finance tools and software made by Canadians, for Canadian Businesses.
A business credit card is exactly what it sounds like—a credit card built for business spending. Whether you’re a sole proprietor or running an incorporated company, a business card helps keep your work expenses separate from your personal ones (because no one wants to sort through a messy statement at tax time).
But it’s not just about staying organized. Business credit cards often come with perks tailored to how companies spend. They can also help you smooth out cash flow, cover short-term expenses and build your business credit profile, which comes in handy when it’s time to scale up.
Why are business credit cards important?
Running a small business in Canada means wearing a lot of hats—and tracking expenses is one you can’t afford to drop. Here’s why it’s important and how to do it right.
Why expense management matters
From tax time to audit season, strong expense management helps you stay compliant, save money and make smarter decisions.
Keeps you compliant with CRA regulations
Enables you to claim tax rebates and benefits
Prepares you for potential audits
Provides clear insights into your business finances
Key responsibilities of small business owners
These key responsibilities aren’t just best practices; they’re must-dos if you want to stay onside with the CRA and unlock financial benefits.
Accurate tracking
You’re responsible for recording all business expenses and reporting them correctly to the CRA.
Tax rebate opportunities
Proper expense tracking allows you to apply for GST, HST and other tax rebates in Canada, potentially saving your company significant money.
Audit readiness
Good record-keeping ensures you can pass an audit if one comes your way, reducing stress and potential penalties.
Can I use a personal credit card for business expenses instead of a business credit card?
The debate between using a personal credit card or business credit card is common. After all, as a small business in Canada, using a personal credit card can feel like the easiest option for you as you grow your business.
But it’s not always the cleanest. When you have a dedicated business card, you benefit from:
Separate personal and company finances
Building business credit
Capitalizing on higher spending limit offers
Company-specific rewards and perks
A cleaner and more straightforward tax season
Sounds good, right? Now, let’s check out the different kinds of business credit cards available for small businesses in Canada.
Types of small business credit cards in Canada
There are two main types of small business credit cards in Canada: cards from traditional banks and cards from modern fintech providers.
Traditional banks offer corporate cards with familiar perks. However, banks often design these cards with larger, established companies in mind, which means higher fees, more paperwork and slower approval processes. In some cases, we’re talking about weeks to open a credit card—if you get approved at all.
On the other hand, fintech providers are bringing business credit cards into the modern age. With fast approvals, virtual cards, real-time expense tracking and integrations that actually talk to your accounting software, they’re built for businesses that want more control and less hassle. For example, you can open an account with Float and get started with a corporate card in close to 24 hours.
5 best practices for business credit card use in Canada
Whether you’re just starting out or scaling up, a few smart habits can help you avoid unnecessary costs, build credit, and make the most of your spending.
Here are 5 best practices to keep your business finances on track:
1. Keep business and personal spending separate
Mixing expenses can get messy, especially at tax time. Use your business card strictly for business to stay organized and protect yourself legally if you’re incorporated.
2. Pay off your balance every month
Interest charges can quickly eat into your cash flow. Paying in full helps you avoid fees and can boost your business credit score over time.
3. Don’t spend right up to your limit
High credit usage can hurt your credit score. Keep it under control by tracking your spending or making early payments mid-month.
4. Pick a card that pays you back
Look for a card with low fees and rewards that match your business’s spending, whether on travel, office supplies, or digital tools.
5. Avoid cash advances
They’re pricey. If a vendor doesn’t take cards, consider other financing options instead of pulling cash from your line of credit.
What makes a business credit card the “best” for Canadian companies?
The best business cards for Canadian companies are more than just tools for making purchases. They’re financial enablers. Whether you’re scaling a tech startup in Toronto or managing supplier payments for your small business in Calgary, the right card should adapt to your unique needs, not the other way around.
Key features to look for
These features help Canadian businesses improve cash flow, simplify expense management and reduce administrative burden. Instead of chasing receipts or worrying about employee misuse, you can focus on growth and strategy.
High or flexible credit limits: Support larger purchases and give your business room to grow.
Low or no annual fees: Keep operating costs predictable and save that cash for more business-critical expenses.
Reward structures that match your spending: Earn cashback or points on the categories you use most, like office supplies, advertising or travel.
Seamless integration with accounting tools: Save hours of reconciliation and reduce errors.
Built-in spend controls and reporting: Empower employees while maintaining oversight.
Fast approvals with low paperwork: Get access when you need it, not weeks later.
Strong customer support: Quick help if something goes wrong. Bonus points if they’re based in Canada—you can know you’ll get the exact support you’ll need, tailored to Canadian businesses.
Traditional credit cards vs. a modern expense management solution: which provides the best business credit cards?
Many business owners default to big bank credit cards, often because they seem like the only option. They’re also familiar. Getting a credit card for your business and personal spending from the same bank should make the most sense, right?
But most traditional business credit cards weren’t built for modern, fast-moving teams. They often come with:
Personal guarantees that put your credit at risk
Lengthy application processes
Low starting limits
High interest rates (often 19-25%)
Little or poor integration with the tools your team already uses.
That’s why Canadian businesses are now exploring alternatives, like corporate payment cards with built-in controls, instant approvals and no personal liability.
Our criteria for the best business credit card
To help you choose the right option, we compared each card based on:
Application speed and requirements
Fee structure and value
Rewards earning potential
Credit limits and flexibility
Canadian business suitability
User experience and technology
Customer support quality
We’ve also considered how traditional business credit cards stack up against modern alternatives like Float.
Best business credit cards in Canada: detailed reviews
Here are our top picks for 2025, with detailed pros, cons and use cases for each.
Float Corporate Card – Best all-around pick for spend control, scale, and cashback
American Express Corporate Platinum Card – Best for executive travel and perks
BMO Cashback Business Mastercard – Best no-fee traditional bank credit card
RBC Avion Visa Infinite Business – Best for travel rewards
TD Business Travel Visa Card – Best for Expedia bookings
CIBC Aventura Visa for Business – Best for flexible rewards
Scotiabank Passport Visa Infinite Business – Best for no foreign transaction fees
Float Corporate Card – Best all-around pick for spend control, scale, and cashback
Pros:
No annual fees or personal guarantees
Cards issued in CAD and USD with high limits—up to $1 M+/up to $3 M depending on funding model
No foreign transaction fees for USD/CAD spends, only a 0.25% FX rate applied
1% cashback on business spending (monthly spend above $25K); earn up to 4% interest on balances
Integrated expense management, receipt capture and bill pay powered by smart automation
Cons:
Not a traditional credit card
Prepaid funding model may require operational adjustments
Rewards structure:
1% cashback on all spend
Up to 4% interest paid on deposits
Fee analysis:
Float’s Essentials plan is free. No card fees and up to 20 physical and unlimited virtual cards.
Professional plans (~$100/user/month) unlock unlimited cards and advanced features.
Cashback blends with a 4% high-yield business savings model, and foreign FX fees are minimized.
Application requirements:
Quick 5‑minute application process
Most companies are approved within one business day
No personal credit checks or personal liability requests
Best for: Scaling teams who want more control, faster onboarding and built-in software that eliminates expense report chaos.
User experience insights: Float receives consistent praise for its intuitive platform and modern tools. Reddit users highlighted the zero foreign exchange fees along with online receipt capture and virtual cards. Float’s real-time visibility into transactions, customizable spend limits, auto receipt capture and instant issue virtual cards are flagged as standout features, especially compared to traditional bank offerings.
Real‑world use case: A Canadian digital marketing agency adopted Float to eliminate reliance on personal credit cards and reimbursements. Receipts upload instantly from employees’ mobile apps; finance staff reconcile expenses in QuickBooks automatically, saving over 8 hours/month in admin work. With USD ad spend and platform fees, the agency saved about 2.5% on FX costs annually. The company’s average $30,000 monthly spend earned cashback and interest simultaneously, helping smooth cash flow and offset recurring operational costs. Float’s centralized approval flows and real-time alerts noticeably improved budget compliance and policy enforcement.
American Express Corporate Platinum Card – Best for executive travel and perks
Pros:
Premium travel and lifestyle benefits
Extensive airport lounge access
Comprehensive travel and purchase protection
Flexible Membership Rewards program
Cons:
High annual fee
Overkill for smaller teams or companies with low travel spend
Not accepted everywhere, especially with smaller vendors
Rewards structure:
1.25 membership rewards points per $1 on all purchases
Points can be redeemed for travel, gift cards, statement credits and more
Fee analysis:
With $499 in annual fees, but $0 for additional cards, this card can be a good option for bigger firms that have high travel needs.
Application requirements:
Corporate structure with qualifying revenue and credit profile (minimum credit score of 725)
Employee card management program
Creditworthiness and volume of spend assessed by Amex
Best for: Large Canadian businesses and executive teams that prioritize luxury travel, convenience and premium service.
User experience insights: Cardholders were enthusiastic about the benefits and perks of using the card, particularly the travel points and airport lounge access, plus advantages such as priority lanes for events and more. Users have noted that customer service levels are good.
Real-world use case: A professional services firm headquartered in Toronto issues the Corporate Platinum Card to its C-suite travel teams, including partners and senior managers whose roles require frequent trans‑Canada and international travel. These individuals benefit from airport lounge access, travel insurance coverage and concierge support, making logistics simpler and safer.
BMO Cashback Business Mastercard – Best no-fee traditional bank credit card
Pros:
No annual fee
Competitive cashback: 1.5% on gas, office supplies and cell phone/internet bills; 1.75% at Shell gas stations; 0.75% on other purchases
Extended warranty and purchase insurance coverage
Cons:
Lower cashback (0.75%) on miscellaneous spend
Monthly caps on bonus categories limit rewards potential
Minimal travel perks or premium benefits
Rewards structure:
1.5% cashback on gas, office supplies, and cell phone/internet bills for most purchases
1.75% cashback at Shell gas stations
0.75% cashback across all other expenses
Fee analysis:
$0 annual fee and no charge for up to 22 employee cards make this a low-risk card for small businesses.
Application requirements:
Available to Canadian businesses with reasonable credit and proof of activity
Typical business card qualification applies
Recommended credit score 660+
Best for: Small businesses and solo entrepreneurs in Canada who want straightforward rewards without annual fees or complicated tracking.
User experience insights: Users appreciate the $0 annual fee and the simplicity of the cashback rewards program, noting that they do not need the travel rewards of competitor business credit cards. Cardholders also appreciate that cashback deposits can be automatically transferred to BMO chequing, savings or InvestorLine accounts. Rewards can be redeemed with as little as $1 earned.
Real‑world use case: A small Vancouver-based graphic design studio operating with a lean team of three uses this card for everyday purchases: fuel for client site visits, office supplies and recurring cell phone and internet bills. With low overhead, they appreciate that each employee can carry a card without additional fees. Over time, they redeem cashback monthly directly into their BMO business account, helping to offset operational costs.
RBC Avion Visa Infinite Business – Best for travel rewards
Pros:
Flat 1.25 Avion points per $1 on all eligible purchases (up to $75,000/year)
Flexible redemption: transfer to airline partners or use RBC’s Air Travel Schedule with fixed pricing
Strong travel insurance package: emergency medical, trip cancellation/interruption, delayed baggage, mobile device insurance and more
Cons:
$175 annual fee; additional cards cost $75 each
2.5% foreign transaction fee on purchases outside CAD
Earnings beyond $75,000 drop to 1 point/$1 annually
Rewards structure:
1.25 Avion points per $1 spent
Bonus offers for new users
Fee analysis:
With a $175 annual fee, you’ll need consistent spend to offset costs. But given the welcome bonus (typically 35,000 Avion points, ~CAD $700–$1,100 in value), and flexible redemptions, the perks are strong for travelling businesses.
Application requirements:
Canadian business owner with good to excellent credit
RBC often requests proof of revenue or creditworthiness
Minimum personal income usually starts around $60,000 or business revenue approx $500K/year
Best for: Businesses with frequent travel needs looking to earn and redeem points on flights and hotels.
User experience insights: Cardholders mention consistently strong welcome bonuses for new users, flexible and straightforward points redemption and strong travel and retail insurance. However, they point out that cashback rates could be improved and that foreign transaction fees are high.
Real‑world use case: A Calgary-based consultant travels across Canada once a month and occasionally abroad. With $10,000/month in business spend (about $6,000 on regular purchases and about $4,000 on travel), she earned 35,000 points as a welcome bonus plus around 11,000 Avion points within two months. Using the Air Travel Redemption Schedule and occasional partner transfers, she booked discounted flights and saved on insurance-related claims.
TD Business Travel Visa Card – Best for Expedia bookings
Pros:
Earn 9 TD Rewards Points per $1 on travel booked via Expedia for TD online; 6 points per $1 spent on foreign currency purchases.
Solid earn rates of 6 points per $1 on dining, public transit, EV charging and streaming/recurring bills
Generous travel insurance coverage includes medical emergencies, trip cancellation/interruption, delayed baggage, rental car damage, and purchase protection
Cons:
$149 annual fee (rebated in first year under current offer)
2.5% foreign transaction fee applies after $80,000 foreign spend cap is reached
Limited value on non-travel spend at the base 2 points per $1 rate
Rewards structure:
9x points on travel via Expedia for TD online
6x points for purchases in foreign currency, dining, public transit, EV charging, and recurring bills
2x points on all other eligible business spend
Fee analysis:
$149 annual fee per primary cardholder, full rebate in first year for primary and up to two additional cards if spend thresholds met
Available to Canadian businesses with fair-to-excellent credit and standard business documentation
Personal guarantee required as per typical bank credit card
Best for: Businesses that book travel frequently, especially through Expedia for TD, so they can maximize points on corporate travel.
User experience insights: Users consistently praise the flexibility and value of the Expedia for TD platform. The online booking process mirrors standard Expedia but includes exclusive price-matching and a dedicated 24/7 support team for TD travellers.
Real‑world use case: A Canadian software startup with teams in Toronto and Montreal used TD’s Business Travel Visa for trips to client sites across provinces and international engagements. They average $12,000/month in business spend—primarily travel and recurring services. By booking all flights and hotels through Expedia for TD, the firm earned 120,000 bonus points in its first year (including 30,000 welcome bonus points and monthly spend bonuses), redeeming them for about $600 in credit on airfares.
CIBC Aventura Visa for Business – Best for flexible rewards
Pros:
Earn up to 2x Aventura points per $1 on travel booked via CIBC Rewards Centre; 1.5x to 1x on everything else.
Welcome bonus up to 70,000 Aventura points with spending thresholds in the first 8 months
Comprehensive travel protections (flight delay, trip cancellation/interruption, baggage delay, rental car damage and more)
Cons:
Requires travel booked through CIBC portal to earn top-tier points
Annual fee (~$120, with optional $180 tier for lower interest rates)
Foreign transaction fee ~2.5% on non‑CAD purchases
Rewards structure:
2x on travel booked through CIBC Rewards Centre
1.5x on gas, travel, dining
1x on everything else
Fee analysis:
The standard $120 annual fee is reasonable, but each additional card will cost $50 (up to nine cards), which may not be scalable for bigger teams. If interest rates are a concern, CIBC offers a more expensive annual fee of $180 for a reduced rate of 12.99%.
Application requirements:
Available to Canadian businesses, sole proprietors or corporations
Personal income threshold starts at ~$35,000 or a business revenue submission is accepted
Best for: Companies that prioritize flexible travel rewards and prefer redeeming points for flights and hotels across multiple airlines and providers.
User experience insights: Users appreciate the flexibility of the Aventura program, especially compared to Aeroplan, which restricts flights to Air Canada. The included travel insurance, covering flight cancellations, delays and rental car damage, is another popular feature. Some cardholders have also noted that fares booked through CIBC’s Rewards Centre are occasionally better than those found on third-party travel platforms.
Real‑world use case: A wholesale electronics distributor based in Mississauga issues the CIBC Aventura Business Card to their purchasing and logistics leads. With monthly spending of about $10,000 on fuel, hotels and recurring supplier payments, they earned over 50,000 Aventura points in just five months, thanks to 1.5x rewards on gas and travel and 2x when booking through the CIBC Rewards Centre. The company redeemed points for flights to trade expos and conferences.
Scotiabank Passport Visa Infinite Business – Best for no foreign transaction fees
Pros:
No foreign transaction fees on purchases in any currency. Scotiabank waives the typical 2.5% FX markup.
1.5 Scene+ points per $1 spent on all business purchases (flat earn rate)
Six complimentary lounge visits per year through the Visa Airport Companion Program (via DragonPass)
Strong travel insurance package: emergency medical, trip cancellation/interruption, flight delay, lost/delayed baggage and rental car collision coverage
Cons:
$199 annual fee may be pricey for businesses with limited travel or foreign spend
Flat rewards structure lacks enhanced bonuses for specific categories
Rewards structure:
1.5x Scene+ points per $1 on all purchases
Fee analysis:
$199 annual fee for primary card; first supplementary card free, additional ~$50 each.
Key benefit: Waived 2.5% FX fee can yield significant savings for businesses that make frequent foreign or USD-denominated purchases, often exceeding $100 in savings in the first year alone
Application requirements:
Available to Canadian businesses, including corporations and sole proprietors, with an acceptable credit history
A personal guarantee is typically required
Best for: Businesses that frequently make international purchases and want to avoid FX fees.
User experience insights: Users consistently highlight the Passport Business card’s FX-free model: purchases abroad or in CAD using foreign vendors aren’t charged extra; only the Visa rate applies. Many travelers also appreciate the annual six Priority Pass lounge vouchers.
Real‑world use case: A Vancouver-based export company frequently purchases goods from Europe and pays vendors in Euros and USD. By using the Scotiabank Passport Business Card for these purchases, they eliminated the typical 2.5% FX fee. With a consistent $20,000/month business spend, they earned ~360,000 Scene+ points and utilized lounge access at Toronto Pearson and Montreal-Trudeau for their staff during travel for international meetings.
Business credit cards comparison chart 2025
Let’s dig into a few of the contenders for the best Canadian business credit cards and see how their rewards, annual fees, user experience and other factors stack up.
Concierge praised, good travel tools, point pooling via RBC Avion
TD Business Travel Visa
Expedia bookings
9x Expedia for TD, 6x travel/dining, 2x base
$149
High
3–5 days
Yes
Expedia for TD offers great redemption value, tools for mobile and card control
CIBC Aventura Visa for Business
Flexible travel rewards
2x via CIBC Travel, 1.5x gas/dining, 1x base
$120
Moderate to high
Moderate
Yes
Strong control tools, multi-user dashboard, QuickBooks/Xero friendly
Scotiabank Passport Visa Infinite Business
No FX fees
1.5x Scene+ flat rate
$199
High
1 week
No
Consistent FX-free performance, lounge access, basic but functional travel features
Why smart Canadian businesses are moving beyond traditional credit cards
Today’s Canadian businesses are scaling faster, managing more complex operations and expecting more from their financial tools. But traditional business credit cards haven’t kept up.
They still rely on outdated processes, personal guarantees and interest-heavy lending models, limiting flexibility just when businesses need it most.
⭐ Editor’s Choice for Best Business Credit Card for Modern Canadian Businesses: Float
If you’re building a modern finance team, the case for switching is clear.
The traditional credit card problem
Traditional business credit cards come with serious limitations:
Personal guarantees put your and your employees’ personal credit at risk
2 to 4 week approvals slow down urgent purchases and hiring
Low credit limits ($10K–$50K) restrict growth and vendor payments
19 to 25% interest rates chip away at margins and cash flow
Manual expense management tools add complexity and cost
Float corporate payment cards—the better alternative
Traditional business credit cards were built for a different era when companies moved more slowly and finance teams didn’t have modern expectations. Float is the better alternative for today’s Canadian businesses.
Float solves your business credit card problems with:
No personal guarantees: Protect your founders and finance leaders
Real-time spend controls: Set card limits, freeze cards and approve requests instantly
Built-in software: Ditch the spreadsheets and disconnected expense tools
High limits: Up to $1M+ to match the pace of your growth
Instant issuance: Create virtual or physical cards in seconds
Multi-currency ready: Issue CAD or USD cards with transparent FX
Whether you’re managing ad spend, travel budgets, vendor payments or team expenses, Float gives you full visibility and control.
Real Results: How Canadian Businesses Are Scaling Smarter with the right business credit cards
Many growing companies across Canada are rethinking how they manage spending—and seeing major results by combining the right credit tools with Float.
Ocean Wise
Ocean Wise, a rapidly growing conservation organization, needed a modern solution to handle their complex funding. With Float, they saved 1,200+ hours annually on admin, 12 minutes on every single transaction done, and accomplished all of this with no new hires.
Impact Kitchen
Impact Kitchen’s three-person finance team struggled with fragmented credit card programs, manual processes, and constant resets that slowed operations and delayed month-end close. A partnership with Float saved them 100+ hours across 500+ transactions and seven restaurant locations.
Viva
Viva’s reliance on co-founders’ personal cards buried the team in manual admin work, from reconciling expenses to handling every purchase detail. The switch to Float saved them 8+ hours a month on reconciliation while saving over $1.1K per month on FX fees.
Get started with Float
Choosing the right business credit card can make a big difference in how you manage spending and earn rewards. Whether you’re focused on cashback, travel perks, or better expense tracking, there’s a card that fits your business needs. And with tools like Float, you can take control of company spending—no matter which card you use.
Not quite. Corporate cards are typically for larger companies and often require the business to be liable for charges.
It’s not recommended. Mixing personal and business expenses can create accounting headaches.
Regular use and timely payments on a business credit card are reported to business credit bureaus, helping establish your company’s credit history.
If you are a business owner, we recommend choosing a company credit card that doesn’t require personal background checks, can offer you high credit limits, and is easy to get started with! Float is a great option with no personal guarantee requirements!
The answer varies depending on the businesses’ needs, but for SMBs looking to scale, the Float corporate card offers fast approval, no personal guarantees and built-in spend controls. This makes it ideal for growing teams.
Traditional cards like the RBC Avion Visa Infinite Business or Amex Corporate Platinum can offer high limits for certain qualified applicants. However, Float offers limits of up to $3 million or more, without interest charges, making it the most scalable option for Canadian businesses.
Yes. The BMO Cashback Business Mastercard has no annual fee and Float also offers zero fees with unlimited virtual and physical cards included in its Essentials plan.
For most growing Canadian businesses, a corporate payment card like Float offers more control, efficiency and cost savings. While traditional credit cards may suit companies that need to borrow and carry a balance, they often come with slower approval processes, limited visibility into team spending and interest charges.
Float’s corporate payment cards let you issue cards instantly to team members, set custom limits in real time and avoid interest charges altogether—all while integrating seamlessly with your accounting tools. That means your business can scale without being slowed down by the limits of traditional banking products.
Most business credit cards require a personal guarantee, meaning missed payments could impact your personal credit score. Float’s corporate card, however, does not require a personal guarantee. This helps you protect your personal credit while building financial autonomy for your business.
Despite transformative innovation in accounts payable software like AI-driven optical character recognition (OCR) and workflow automation, 69% of Canadian SMBs still feel that invoice processing and vendor payment needs to be more efficient. The accounts payable system that today’s growing businesses rely on stifles operations. Twenty-seven percent of Canadian SMBs report that their most pressing challenge is delays in incoming and outgoing payments while 18% report that cash flow management issues are their biggest obstacle.
In this article, we’ll discuss why today’s businesses need better solutions for AP automation and how to choose the best accounts payable automation software in 2025.
What is accounts payable software?
Accounts payable (AP) software solutions automate invoice and bill intake, GL coding, matching, validation, and approvals to streamline the process of paying your suppliers and vendors.
Business leaders often look into investing in accounts payable workflow software when their teams get fed up with tedious manual data entry and when their current approvals and payment processes create frustrating bottlenecks. But beyond just saving you time and labour, the right AP software solutions also give you greater control over your expenses, provide more accurate invoice validation and help you close your books quickly.
The best accounts payable automation software have embedded payment and business options, so you can make EFT payments to your vendors and contractors or pay them via ACH, international wire transfer, cheque or credit card without having to navigate through your online banking portals every time an invoice comes due.
Why Canadian businesses need accounts payable automation software
Your AP strategy is where you put your budget into action. Accounts payable automation software is an essential tool for monitoring and controlling where your cash is allocated so you can keep your business running and invest wisely in growth-driving opportunities. With AP automation software, businesses can:
Eliminate manual data entry. The best AP software solutions offer OCR that automatically transfers information from invoices and receipts into the system and applies appropriate general ledger (GL) and tax codes.
Enhance security and reduce fraud. Two- and three-way matching automatically check invoices against purchase orders (POs) and goods receipt notes (GRN) to ensure you’re paying the right person.
Improve vendor relationships. If you’re trying to figure out how to pay an invoice faster for a valued vendor, you can schedule transactions and track payments with an AP solution to reduce days payable outstanding (DPO), build trust with your vendors, and take advantage of early payment discounts.
Control spend and manage expenses. Track spend in one place to get insights into your budget. With an AP automation solution like Float, you can also proactively set limits (not just company handbook policies) on corporate card spending to keep everyone on track.
Make global payments. Leading AP solutions allow you to seamlessly pay US invoices and international invoices within the platform.
Close the books faster. Automatically reconcile invoices in your AP solution with your accounting software.
Make EFT Payments with Float
Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.
What to look for in accounts payable software in 2025
Today, the status-quo accounts payable system for a Canadian businesses includes a patchwork of point solutions that breeds bottlenecks and holds businesses back.
The best accounts payable automation software provides holistic, end-to-end workflows, speedy payments and cash flow management, facilitating financial momentum so you can grow your business. Look for an AP software solution with key features like:
✓ AI-driven OCR for automated receipt and invoice intake
✓ Automatic GL and tax coding
✓ Automatic two- or three-way invoice matching and validation
✓ Employee expense management and reimbursement capabilities
✓ Customizable approvals controls and automated approvals processes
✓ Multiple ways to pay invoices including EFT and ACH, wire, credit card or via platform-based account
✓ International payment capabilities plus low- or no-fee FX
✓ Payment tracking for both you and your vendors
✓ Reliable two-way sync integrations and automatic reconciliation with accounting software
Does accounts payable workflow software handle employee expenses?
Most AP software workflows lump employee expenses—like travel, meals, fuel, and supplies—in with vendor invoices, even though they should be treated differently. Typical AP solutions focus on facilitating vendor payments and most businesses opt to (or have to) reimburse employees through payroll.
With an AP automation platform like Float, corporate card spending and reimbursements happen seamlessly in the same place as invoice management and vendor payments.
Float lets you see how spending across all your corporate cards impacts cash flow as transactions happen. You can also customize spending limits in real time, giving you total control over when and how your team spends. You can use Float to process same-day reimbursements, but with corporate cards, you don’t have to worry about reimbursements at all.
6 best accounts payable software for Canadian businesses in 2025
Float Bill Pay is an accounts payable software small business teams love to use, but there are other options out there. To help you make an informed decision about the accounts payable software that fits your business, here’s how Canadian AP software solutions stack up.
1. Float Bill Pay
Float Bill Pay is an intuitive financial management platform built in Canada for Canadian businesses of all sizes. Designed for efficiency, it offers seamless invoice and receipt capture workflows powered by leading-edge AI data extraction. With automated GL and tax coding, custom approval workflows and embedded EFT/ACH and wire payments (CAD and USD), managing payments has never been easier. Float also includes built-in FX services, ensuring smooth international transactions.
Payments made through your Float balance arrive within one to two business days, with real-time payment tracking for vendors. The platform integrates effortlessly with QuickBooks, Xero and Netsuite through two-way sync, along with HRIS and Slack integrations to ensure the right team members sign-off on invoices.
Float Bill Pay is available for free, with premium and enterprise pricing options available. No fees are charged on EFT and ACH transactions on Float, offering further savings for your business. Additionally, Float combines best-in-class accounts payable automation software with corporate and virtual cards for employee spend management. Businesses can also benefit from 1% cashback on corporate card purchases and earn up to 4% interest on CAD and USD business balances.
2. Plooto
Plooto is an AP and accounts receivables (AR) automation software. It’s a good point solution for SMBs looking for status-quo AP software.
The platform offers automated invoice processing alongside customizable automated approval workflows so that invoices are routed to the right person at the right time. The platform also provides in-depth payment history with a comprehensive audit view of transactions.
Plooto subscriptions cost between $32 and $99 per month. It offers EFT and ACH payments at $0.50 per transaction and enables international payments to over 40 countries with no FX fees. However, payments can take between 4 to 5 days to process and customers report that payments often take far longer to go though. Limited customer support and a poor payee experience are also common issues with this platform. Plooto is purely an AP/AR solution and doesn’t handle employee spend or reimbursements.
3. Dext
Dext is a bookkeeping automation software with a focus on record-keeping. Its strength is its OCR intake functionality. Dext provides multiple convenient ways for employees to upload receipts on the go with real-time expense tracking for the back office. Like Plooto, it offers robust approvals controls. It also provides automated reporting to help get the books closed quicker.
Currently, Dext doesn’t offer payment features. You’ll need to manually make payments through your bank or another platform. Dext may offer payment features in the future, but for now, it only provides a point solution that must be integrated with other platforms.
A Dext subscription costs between $30 and $107.50 per month.
4. Loop
Loop is a banking platform focused on streamlining cross-border payments. It’s built more like a digital banking app than an AP software solution. Loop delivers on flexibility and speed for making global payments, but it’s not the best choice for end-to-end AP automation. It doesn’t integrate with accounting software or automate invoice intake—you’ll need another solution for collecting and storing invoices. You’ll also have to manually validate and reconcile payments made through Loop with other systems.
Similar to Float, Loop does offer corporate credit cards in CAD and USD, as well as GBP and EUR with no annual fees, rewards points up to $1 million credit limits and a 55-day repayment grace period. The corporate card makes it easier to track and control employee spend alongside vendor payments for a more holistic view of your cash flow.
Loop has a free version, but its paid tiers cost between $49 and $199 per month. EFT/ACH payments cost between 0.25% and 0.5% per invoice plus $1, which means that the bigger the invoice, the more you’ll pay. Loop provides real-time payment tracking and payments typically arrive in 1 to 3 business days.
5. Quadient accounts payable automation by Beanworks
Primarily a mailing and customer experience solution provider, Quadient also offers a AP automation by Beanworks. Quadient might be a good option for larger, global mid-market businesses and enterprises, but it’s not flexible (or affordable) enough for SMBs. It offers comprehensive AP features like automated purchase order (PO) and invoice processing as well as automatic GL coding.
You can make payments through an integration with your online banking portal or via cheques, e-cheques, ACH or virtual credit cards which offer 1.1% cash back. Payments are automatically reconciled with your accounting software—Quadient offers custom integrations in addition to its long list of financial and enterprise resource planning (ERP) integrations.
There’s no publicly available pricing, but costs are tied to transaction volume, so it’s not ideal for rapidly growing companies.
6. RBC PayEdge
RBC PayEdge is an AP platform from RBC Royal Bank. It’s a good option if you want to make payments through the traditional banking system. The platform allows you to pay invoices from multiple Canadian bank accounts or credit cards and also offers EFT/ACH and cheque payments. You can also pay multiple vendors from a single payment order. RBC PayEdge offers tracking for global payments. Both domestic and international payments can take between 1 to 7 business days to arrive.
The platform doesn’t offer robust expense management features or reporting. As you might expect from a bank, the user interface is outdated and customers report that it’s not intuitive to use. It does integrate with accounting and ERP software.
RBC PayEdge has a free version, but its paid tiers cost between $89.95 and $219.95 per month (woof). EFT transactions cost $1 while ACH transactions cost a whopping $9.99, which means it’s not an ideal solution for businesses that need to make cross-border payments on a regular basis.
AI-powered invoice and receipt captureAutomated GL and tax codingCustom approval workflowsEmbedded EFT/ACH & wire payments (CAD, USD)Built-in FX servicesPayments in 1–2 business daysReal-time vendor trackingTwo-way sync with QuickBooks, Xero, Netsuite
Focus on incorporated businesses vs. freelancers or sole proprietorsBuilt for Canadian-based companies
Automated invoice processingEFT/ACH, cheque payments via credit cardNo FX fees.Payments (might) arrive in 4–5 business daysAR automation and payment processingTwo-way sync with QuickBooks, Xero, and Netsuite
Customers find that payments take far longer than 5 business daysLimited customer supportPoor payee user experience Doesn’t handle employee spend and reimbursements
Dext
SaaS: $30–$107.50/mo. EFT/ACH fees: N/A
Leading OCR receipt and invoice intakeMultiple ways to upload receiptsReal-time expense trackingRobust approvals controlsAutomated reportingQuickBooks, Xero, Sage, and other accounting software integrations
No payment functionalityDoesn’t handle employee spend and reimbursements
Global payments Multi-currency corporate credit cardsRobust approval controlsReal-time payment trackingPayments arrive in 1–3 business days
No invoice intake or storageNo accounting software integrationsPercentage-based pricing punishes growthNo cash backNo interest
Quadient accounts payable automation by Beanworks
No public pricing available. Pricing is based on monthly invoice volume and purchase order and payment requirements.
Automated PO, invoice processingAutomatic GL codingReal-time spend trackingRobust approvals controls1.1% cash back with virtual credit cardsTwo-way sync with QuickBooks, Xero, Sage and moreERP software integrations
Expensive and over-built for SMBsComplex user interfaceFrequent issues with integrationsTransaction volume-based pricing punishes growthDoesn’t handle employee spend and reimbursements
Pay out of multiple Canadian bank accounts or credit cardsSet approval controlsEFT/ACH, cheque payments via credit cardPay multiple vendors in a single payment orderTrackable global paymentsPayments arrive in 1–7 business daysQuickBooks Online, Sage, Xero, ERP software integrations
No robust expense management features No reporting featuresOutdated user interface Limited customer supportDoesn’t handle employee spend and reimbursements
Choosing the accounts payable automation software that’s right for your business
Migrating your AP processes to a new system is a major investment, so it’s important to choose software that’s easy to add into your existing workflows and is intuitive to use. Find a solution that can deliver tangible, measurable results—like reducing DPO and time saved closing the books—as well as intangible benefits like employee satisfaction. If you’re doing business across borders, select a solution that allows you to easily make EFT or ACH payments, wire transfers or no-fee FX payments in your required currencies.
The solution you choose should also address your business’s unique needs today while pushing your operations forward by boosting efficiency and reducing costs. Float’s Bill Pay provides accounts payable software small business owners and their accounting teams can use to manage employee spend and pay vendors for total control over AP. It’s designed by Canadians to support the nuances of Canadian accounts payable systems.
But don’t just take our word for it. Try Float for free and take the headache out of your accounts payable software processes, once and for all.
Make EFT Payments with Float
Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.
As a Canadian business owner, you understand the importance of managing your finances effectively, especially when it comes to cross-border transactions. Navigating the complexities of foreign exchange (FX) conversion can be a daunting task, but with the right strategies and tools, you can save money and optimize your financial operations.
In this article, we’ll dive into the world of FX conversion, focusing specifically on how to save on conversions between Canadian dollars (CAD) and United States dollars (USD). By the end of this guide, you’ll be equipped with the knowledge and strategies to make informed decisions and minimize costs associated with currency exchange.
What is FX Conversion?
FX conversion is the process of exchanging one currency for another, such as Canadian dollars (CAD) to United States dollars (USD). Understanding the foreign exchange process is crucial for businesses engaging in cross-border transactions.
How to Save on FX Conversion Between CAD and USD
Explore strategies to minimize costs: Researching and implementing effective strategies can significantly reduce the financial impact of currency exchange on your business.
Optimize transactions: By optimizing your cross-border transactions, you can minimize fees and maximize savings.
1. Understand Currency Conversion Fees
Familiarize yourself with typical fees: Banks and brokers often charge various fees for currency conversion. Understanding these fees is the first step in saving money.
Compare providers: By comparing different providers, you can identify those that offer the most competitive rates and save on conversion fees.
2. Seek Competitive Exchange Rates
Monitor the market: Keeping a close eye on exchange rates can help you identify favorable times to convert your currency.
Utilize rate comparison platforms: Platforms that offer real-time rate comparisons can help you find the best deals and save money on conversions.
3. Use Norbert’s Gambit for Large Transactions
Implement Norbert’s Gambit: This strategy involves buying dual-listed stocks to transfer between CAD and USD, effectively minimizing conversion costs.
Understand the steps: To execute Norbert’s Gambit effectively, it’s essential to familiarize yourself with the process and follow the steps carefully.
4. Consider a Corporate Card for USD Transactions
Use a corporate card for USD: A corporate card for USD transactions can help minimize conversion fees for business expenses.
Benefits of a specialized corporate card: Corporate cards designed for cross-border transactions often offer competitive rates and additional features to streamline your financial operations.
Tips on Reducing FX Costs
1. Plan Transactions Strategically
Timing is crucial: By planning your conversions when exchange rates are favorable, you can maximize savings and minimize costs.
2. Utilize Financial Tools
Leverage financial software: Specialized financial software can help you track and optimize your currency exchanges, ensuring you’re always getting the best rates.
Frequently Asked Questions
What is the cheapest way to convert CAD to USD?
Use cost-effective methods: Strategies like Norbert’s Gambit or platforms with low conversion fees can be the most cost-effective ways to convert CAD to USD.
How can I avoid high fees when converting currency?
Compare and use specific strategies: Comparing providers and using strategies like Norbert’s Gambit for large sums can help you avoid high conversion fees.
What are the best strategies for saving on FX conversion?
Monitor, use corporate cards, and apply Norbert’s Gambit: By monitoring exchange rates, using corporate cards designed for cross-border transactions, and applying Norbert’s Gambit when appropriate, you can effectively save on FX conversion.
How does Norbert’s Gambit work for CAD to USD conversion?
Buy dual-listed stocks and journal them: Norbert’s Gambit involves buying dual-listed stocks and journaling them to exchange currencies at minimal cost.
Conclusion
By implementing these strategies and staying informed about the latest trends in FX conversion, you can significantly reduce costs and optimize your cross-border transactions. At Float, we understand the unique challenges faced by Canadian businesses, and we’re here to help you navigate the complexities of foreign exchange. Get started for free today and discover how our innovative solutions can help you save on FX conversion between CAD and USD.
Managing business expenses can quickly become chaotic without the right systems. From vendor invoices to employee reimbursements, keeping track of payments is a critical part of maintaining healthy cash flow.
This is where accounts payable (AP) comes in—the core of your company’s financial operations. But traditional AP processes are often slow, error-prone and a major headache for finance teams. So, how can you streamline your AP process and free up time for what really matters?
In this guide, we’ll break down everything you need to know about accounts payable: what it is, how it works and how modern automation tools like Float can transform your AP workflow. Whether you’re a finance leader aiming to eliminate gruntwork or a business owner seeking better visibility into company spending, we’ve got you covered.
What is Accounts Payable (AP)?
Accounts payable (AP) refers to the money a company owes to its vendors for goods or services received but not yet paid for. It’s recorded as a liability on the balance sheet and includes payments such as supplier invoices, contractor fees and utility bills.
Examples of accounts payable:
Invoices for supplies and equipment (e.g. office supplies, computer hardware, raw materials, etc.)
The way your business manages accounts payable can make or break its cash flow, vendor relationships and bottom line. In fact, 65% of SMBs report long processing times for financial transactions, which ties directly to cash flow problems and missed opportunities for growth.
Imagine a missed invoice leads to a late fee and a frustrated vendor who pauses your deliveries. Or maybe your finance team is scrambling to fix a double payment, wasting hours chasing down refunds. Meanwhile, slow approvals stall an important purchase, putting a critical project on hold. There are just a few ways inefficient AP processes can cost you time, money and trust.
Accounts payable vs. accounts receivable
While accounts payable tracks what your business owes, accounts receivable (AR) tracks what others owe you. AP is a liability, whereas AR is an asset. Both are important for understanding cash flow and maintaining financial stability.
Tracking both AP and AR is key to maintaining a healthy cash flow—see how cash flow statements tie it all together.
What is the accounts payable process?
Accounts payable management involves outlining the journey from invoice to payment, offering a clear framework for how to pay an invoice efficiently and accurately.
Here’s how it typically flows:
Invoice receipt: Capture invoices via email, mail or automated systems.
Invoice review: Verify charges and ensure they match purchase orders.
Approval workflow: Route invoices to the right team members for swift approval.
Payment processing: Settle bills via EFT transfers, credit cards, or cheques.
Record-keeping: Log payments into your accounting system.
When your AP process runs smoothly, payments are on time, vendors stay happy and your cash flow stays clear.
6 common challenges in traditional AP management
Traditional accounts payable processes can feel like a time sink—slowing operations, frustrating finance teams, and leaving room for costly mistakes. Without modern tools, businesses face a range of issues that can quickly snowball into bigger problems.
1. Manual workflows
First, there’s the chaos of manual workflows. Paper invoices, spreadsheets and email chains create confusion, waste time and make it easy for documents to slip through the cracks. Finance teams end up chasing receipts instead of focusing on strategic work.
2. Approval bottlenecks
Then come the approval bottlenecks. Payments stall when they’re stuck in endless sign-off loops. The longer the delay, the greater the risk of late fees—or worse, strained vendor relationships.
3. Frequent errors
On top of that, errors run rampant with manual processes. It’s easy to enter the wrong numbers, pay the same invoice twice or miss a payment altogether.
4. Poor visibility
There’s also the issue of poor visibility into spending. Without a centralized view, finance teams are left in the dark, scrambling to piece together where money is going and struggling to catch unwanted expenses in real time.
5. Decentralized tools
Compounding these problems is that many businesses still rely on disconnected tools to manage the AP process—55% of SMBs say financial tools that don’t integrate well with each other are a top inefficiency driver. Often, this looks like using one system for bill intake, another for approvals, an accounting platform to track unpaid bills and a separate bank portal to process payments.
When integrations between tools break, it causes delays and wastes time on troubleshooting. Even if you’re processing high volumes of payments every month, this patchwork approach can waste time rather than save it.
6. Fraud
What’s worse, all of these challenges compound to increase your fraud risk. Loose controls and outdated systems can leave the door open for unauthorized payments or fake invoices to slip through unnoticed, costing your business money and damaging trust.
When these challenges pile up, they can have real-world consequences. But with a modern, automated accounts payable process, you can gain the visibility and control you need to make payments simpler.
Confident SMBs are 2x as likely to expect >10% profit growth
Benefits of automating accounts payable management
From speeding up payments to improving visibility, accounting automation helps your business move faster, smarter, and more securely.
Here’s how:
Faster invoice processing Manual invoice processing is slow and clunky, often dragging payments out for days or even weeks. Automation can capture invoice data instantly and route approvals with a click. Payments that once took days can be completed in minutes, keeping your vendors happy and your operations running smoothly.
Reduced errors and fraud risk Manual data entry is a breeding ground for costly mistakes: duplicate payments, missed invoices and misfiled records. Automated accounts payable systems use built-in validations to catch errors before they happen, reducing the risk of costly slip-ups. With proper controls and approval workflows in place, you’ll minimize the chance of fraudulent activity or unauthorized spending.
Improved cash flow management With automation, you get real-time insights into every outgoing payment—what’s due, what’s paid and what’s pending. Clear visibility into your liabilities helps you forecast expenses, avoid late fees and take advantage of early payment discounts.
Increased visibility and control No more chasing down receipts or wondering where an invoice stands. Automation centralizes your AP data into one dashboard, giving you a complete, real-time view of every transaction. You can track approvals, spot spending patterns and enforce policies, all without digging through email threads or spreadsheets.
Modern accounts payable strategies
Focus on these accounts payable strategies to reduce delays, eliminate errors, and gain better control over your AP processes.
1. Automate invoice processing
Manual data entry is a productivity killer that leads to errors and slows down your entire AP workflow. Automating invoice processing is one of the fastest ways to make your AP process more efficient and accurate.
Here’s how to do it right:
Digitize invoices with OCR technology. Optical character recognition (OCR) technology scans and converts paper invoices into digital records. This eliminates manual data entry, reduces errors, and speeds up processing—especially if you’re dealing with high volumes of invoices.
Automate invoice-to-PO matching. Set up rules to automatically match invoices to purchase orders (POs). With automated matching, any discrepancies like price differences or unexpected charges are flagged for review. This helps catch errors early and prevents overpayments.
Schedule recurring payments. For vendors with regular billing cycles, such as utilities or monthly service providers, automate recurring payments. This ensures that predictable bills are paid on time without the risk of missed deadlines or late fees.
2. Optimize approval workflows
Bottlenecks in the approval process slow down payments, frustrate vendors, and create unnecessary delays. Streamlining your approval workflows keeps payments moving and eliminates confusion.
Here’s how to do it:
Establish clear approval hierarchies. Define who needs to approve invoices based on payment amounts, vendor types, or departments. With clear guidelines, everyone knows their role, and invoices don’t get stuck waiting for the right sign-off.
Set spending limits for team members. Create thresholds for automatic approvals to reduce unnecessary reviews. For example, purchases under $250 can be pre-approved, while anything above requires manager review. This keeps small expenses moving without bottlenecks.
Route approvals digitally. Use an automated system to assign invoices to the right approvers, notify them instantly, and track every step of the process. Real-time updates and digital records eliminate back-and-forth emails and make it easy to follow the status of each invoice.
3. Transition to electronic payments
Paper cheques are slow, costly and prone to error. Switching to electronic payment methods speeds up your accounts payable process and reduces administrative headaches.
Here’s how to make the shift:
Prioritize virtual cards for all online payments. Virtual cards are single-use or limited-use payment numbers tied to your corporate account. They’re easy to track, help prevent fraud and are perfect for one-off payments or online purchases (especially software trials). Many vendors prefer virtual cards because they process instantly and don’t require banking details.
Use electronic transfers for domestic payments. For all other domestic transactions,EFT (Electronic Funds Transfer) payments are faster, more secure and often cheaper than traditional cheques in Canada. An EFT payment is ideal for recurring payments and bulk transfers, cutting out mailing delays and lowering processing costs.
💡 Pro tip: Understand the difference between ACH vs EFT. Automated clearing house payment (ACH) is a specific type of EFT used primarily for domestic payments within the US. Some more modern providers do offer cross-border ACH payments, but you’ll need to check with your bank. Or, try making international payments with Float.
New to digital payments? Start by learning how to make an EFT payment, from setting up vendors to scheduling transfers.
Looking to pay invoices from Canada to other countries?
While this may seem overwhelming at first, modern tools have come a long way. Solutions (like Float) will allow you to implement all of these strategies in one place.
Accounts Payable Metrics to Track
Days Payable Outstanding (DPO): measures the average time it takes to pay vendors
Invoice processing time: tracks the efficiency of the AP process from invoice receipt to payment
Early payment discount capture rate: shows the percentage of available discounts captured
Electronic invoice adoption rate: indicates the level of automation in the AP process
Vendor satisfaction score: assesses the strength of vendor relationships based on timely payments and communication
Tips for choosing the right accounts payable software
Start with automation. Capabilities like invoice capture and approval workflows will save your team time and reduce errors. Look for features like OCR technology to digitize invoices and automatic matching to purchase orders to streamline your process.
Next, prioritize integration. Your software should connect seamlessly with your accounting system, keeping your records accurate without extra manual work.
Visibility matters, too. Real-time dashboards and easy-to-read reports help you track spending, catch errors and make smarter financial decisions.
Don’t forget security. Built-in safeguards like multi-factor authentication and role-based permissions protect your payments from fraud and unauthorized access.
Last, choose software that grows with you. Look for a solution that can handle increasing transaction volumes, add users easily and adapt to your changing needs, all while offering responsive support.
Why Float fits the bill
Float offers fast automation, real-time insights and secure, seamless integrations—everything you need to manage your accounts payable process without the headaches. With built-in tools like bill pay to automate invoice payments, you can process transactions faster and reduce manual work. Plus, it’s built to scale with your business, supporting your growth every step of the way.
Simplify business spending with Float’s smart AP & corporate cards
“Float’s Bill Pay has become our main AP solution for Canadian business expenses. They built a product that is better than anything else on the market in Canada.”
Thomas Kwon Head of Finance & Operations
Accounts payable management doesn’t have to be complicated or costly. Float brings everything you need into one easy-to-use platform, helping you automate your AP workflows, track spending in real time, and process payments faster—all while keeping complete control over your finances.
With Float, you get a smarter way to manage every dollar your business spends.
Issue corporate cards instantly
Automate bill payments from one place
Close your books up to 8x faster with seamless accounting integrations
Earn 4% interest on your Float balance
Get 1% cashback on card spend
Float is trusted by thousands of Canadian businesses to simplify their spending, from approvals to payments—all with no hidden fees and fast, friendly support when you need it. Whether you’re eliminating approval bottlenecks or gaining better control over your cash flow, Float helps your business spend smarter and scale faster.
Ready to take control of your business spending?
Get started with Float today and experience faster payments, fewer errors, and complete visibility.
Try Float for free
Business finance tools and software made by Canadians, for Canadian Businesses.
Rising costs at gas pumps nationwide can make operating vehicles in your business both challenging and expensive. In addition to maintenance, fuel accounts for a major portion of operational spend for companies that use vehicles to provide services. The good news? Finding the best fuel card or fleet card for your business can save you money and give you control over the cost of getting from A to B.
In this guide, we’ll go over how businesses benefit from providing fleet cards to employees and introduce some of the best fleet fuel cards Canada has on offer—plus a few alternatives.
What is a fleet card?
Fleet cards, also known as fuel cards, enable employees to pay for the costs associated with operating a vehicle—including gas, maintenance and repairs—and forward the charge to their company as a business expense. Fleet cards can only be used for vehicle-related expenses, whereas other corporate cards can be used for purchases like office supplies, software subscriptions, or meals.
Fleet cards are for businesses of all sizes with employees who drive a vehicle as part of their job. This includes companies that manage field workers or contractors who commute to different job sites (think plumbers, landscapers and telecommunications techs). Fleet cards are a must for long-haul trucking and last-mile delivery companies that need a way for drivers to pay for fuel and maintenance while they’re on the road.
How does a fleet card work?
If you’re looking into business cards, you might be wondering: What is a fleet card used for? Can’t a corporate card do the same thing?
There are definitely similarities. Employees can use fleet cards to make fuel and vehicle maintenance purchases on the company’s tab the same way they’d pay with a company debit or credit card. Many fleet cards are a type of credit card or charge card that accumulate a balance the employer needs to pay down on a regular basis. Some providers, like Float, also offer prepaid business credit cards for fuel.
Unlike general-use business credit cards, fleet cards enable employers to set strict spending limits and restrict the types of transactions employees make—and even where they can make them.
There are two types of fleet cards:
Closed-loop fleet cards are offered by fuel retailers and can only be used within their fuel networks. One of the major downsides is that drivers have to go out of their way to use them at specific gas stations and truck stops.
Open-loop fleet cards are offered by financial institutions or corporate card providers and can be used anywhere the card’s brand is accepted. Open-loop cards are often Visas or Mastercards.
You can assign a fleet card to an employee or to a vehicle, which makes it easier to track total cost of ownership (TCO) and identify any gas-guzzling lemons in your fleet. The cards also offer security features like flagging unauthorized transactions and allowing you to suspend or cancel non-compliant cards.
Benefits of fleet cards
1) Eliminate the reimbursement rigamarole
With a fleet card, employees don’t have to worry about gathering receipts to submit for approval or wait for reimbursement. In turn, your accounting team doesn’t have to spend time hunting down receipts or juggling payouts, making it easier to control cash flow.
2) Give drivers autonomy without compromising on control
Using a fleet card keeps the budget under control without causing roadblocks for drivers. Fleet cards give you the best of both worlds: the ability to set spend limits and track usage while also allowing your team to fuel up when it’s convenient for them.
3) Get better insights and analytics
Top-performing fleet cards can be integrated with bookkeeping or expense management software to automatically log details like fuel grade, fuel price, and location. This enables you to measure fuel efficiency and maintenance costs so you can spot opportunities for improvement.
4) Take advantage of savings and rewards
Many closed-loop fleet cards offer rebates or discounts on fuel, car washes, tires and mechanic services. Some also offer cash back or points programs. At Float, our corporate cards offer a stack of rewards including 1% cashback and 4% interest on yield account balances—without the restrictions that come with closed-loop cards.
Best fleet fuel cards in Canada
The best fuel card will offer employees flexibility and convenience when they need to fuel up while giving you greater visibility and control around your vehicle expenses. If your employees are driving out-of-province or into the U.S., you need to consider cards that work across borders.
To help you find the card that fits your business, here’s an overview of some of the best fleet fuel cards Canada has to offer:
Closed-loop fleet cards
Shell Fleet Plus: One of the leading fuel cards for trucking companies in Canada. Offers discounts at Shell stations and Jiffy Lube, plus Air Miles. Includes purchase controls and reporting.
Esso and Mobil Business Card and Premier Plus Business Card: Another leader with a wide network offering fuel cards for trucking companies in Canada. Provides volume discounts and, at the Premier Plus level, advanced performance reporting.
Co-op Fleet Cards: A popular option for transport and agriculture companies. Can only be used at Co-op, Tempo and Western Nations Gas Bars in Western Canada.
Open-loop fleet cards
Shell Fleet Navigator: An open-loop Mastercard that has all the benefits of Shell Fleet Plus along with additional chip and PIN security and universal acceptance.
BMO Fleet Card: BMO offers the Mastercard Corporate Fleet Card that can be used everywhere, including Mastercard ATMs. Offers spend controls and reporting.
Foss National Leasing Fuel Card: This open-loop-ish card is accepted at 98% of Canadian fuel retailers. The program includes tire services from Foss, which also offers vehicle leasing.
Corporate cards for vehicle expenses from modern business finance providers
Float: Flexible open-loop corporate card solutions, including fuel cards for small businesses in Canada. Provides built-in expense management and spend limit features and offers 7% total average savings. Built for Canadian businesses.
Keep: General-use corporate card with higher credit limits. Offers basic spend controls and expense tracking. Not available in Québec.
Loop: General-use corporate card with no FX fees. Offers points rewards on purchases. Expense management through a single pane of glass.
Vault: General-use corporate cards that offer 1% cashback on purchases and no FX. Provides multi-currency accounts. Not available in Québec.
Best business credit cards
Compare top options, fees and benefits for Canadian companies.
Fuel cards should give you tools to track fuel efficiency and maintenance costs to better understand TCO so you can invest wisely in new vehicles moving forward.
Fleet cards that integrate seamlessly with your tax and accounting or business intelligence software make it easy to stay compliant and measure success.
The best fuel cards for trucking companies in Canada offer expense management solutions that integrate with telematics and electronic logging device (ELD) software for a holistic view of vehicle costs.
Bear in mind that some cards require you to buy a certain volume of fuel each month to qualify for benefits like discounts and rebates. If fuel purchases aren’t a major cost for your business, choosing a general-use corporate card allows you to have the same level of control over employee purchasing, without limitations around what types of expenses they can pay for with their card.
How to apply for fleet cards
Unlike business credit cards, many fleet cards on the market are provided by fuel retailers or corporate card providers, not traditional financial institutions. If you’ve looked into how to get a business credit card before, you might be wondering, what is a fleet card application process like?
You’re in luck. Applying for a fleet card is typically quick and easy. Here’s how.
1) Get your business info together
Applications require information like your company name, location, type, industry, registration documents and your GST/HST number.
2) Gather fleet information
You’ll need to report details like the size of your fleet, your monthly fuel and maintenance costs and your monthly fuel use.
3) Gather financial documents and check your credit score
Some providers may need to look at financial statements, proof of income and your credit score to determine the credit limits you’re eligible for. Some also require a personal guarantee or other collateral.
4) Complete your application
Many closed-loop cards and cards that are available through banks require you to speak directly to a representative about your needs. Open-loop cards, especially those offered by fintechs, typically have fast online application processes. At Float, it takes just 10 minutes to apply for your corporate cards.
5) Get approved and issue your cards
With Float, you can get a 24-hour turnaround on approval. Some providers have longer approval timelines. Once you’ve been approved, you can put rubber to the road and start assigning cards to your drivers.
Managing fuel expenses in your business
According to the American Transport Research Institute (ATRI), fuel accounts for almost a quarter of trucking company operating expenses and costs an average of $22.23 USD per hour, per vehicle in 2023.
Saving on fuel frees up cash in your business. Reducing fuel costs also goes hand-in-hand with lower emissions, which can help you meet climate action targets.
Here’s how you can control your fuel costs in addition to using a fleet card.
Optimize routes and loads
Use telematics solutions to find faster routes and enable drivers to proactively navigate around traffic and construction. Ensure your drivers are only carrying what’s required—i.e., don’t let employees lug their hockey bags around in the company car—as fuel consumption increases by about 1% for every 25 kg in mid-sized cars.
Habits like repeatedly hitting the breaks and speeding up can increase fuel use by up to 33%. Coasting rather than using the accelerator and brakes can also save gas. Proactively coach drivers on techniques to reduce fuel use and minimize wear-and-tear on your vehicles.
Perform preventative maintenance
Replacing air filters, changing oil, and checking tire pressure on a regular basis boosts fuel efficiency and ensures your fleet is in good working order. This reduces unnecessary emergency repair expenses.
Float for fleet management
Fuel cards are great for trucking companies or last-mile delivery companies whose drivers mostly spend money at fuel stations, truck stops, and mechanics. But if you run a trades- or service-based company, and/or provide commuter vehicles for your employees, the best fuel card for you might be a general use corporate card.
Float offers the best business credit card in Canada. Our flexible corporate cards enable you to manage all of your employee expenses, including fleet costs like fuel and maintenance, in one place. Drivers can use Float cards wherever Visa and Mastercard are accepted across Canada.
With Float, you can set the same strict spending limits that you’d expect from the best fleet fuel cards in Canada and customize those restrictions—in real time—for all the purchases your employees need to make. Float’s suite of powerful reporting features show transactions as they happen in the moment and enable you to track budgets vs. actuals over time.
Float also offers high spending limits up to $1M with no personal guarantees. Benefits like 1% cash back, 4% interest on funds kept in your Float and low USD conversion fees rolled up with increased efficiency across your team delivers 7% total cost savings.
Looking to sharpen your bookkeeping skills without breaking the bank? We’ve rounded up 5 free online bookkeeping courses online that’ll help Canadian small businesses owners and finance teams.
Why Bother with Courses on Bookkeeping?
Let’s face it, training in bookkeeping isn’t the most thrilling part of running a business. But it’s crucial for:
Keeping your financial records in order
Making tax time less of a headache
Understanding your company’s financial health
Making smarter business decisions
So, let’s dive into these free online bookkeeping courses that’ll transform you from a numbers novice to a balance sheet boss!
Are you keen to grasp the essentials of bookkeeping and online accounting? The Open University offers a fantastic free online bookkeeping course that’ll set you on the path to financial wizardry.
Introduction to Bookkeeping and Accounting is a gem for anyone looking to:
Master the numerical skills crucial for bookkeeping
Understand the accounting equation and double-entry bookkeeping
Learn how to record transactions like a pro
Create balance sheets and profit & loss accounts
This course is completely free and self-paced. You can learn at your own speed, fitting it around your own schedule.
What’s included:
8 hours of study material
Beginner level content
A free statement of participation upon completion
Option to earn a digital badge
Whether you’re a small business owner wanting to get a handle on your finances, or you’re considering a career change into accounting, this course provides a solid foundation.
Head over to The Open University’s website and create your free account. Your journey into the world of bookkeeping starts now!
Are you a small business owner or aspiring bookkeeper looking to get a handle on payroll accounting? Look no further! FreeBookkeepingAccounting.com offers a fantastic free online payroll course that’ll have you crunching numbers like a pro in no time.
This course covers all the essentials:
The complete payroll process
Understanding wages journals
Fundamentals of payroll accounting
And much more!
No registration required – simply scroll down and start learning at your own pace. Perfect for beginners, this course breaks down complex concepts into bite-sized, easy-to-digest modules.
Key topics include:
Decoding payslips and key payroll terms
The five main steps of the payroll process
Creating and understanding wages journals
Accounting for deductions and employer costs
Whether you’re looking to handle payroll for your own business or kickstart a career in bookkeeping, this free course is an excellent starting point. It’s packed with practical knowledge, clear explanations, and even includes visuals to illustrate key concepts.
ACCA (Association of Chartered Certified Accountants) is a globally respected body for professional accountants. They’re offering a treasure trove of knowledge to help you level up your career.
Here’s what’s on offer:
Dive into the world of Machine Learning for Finance
Master the basics with Financial Accounting and Management Accounting courses
Get tech-savvy with Robotic Process Automation and Cybersecurity for finance pros
Build a solid foundation with Intro to Bookkeeping and Management Accounting
The best part? These courses are completely free to audit, with the option to earn a verified bookkeeping certificate for a small fee if you want to showcase your new skills.
Are you looking to dive into the world of bookkeeping or level up your financial skills? Look no further than the Intuit Academy Bookkeeping Online Professional Certificate offered on Coursera! This comprehensive program is designed for beginners and career-changers alike.
Here’s why it’s worth your time:
No prior experience needed – start from scratch and build a solid foundation
Learn from industry experts at Intuit
Flexible, self-paced learning – complete in about 2 months at 10 hours per week
Earn a respected credential to showcase on your LinkedIn profile and resume
What You’ll Learn:
Essential bookkeeping concepts and accounting principles
Navigating the accounting cycle to produce financial statements
Analyzing financial data to make smart business decisions
Hands-on practice with real-world scenarios
While this course isn’t free, you can always apply for financial aid with Coursera. This bookkeeping program is included with a Coursera Plus subscription, making it an incredibly cost-effective way to invest in your future.
FAQ: Your Burning Bookkeeping Questions Answered
Q: Do I need any prior experience to take these courses? A: Most of these courses are designed for beginners, but check the individual descriptions for any prerequisites.
Q: Will I receive a certificate upon successful completion? A: Yes, some of these courses offer fairly sophisticated bookkeeping training and offer certificates upon program completion.
Q: Can I access course materials after completion? A: This varies by course. Some may offer ongoing access, while others might have time limits.
Q: Are these courses recognized by professional bookkeeping organizations? A: These free courses are great for personal development, but may not count towards official certifications. Check with professional bodies for accredited programs.
Q: How much time should I dedicate to these courses? A: Most courses suggest 3-5 hours per week, but the beauty of bookkeeping training online is its flexibility!
Ready to Balance Those Books?
Whether you’re a small business owner looking to get a handle on your finances or an aspiring professional bookkeeper, these free online bookkeeping courses offer a fantastic starting point. Remember, good bookkeeping is the foundation of a healthy business – so why not invest some time in building those skills?
From mastering the basics of the accounting cycle to tackling complex financial analysis, there’s a course here for everyone. So, grab a cup of coffee, fire up your computer, and get ready to dive into the world of debits, credits, and balance sheets. Your future financially-savvy self will thank you!
Are you drowning in receipts and invoices? Losing sleep over GST/HST deadlines? You’re not alone. Many Canadian small business owners find themselves in the same boat when managing their finances.
Why Bother with Professional Bookkeeping?
Let’s face it: you didn’t start your business to become an accountant. You’ve got bigger fish to fry. That’s where bookkeeping services come in handy.
The Perks of Outsourcing Your Books
More time to focus on what you do best
Accurate financial records
Insights to help your business grow
Reduced risk of costly errors
Stay compliant with CRA regulations
Finding the Right Fit: Bookkeeping Services for Canadian Small Businesses
Not all bookkeeping firms are created equal. Here’s what to look for:
Experience with Canadian small businesses: They should understand your unique challenges and tax obligations
Tech-savvy approach: Online bookkeeping services can save you time and money
Clear communication: No jargon, just direct communication about your finances
Scalable solutions: As your business grows, your bookkeeping needs will too
Knowledge of Canadian tax laws: Including GST/HST, provincial taxes, and corporate tax regulations
Online Accounting and Bookkeeping Services: The Future is Now
Cloud accounting services are changing the game for Canadian small businesses. Here’s why:
Real-time access: Check your numbers anytime, anywhere
Collaboration made easy: Work seamlessly with your accountant
Automatic updates: Always have the latest features at your fingertips
Bank-level security: Keep your financial data safe and sound
Multi-currency support: Essential for businesses dealing with US or international clients
Note that while online bookeeping services could offer lower costs, they usually work best for simple business models. If your business has a unique revenue model, complex vendor relationships or P&L structure, it might be best to work with a human who can cater to your business needs.
What to Ask when Choosing a Bookkeeping Company?
What services do you offer?
How do you handle communication?
What’s your experience with businesses in my industry?
Can you provide references from other Canadian businesses?
What software do they use and is it compatible with the CRA requirements?
How do you stay updated with Canadian tax laws and regulations?
Which accounting systems do you work with?
How Much Should You Spend on a Bookkeeper?
How much should you shell out for bookkeeping services in Canada? Well, it’s not a one-size-fits-all answer.
Bookkeeping costs can vary widely based on:
The size of your business
The complexity of your finances
The services you need
Whether you opt for in-house, freelance, or online bookkeeping services
Here’s a rough guide:
For small businesses, expect to pay anywhere from $300 to $2,000 per month.
Freelance bookkeepers might charge $30 to $90 per hour.
Online bookkeeping services often offer tiered pricing, starting from as low as $200 per month for basic services.
Remember, cheaper isn’t always better. A skilled bookkeeper can save you money in the long run by catching errors, maximizing tax deductions, and providing valuable financial insights.
Consider this: How much would it cost you to do it yourself? Factor in your time, potential mistakes, and the stress of dealing with the CRA. Suddenly, professional bookkeeping services start to look like a bargain!
Professional tip: Many Canadian bookkeepers offer a free consultation. Use this to discuss your needs and get a customized quote. It’s a great way to find a service that fits your budget and your business.
The Cost of Peace of Mind
Investing in bookkeeping and accounting services for Canadian small businesses might seem like a significant expense. But consider this: how much your time is worth, and what’s the cost of a major financial mistake or CRA penalty?
Online bookkeeping services in Canada often offer flexible pricing models to suit businesses of all sizes. From basic bookkeeping to full-service accounting, there’s an option for every budget.
Beyond the Books: How a Bookkeeper Can Boost Your Business
A good bookkeeper doesn’t help you reconcile your bank statements. They can be your financial advisor, offering insights to help your business thrive in the Canadian market.
Cash flow forecasting: Plan for the future with confidence
Budget creation and monitoring: Keep your spending in check
Financial reporting: Understand your business’s health at a glance
Tax planning: Minimize your tax bill
GST/HST management: Stay on top of your collections and remittances
Payroll services: Navigate the complexities of Canadian payroll taxes and deductions
FAQs: Your Burning Questions Answered
Q: How often should I update my books? A: Ideally, daily or weekly. But realistically, as long as you’re consistent, monthly updates can work too. Just ensure you’re prepared for quarterly GST/HST filings if applicable.
Q: Can online bookkeeping services handle Canadian payroll? A: Many do! It’s worth asking about when you’re shopping around. Make sure they’re familiar with CPP, EI, and provincial payroll tax requirements.
Q: I do business in multiple provinces. Can online bookkeeping services handle this? A: Many Canadian online bookkeeping services are equipped to handle inter-provincial business operations, including varying tax rates and regulations.
Q: How secure is cloud accounting for Canadian businesses? A: Reputable cloud accounting services use bank-level encryption to keep your data safe. Many also ensure your data is stored on Canadian servers to comply with privacy laws.
Q: What’s the difference between a bookkeeper and an accountant in Canada? A: Bookkeepers handle day-to-day transactions, while accountants focus on the bigger financial picture and complex tax matters. Many small businesses in Canada need both!
Q: Can a bookkeeper help me with my T2 corporate tax return? A: While bookkeepers can prepare the financial statements needed for your T2, it’s usually best to have a certified accountant review and file your corporate tax return.
Remember, good bookkeeping is the foundation of a healthy Canadian business. Whether you choose traditional bookkeeping services or opt for online accounting services for small business, the important thing is to get your finances sorted.
Don’t let the numbers hold you back. With the right bookkeeping support, you can focus on what really matters: growing your business and living your entrepreneurial dream in the Great White North.
While You Are Looking, Consider New Tools To Streamline Your Finances
While we’re on the topic of making your financial life easier, let’s talk about a game-changer in the world of business expenses: corporate credit cards.
Why Consider a Corporate Credit Card?
Simplify expense tracking
Improve cash flow management
Earn rewards on business spending
Enhance financial control and visibility
But not all corporate cards are created equal. That’s where Float comes in.
Float is Canada’s only all-in-one corporate cards, reimbursements, and bill pay platform that helps customers:
Earn cashback on all categories and save on FX
Generate 4% interest on funds held with Float
Eliminate expense reports and receipt chasing
Close the books 5x faster at the month-end
Want to learn how companies like Clutch, Neo, Knix, and 1,000s of other Canadian businesses on average save 7% of their monthly spend with Float? Get started with Float today by clicking the button below!
