Author: Ruslan Nikolaev

Unlocking Benefits: How to Get a Virtual Credit Card for Your Canadian Business

Posted on by Ruslan Nikolaev

As a Canadian business owner, you understand the importance of streamlining your financial processes and ensuring the security of your transactions. One powerful tool that can help you achieve these goals is a virtual credit card.

By obtaining a virtual credit card for your business, you can enjoy enhanced security, simplified expense tracking, and greater control over your company’s finances. In this article, we’ll guide you through the process of getting a virtual credit card for your Canadian business, highlighting the key steps and considerations along the way.

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What is a Virtual Credit Card?

Virtual credit cards are digital versions of traditional credit cards designed for secure online transactions. They provide unique card numbers for each transaction, reducing the risk of fraud and simplifying expense management for businesses. For a more detailed overview, checkout our deep dive into — What are Business Virtual Cards?

Why Your Canadian Business Needs a Virtual Credit Card

Virtual credit cards offer enhanced security, streamlined expense tracking, and greater control over business finances. They are an ideal type of corporate credit card used for managing online subscriptions, vendor payments, and employee expenses, making them a valuable tool for Canadian businesses.

How to Get a Virtual Credit Card for Your Canadian Business

Getting a virtual credit card for your Canadian business involves several steps, from researching providers to integrating the card with your existing systems. It’s essential to consider factors such as eligibility requirements, fees, and features when choosing a provider that best suits your business needs.

Step 1: Research Virtual Credit Card Providers

Start by identifying reputable virtual credit card providers in Canada that specialize in business solutions. Compare the features, fees, and benefits offered by different providers to find the one that aligns with your company’s requirements.

Step 2: Understand Eligibility Requirements

Before applying for a virtual credit card, review the eligibility criteria set by the providers you’re considering. Ensure that your business meets the necessary financial and operational standards to qualify for a virtual credit card.

Step 3: Prepare Necessary Documentation

To apply for a virtual credit card, you’ll need to gather required documents such as business registration, financial statements, and identification. Having accurate and up-to-date documentation ready will streamline the application process.

Step 4: Submit Your Application

Once you have chosen a provider and prepared the necessary documentation, complete the online application process through the provider’s website. Pay attention to the information you provide to ensure a smooth application process.

Step 5: Set Up Your Virtual Credit Card

After your application is approved, follow the provider’s instructions to set up your virtual credit card. Configure settings such as spending limits and authorized users to ensure the card aligns with your business’s financial policies.

Step 6: Integrate with Your Business Systems

To maximize the benefits of your virtual credit card, connect it with your accounting and expense management software. Seamless integration will simplify tracking and reporting, saving you time and effort in managing your business finances.

Step 7: Train Employees on Usage

Finally, educate your team on how to use virtual credit cards for business expenses. Ensure that they understand and follow company policies and procedures when making purchases with the virtual credit card.

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Tips on Maximizing the Benefits of Virtual Credit Cards

As you embark on your journey with a virtual credit card for your Canadian business, it’s crucial to make the most of its features and benefits. By implementing best practices and staying proactive, you can optimize your business’s financial management and ensure a seamless experience for your team.

1. Monitor Spending Regularly

Regularly reviewing transactions is essential to maintain compliance and identify any discrepancies early on. Set aside dedicated time to analyze your virtual credit card statements and address any issues promptly.

2. Leverage Automated Expense Reporting

Take advantage of automated tools offered by your virtual credit card provider to streamline expense tracking and reporting. These tools can save you valuable time and reduce the risk of manual errors.

3. Set Clear Policies and Guidelines

To ensure the smooth adoption of virtual credit cards within your organization, establish clear guidelines for employees on their use. Communicate expectations, spending limits, and approved categories to minimize misuse and maintain control over expenses.

4. Evaluate Provider Features Periodically

As your business grows and evolves, it’s important to periodically review and assess the features and benefits offered by your virtual credit card provider. Stay informed about new offerings and consider switching providers if better options become available.

Frequently Asked Questions

To get a business virtual credit card in Canada, research providers, understand eligibility requirements, prepare necessary documentation, submit your application, set up the card, integrate with business systems, and train employees on usage.

Fees can vary by provider, so it’s important to compare features and costs. Float is a completely free virtual card solution for Canadian businesses that you should consider.

Virtual cards are the same as a traditional physical card with the exception that the card number for these cards is presented digitally. You can create and cancel virtual cards for any purchase and set custom limits on a per-card level to avoid overcharges from the vendors. Float’s virtual cards are excellent for recurring subscription expenses, digital ads spend, and one-off small employee purchases as they can be added into Apple or Android Wallet and deleted once the purchase is complete. Float’s Essentials plan offers unlimited virtual cards and <10 minutes account application time.

Signing up for Float takes less than 10 minutes and can be done fully online. Float does not require any personal guarantees and does not perform credit checks to open your account. Ready to get started on our Free Essentials plan? Sing-up today.

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Best Way to Get a Business Virtual Credit Card in Canada

As you explore the world of virtual credit cards for your Canadian business in 2024, consider providers that offer comprehensive solutions tailored to your needs. Look for features like automated expense management, seamless accounting integration, and enhanced security to ensure an efficient and secure way to manage your business expenses. By choosing the right provider and implementing best practices, you can unlock the full potential of virtual credit cards and take your business’s financial management to the next level.

“Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve.”

Andy O’Reilly
Senior Manager of Finance & Technology

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As you embark on your journey to streamline your business expenses with a virtual credit card, remember that choosing the right provider is key. We invite you to explore our comprehensive solution designed specifically for Canadian businesses like yours. Get started for free today and experience the benefits of enhanced security, automated expense management, and seamless integration with your existing systems.

How to Efficiently Pay Invoices as a Canadian Business

Posted on by Ruslan Nikolaev

As a Canadian business owner, paying invoices efficiently is essential to maintaining a healthy cash flow and fostering strong relationships with your suppliers. By streamlining your invoice payment process, you can save time, reduce errors, and ensure compliance with Canadian tax regulations.

In this guide, we’ll walk you through the steps to efficiently pay invoices, from verifying invoice details to optimizing your payment processes. We’ll also provide tips on leveraging technology and maintaining good supplier relationships to help your business thrive.

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What is Invoice Payment?

Invoice payment for Canadian businesses involves the process of settling outstanding bills from suppliers or service providers. This typically includes verifying the invoice details, ensuring compliance with GST/HST regulations, and choosing the appropriate payment method.

How to Efficiently Pay Invoices as a Canadian Business

Efficient invoice payment is crucial for maintaining good supplier relationships and cash flow. Here are the steps to follow:

Step 1: Verify Invoice Details

  • Accuracy is key: Cross-check the invoice for accuracy, including the amount, due date, and supplier details. Ensure that the invoice includes the correct GST/HST information. Verifying these details is crucial to avoid disputes and ensure tax compliance.

Step 2: Choose the Right Payment Method

  • Select the best option: Evaluate the best payment method for your business needs, such as bank transfer, credit card, or online payment platforms. Consider factors like cross-border payments, currency conversion, and the efficiency of using a best accounts payable platform.

Step 3: Schedule Payments

  • Timely payments matter: Set up payment schedules to avoid late fees and take advantage of early payment discounts. Utilize automated reminders and scheduling tools to ensure payments are made on time.

Step 4: Record and Reconcile Payments

  • Maintain accurate records: Keep accurate records of all invoice payments for accounting and tax purposes. Reconcile payments with bank statements to ensure accuracy. Utilizing automated invoice payment systems can help streamline record-keeping.

Step 5: Review and Optimize Processes

  • Continuously improve: Regularly review your invoice payment process to identify areas for improvement. Implement feedback from suppliers and internal teams to enhance efficiency.

Tips on Efficient Invoice Payment for Canadian Businesses

1. Utilize Technology

  • Leverage tools: Bill pay and reimbursements tools can automate and streamline the invoice payment process, saving you time and reducing errors.

2. Maintain Good Relationships

  • Foster strong partnerships: Ensure timely and accurate payments to build trust and maintain positive relationships with your suppliers.

3. Stay Compliant

  • Adhere to tax laws: Ensure compliance with Canadian tax laws, including GST/HST, to avoid penalties and maintain good standing with tax authorities.

Frequently Asked Questions

The key steps to paying an invoice as a Canadian business include verifying invoice details, choosing the right payment method, scheduling payments, recording and reconciling payments, and reviewing processes for continuous improvement.

The best methods for paying invoices in Canada include bank transfers, credit cards, online payment platforms, and automated invoice payment systems. Choose the method that best suits your business needs and helps streamline your payment processes.

To ensure compliance with GST/HST when paying invoices, verify that the invoice includes correct GST/HST information and maintain accurate records for tax purposes. Staying compliant with Canadian tax laws is essential to avoid penalties and maintain good standing with tax authorities.

Most banks do not impose limits on the amount of money you can send via EFT. However, some banks may have daily or monthly transfer limits for security reasons. Check with your bank for specific limits.

Float is an all-in-one platform for Invoice payments that includes EFT, ACH, and Global Wire payment capabilities. Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills.

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Role of Accounting Automation in Paying Vendor Invoices

Automation in accounts payable (AP) is revolutionizing how Canadian businesses handle financial processes. By automating tasks like invoice matching, data entry, and approval workflows, companies can reduce errors, save time, and improve efficiency. AP automation ensures compliance with Canadian tax regulations such as GST/HST, automatically calculating and reporting taxes accurately.

Additionally, accounting automation enhances cash flow visibility and strengthens vendor relationships by enabling timely payments. It reduces the risk of duplicate payments and fraud, while also supporting eco-friendly initiatives through reduced paper usage. For Canadian businesses, AP automation is key to boosting productivity and maintaining competitiveness.

How to Choose the Right Software to Manage Invoice Payments?

Choosing the right software to manage invoice payments is key to improving efficiency, reducing errors, and maintaining better control over cash flow. Our 2025 Best Accounts Payable Software review takes an in-depth look at the top solutions available in Canada, comparing key platforms based on:

  • Automation & Efficiency – AI-driven invoice capture, GL coding and approval workflows to reduce manual work.
  • Payment Capabilities – Support for EFT, ACH, credit card payments and international wire transfers.
  • Integration & Usability – Seamless connections with accounting software and user-friendly interfaces.
  • Pricing & Value – Transparent pricing, cost-saving features, and additional benefits like Float’s 4% interest on held funds.

It also includes a handy comparison chart of the top providers to help you easily compare costs, features and more.

How to Pay International Invoices as a Canadian Business?

Are you looking to pay international invoices out of your Canadian entity? We’ve got you covered with our dedicated step-by-step walkthrough of making payments across the globe.

Also, check out our resource on ACH vs. EFT for a better understanding on the two payment methods and what might be right for your business.

Streamline Your Invoice Payments with Cutting-Edge Solutions like Float

By using a comprehensive bill pay service, you can enjoy a centralized platform for managing all your invoice payments, regardless of the payment method or currency. This streamlined approach saves you time, reduces the risk of errors, and provides greater visibility into your financial transactions.

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If you’re looking for a comprehensive solution to streamline your invoice payment process, we invite you to explore Float’s Bill Pay service. With features like AI-powered Bill Intake, embedded EFT/ACH and Global Wires, and 4% interest on funds, Float’s platform is designed to simplify the way you manage and make invoice payments in Canada.

Step-by-Step Guide to ACH Payments for Canadian Companies

Posted on by Ruslan Nikolaev

Are you looking to streamline your business’s payment processes and reduce transaction costs? ACH payments offer a secure, efficient, and cost-effective solution for Canadian businesses. In this step-by-step guide, we’ll walk you through the process of setting up and making ACH payments, helping you optimize your financial operations.

By understanding the benefits of ACH payments and following our detailed instructions, you can take advantage of this powerful payment method and improve your business’s financial efficiency. Let’s dive in and explore how ACH payments can transform the way you manage your transactions.

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What is an ACH Payment in Canada?

ACH (Automated Clearing House) payment is an electronic funds transfer system that processes payments between banks. It is commonly used for direct deposits, bill payments, and other types of financial transactions. ACH payments are processed in batches and can be more cost-effective than wire transfers.

Why Use ACH Payments for Your Business?

ACH payments provide a secure, efficient, and cost-effective way for businesses to manage transactions. They offer lower processing fees compared to credit card payments and enable businesses to streamline their accounts payable processes. Additionally, ACH payments are ideal for recurring payments, reducing the need for manual intervention. But not every financial service provider offers ACH (learn more about ACH vs EFT in this article.)

How to Make an ACH Payment as a Canadian Business

Step 1: Set Up Your ACH Account

  • Contact your bank to set up an ACH account, ensuring it supports ACH transfers.
  • Provide necessary business documentation and verify your identity.
  • Your bank will guide you through the setup process and provide the required forms.

Step 2: Gather Required Information

  • Obtain the recipient’s banking details, including their bank account number and routing number.
  • Ensure you have the recipient’s full name and address as it appears on their bank account.
  • Collect any additional information required by your bank, such as the recipient’s SWIFT code for international transfers.

Step 3: Initiate the ACH Payment

  • Log into your bank’s online portal or use their ACH payment service.
  • Enter the recipient’s banking details, the payment amount, and the payment date.
  • Review the information for accuracy and submit the payment request.
  • Confirm the payment through your bank’s security verification process.

Step 4: Monitor the Payment Status

  • Track the status of your ACH payment through your bank’s online portal.
  • ACH payments typically take 1-3 business days to process, but this can vary based on your bank and the recipient’s bank.
  • Ensure that the payment has been successfully completed and received by the recipient.

Step 5: Record the Transaction

  • Keep a record of the ACH payment for your financial records.
  • Update your accounting software or accounts payable platform with the transaction details.
  • Monitor your bank statements to verify the payment has cleared.

Tips on Ensuring Successful ACH Payments

1. Verify Recipient Information

  • Double-check recipient details: Carefully review all recipient information before initiating the ACH payment to avoid errors and delays in processing.

2. Schedule Payments in Advance

  • Plan ahead: To ensure your ACH payments are processed on the desired date, schedule them in advance, taking into account the processing time required by your bank.

3. Use Secure Banking Platforms

  • Prioritize security: Always use secure online banking platforms to protect your financial information and ensure the safety of your transactions.

Frequently Asked Questions

The steps include setting up an ACH account, gathering recipient information, initiating the payment, monitoring the payment status, and recording the transaction.




Yes, Canadian businesses must comply with regulations set by Payments Canada, including obtaining proper authorization from the recipient.

If you are looking for a modern solution for ACH payments in Canada, look no further than Float. Otherwise, many major banks in Canada offer ACH payment services, including RBC, TD, and Scotiabank, among others, however, additional fees may apply.

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Best way to manage ACH payments is with Float

Using our bill pay solutions and accounts payable platform, Canadian businesses can streamline their ACH payment processes, reduce errors, and ensure timely payments. Our platform offers seamless integration with your existing financial systems, making it easier to manage accounts payable and stay on top of your business finances.

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By following this step-by-step guide, you can confidently navigate the world of ACH payments and unlock the benefits they offer for your Canadian business. As you embark on this journey, remember that we’re here to support you every step of the way. Get started for free with our user-friendly platform and let us help you streamline your payment processes, saving you time and money.

Understanding Credit Cards, Charge Cards and Secured Cards

Posted on by Ruslan Nikolaev

When it comes to managing your business expenses, choosing the right type of card can make a significant difference in your financial strategy. Understanding the key differences between corporate credit cards, charge cards, and secured cards is essential for making an informed decision that aligns with your company’s needs and goals.

In this article, we’ll dive into the unique features, benefits, and drawbacks of each card type, helping you determine which option is the best fit for your business. By the end, you’ll have a clear understanding of how these cards work and how they can impact your company’s financial health.

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What are credit cards?

Credit cards extend a line of credit up to a preset limit, allowing you to make purchases and carry a balance from month to month. Interest charges apply to any outstanding balance not paid in full by the due date. Minimum payments are calculated as a percentage of the total balance, making it easier to manage cash flow.

There is a wide range of credit card options available, catering to various credit scores and offering rewards such as cash back, points, or discounts. Responsible use of a credit card can help build your business’s credit history and improve its credit scores over time.

How do charge cards work?

Charge cards require full payment of the balance at the end of each billing cycle, typically on a monthly basis. Unlike credit cards, charge cards usually don’t have a preset spending limit, providing more flexibility for business expenses. However, failing to pay off the balance in full can result in substantial fees and penalties.

Approval for a charge card generally requires good to excellent credit. These cards often come with high annual fees but offer premium rewards and perks in return. Differences between charge cards and credit cards include payment terms and the impact on credit utilization.

What are secured credit cards?

Secured credit cards require a security deposit that serves as collateral and usually determines the credit limit. These cards are designed for businesses looking to build or rebuild their credit. Charge card issuers often conduct automatic reviews to potentially upgrade users to an unsecured card based on their payment history.

The security deposit is refundable if you upgrade to an unsecured card or close the account in good standing. Secured cards typically have lower credit limits compared to unsecured cards. All account activity is reported to credit bureaus, making responsible use crucial for improving your business’s credit profile.

Comparing credit cards, charge cards, and secured cards

Credit cards are the most common and accessible option, with a variety of choices for different credit profiles. Charge cards are less widely available and target businesses with excellent credit. Secured cards are a good choice for companies with limited or poor credit history.

When selecting a card, consider factors such as fees, rewards, credit card comparison, and your business’s spending habits. The impact a card has on your credit score can vary based on its terms and how you use it.

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How to choose the right card for your needs

To choose the right card for your business, start by assessing your credit score and history to determine which types of cards you may qualify for. Evaluate your spending habits and financial goals to find a card with features and benefits that suit your needs.

Compare fees, interest rates, rewards programs and other perks across different card offers. Consider whether you can responsibly manage payments and avoid carrying a balance. Carefully read the card’s terms and conditions, and select a product that aligns with your business’s needs and financial situation. You may also want to consider how these cards fit into a larger corporate card program, to centralize your business spending and standardize reimbursements.

Why Coinberry switched from AMEX

“When we were using AMEX, it was incredibly time-consuming to fund our cards. It often put our ad campaigns on pause & we’d lose users every day.”

Jerry Lin
VP Finance

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Float’s Charge Card — Best Solution for Canadian Businesses Looking to Grow

Float’s Charge Card offers a tailored solution for Canadian businesses seeking to streamline their expense management and boost their financial performance. With flexible spending limits, powerful budgeting tools, and seamless integration with your existing accounting software, Float’s Charge Card empowers you to take control of your company’s finances and fuel its growth.

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If you’re ready to take your business to the next level with a smarter, more efficient expense management solution, we’re here to help. Join the countless Canadian companies who have already discovered the power of our innovative platform and get started for free today. Let us show you how easy it can be to optimize your finances and fuel your company’s growth.

5 Best Bench Accounting Alternatives in 2025

Posted on by Ruslan Nikolaev

Was your Canadian business impacted by the recent announcement from Bench Accounting about the service shutdown? While services have resumed following Bench’s acquisition, many finance leaders are still exploring alternative solutions due to the uncertainty—and hello, panic—that the initial announcement caused.

To help you make an informed decision about whether to stay parked with Bench or move on to greener platforms, we’ve compiled this guide to outline the details of Bench’s closure, the top alternative accounting software providers and how to migrate to a new solution. Make sure to check out our quick-view table below to compare key features, pricing and customer reviews.

Bench Accounting alternative bookkeeping solutions for Canadian SMBs

Whether you’re a startup, solopreneur, or established small business, there’s a Bench alternative out there for you. Let’s find the best fit for your business.

But first, some context.

Bench is shutting down. Or is it?

VC-backed bookkeeping platform Bench Accounting caused widespread panic among its customers after abruptly shutting down on Friday, December 27, 2024, locking thousands out of their accounts. The Vancouver-based start-up’s notice of closure left businesses that use its software scrambling for solutions, right as year-end and tax season loomed. But by the following Monday, payroll and onboarding tech company Employer.com announced its acquisition of Bench in a last-minute deal, and customer logins were restored.

But what about customer trust?

While plans are to revive Bench’s existing platform and allow customers to regain access to their data (with an option to either port their information or continue using the service as is), many challenges still remain. Chief among these is the impact of layoffs during the shutdown, which raises concerns about Bench’s service quality and platform reliability both during the transition and in the long term.

Bench’s former CEO and co-founder Ian Crosby released a statement on social media that further put into question the direction of the company over the past few years, following his abrupt dismissal.

Top Bench Accounting Alternatives

1. Pilot

Startup and small business focus: Pilot is an online bookkeeping and accounting service that caters to the needs of startups and small businesses. They offer bookkeeping, tax prep, and CFO services.

Accrual-basis accounting available: Unlike Bench, Pilot provides accrual-basis accounting in addition to cash-basis. This gives you a more accurate picture of your long-term financial health.

Integrates with top tools: Pilot connects with popular business tools like QuickBooks, Gusto, and Expensify to automatically import financial data. This saves time on manual data entry.

Pricing: Pilot offers three tiers, starting at $349 a month for Starter, $499 for Core and custom pricing for Plus.

Customer reviews:
“The consultative sales process made me confident in choosing Pilot for our accounting & tax needs, the onboarding process was smooth, and their online portal is eye pleasing, easy to use, and makes collaborating with our dedicated bookkeeper seamless.” Read more reviews from Capterra.

For a more detailed comparison of Pilot and Bench features, pricing, and reviews, check out this Pilot vs Bench comparison.

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2. Finta

Built for startups: Finta offers a comprehensive, all-in-one accounting platform tailored specifically for startups, streamlining bookkeeping, taxes and financial insights within a single interface. This integration eliminates the need for multiple tools and services, providing real-time financial metrics such as cash flow, runway and burn rate, which are crucial for startup decision-making.

Ease of use for founders: Finta’s platform is designed to scale with startups, offering modern integrations with tools like Stripe, Gusto, Pulley and Carta, ensuring that as a startup’s financial management needs evolve, Finta can adapt accordingly.

Pricing: Finta offers three tiers, starting at $0 for Basic, $99 per month for Copilot and custom pricing for Assistant.Customer reviews: “Easy to use – Replaces spreadsheets and manual processes – More cost effective than competitor products – Unique approach to fundraising, making it easier to transfer funds from accredited investors.” Read more reviews from Capterra.

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3. Kick

Automation and real-time insights: Kick automates bookkeeping tasks with real-time transaction categorization, personalized deduction management and customizable rules, providing immediate visibility into revenue and expenses.

Comprehensive financial tools: Offers features like multi-entity support at no additional cost, tax-ready financial statements and double-entry accounting for seamless collaboration with tax advisors or CPAs.

Scalable and efficient solution: Designed to save time and enhance accuracy, Kick outshines competitors like Bench by offering more robust tools such as real-time insights and automation, catering to modern business needs.

Pricing: Kick offers four tiers, starting with a free version, then moving to $35 per month for Basic, $125 per month for Plus and custom pricing for Enterprise.

Customer reviews: “I’ve had the chance to use Kick for a few months now, and as someone who does not like bookkeeping side of my business, I’m stoked there’s finally something user friendly and smart that I can use to automate my books. It’s literally built for businesses like mine, which are all online and have multiple streams of income.” Read more Product Hunt reviews.

Kick is the recommended solution by the Bench’s team and they offer a number of rewards for the customers who signup with them as part of the shutdown.

How to migrate to Klik?
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4. Quickbooks Online

Popular accounting software: QuickBooks Online is one of the most widely-used accounting solutions, with over 4.5 million subscribers worldwide. It offers a range of features for small businesses, including bookkeeping, invoicing, and financial reporting.

Advanced features available: While the basic QuickBooks plan includes essential bookkeeping tools, upgrading to a higher tier unlocks advanced features. These include inventory management, project profitability tracking, and budgeting.

Extensive app ecosystem: QuickBooks has its own app store with over 650 integrations for sales, marketing, operations, and more. There’s also a mobile app for accounting on the go.

Pricing: Quick Books offers four tiers, starting at $24, $54 for Essentials, $80 for Plus and $160 for Advanced. They also offer a free trial for 30 days and significant savings for the first six months.

Customer reviews: “I am enjoying using the online version and look forward to all the incentives for bringing and setting up clients, like revenue share and affiliate commissions. QB still remains the easiest and most valued bookkeeping software that I will recommend. There are video tutorials for literally everything.” Read more reviews from Capterra.

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5. Fincent

Streamlined bookkeeping and tax support: Fincent combines intuitive software with human bookkeepers to deliver accurate, balanced books by the 15th of every month, alongside year-round support for business and personal tax filings.

Comprehensive financial tools: Features include simplified invoicing and billing, digital payment requests, and integration with payment methods like ACH, credit or debit cards, ensuring seamless financial operations.

Scalable and flexible solution: Offers support for both accrual and cash-basis accounting, integrates with tools like QuickBooks, and provides a modern, adaptable alternative to traditional services like Bench Accounting.

Pricing: Fincent offers three tiers, starting at $299 per month for Basic, $899 for Core and $1549 for Power.

Customer reviews: “Fincent takes care of everything related to accountancy and they did all the work I didn’t want to do. They just did it and made my life much easier. We are a graphic design studio and I was pretty new to accounting and bookkeeping. From the moment I started using Fincent, they took care of everything for me. They did the technical configuration, set up everything from scratch, and even set up everything for me to get my taxes done right.” Read more reviews from Capterra.

How to migrate to Fincent?
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How to Choose the Right Bench Alternative

Finding the right replacement for Bench starts with understanding your business’s needs. Whether you prefer hands-on support or a DIY approach, here are the key factors to consider to make an informed choice.

Bookkeeping vs full-service accounting

Some Bench alternatives like Pilot and Finta offer bookkeeping and tax services, similar to Bench. Others like QuickBooks are DIY accounting software. Consider how much hands-on support you need.

Pricing model

Bench and the Bench alternatives listed above all charge flat monthly rates based on your monthly expenses, using various tiered subscription plans. In contrast, other bookkeeping services often charge hourly. Use your must-have features list (see tip in the migration guide below) to help you compare pricing models and find the best value for your business.

Automation features

Look for a Bench alternative that automates manual tasks like data entry, invoicing, and reporting. This will save you time and reduce errors.

Integration with existing tools

Choose an accounting solution that connects with the business tools you already use, such as your POS system, payment processor or payroll service. This will avoid duplicate data entry.

Reporting capabilities

Make sure your Bench alternative generates the financial reports you need for tax purposes and decision-making. These may include a profit and loss statement, balance sheet and cash flow statement.

Customer reviews

Read reviews from verified users on third-party sites like Capterra and G2 to see how each Bench alternative stacks up in terms of features, ease of use, customer service and value for money. Make sure to read both the pros and cons to get a realistic view of the software in regular use.

Step-by-step guide: How to migrate from Bench Accounting to a new provider

Follow these steps to ensure a seamless migration and set your business up for success with your new bookkeeping solution.

  1. Download your data

The first thing you should do is download all of your data from Bench. Login to the website (now restored) and follow the prompts to export your financial records. While there is no longer a deadline of Friday, March 7th at 5:00pm ET, it’s best to retain access to all your information as soon as possible.

  1. Schedule demos

Most accounting software and bookkeeping services offer free demos or trials. Take advantage of these to see the platform in action and ask questions.

  1. List your must-haves

Have a list of your must-have features and integrations ready before you go into these demos. This could include invoicing, payroll, or project tracking. Use this checklist to evaluate each alternative and ensure it meets your needs.

  1. Consider migration services

If you have historical financial data in Bench, look for an alternative that offers migration services to transition your records. Some may charge a fee for this.

  1. Allow a transition period

Give yourself time to get comfortable with your new bookkeeping solution. It may take a few months to fully transition from Bench.

  1. Notify stakeholders

If you switch from Bench to another bookkeeping service, notify any stakeholders who may be affected, such as investors, lenders or your accountant.

While it may take awhile to explore these Bench alternatives and find the solution that’s right for your business, this guide should give you a place to start the process. The key is to prioritize your business’s unique needs and take the transition one step at a time to ensure a smooth and effective switch.

Also looking for a complete business finance solution designed for Canadian businesses? Explore Float!

Get Started for Free and see how we can help you streamline your bookkeeping, invoicing and expense management.

3 Effective Strategies to Speed Up Accounts Payable

Posted on by Ruslan Nikolaev

As a finance professional, you understand the critical role that accounts payable plays in maintaining your company’s financial health and operational efficiency. However, managing accounts payable can be a complex and time-consuming process, often leading to delays, errors, and strained vendor relationships.

Fortunately, there are proven strategies you can implement to accelerate your accounts payable process, streamline operations, and enhance overall financial management. In this article, we’ll explore three effective ways to speed up your accounts payable cycle, leveraging automation, optimizing workflows, and transitioning to electronic payments.

By adopting these strategies, you can significantly reduce manual errors, accelerate processing times, and foster stronger relationships with your vendors, ultimately contributing to a more robust and efficient financial operation.

What is Accounts Payable?

Accounts payable refers to the money a business owes to its suppliers for goods or services purchased on credit. It is a critical component of a company’s financial operations and management, ensuring timely payments and maintaining strong vendor relationships. Efficient management of accounts payable can lead to improved cash flow and enhanced operational efficiency.

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Strategy 1: Automate Invoice Processing

Implementing automation tools to handle invoice capture and data entry can significantly accelerate your accounts payable process. By leveraging accounts payable automation, you can reduce manual errors and accelerate processing times, ensuring invoices are processed accurately and efficiently.

Optical character recognition (OCR) technology can help digitize paper invoices, facilitating faster approvals and reduced processing time. This eliminates the need for manual data entry, minimizing the risk of errors and delays.

Strategy 2: Optimize Approval Workflows

Streamlining the approval process is crucial for accelerating your accounts payable cycle. By setting clear approval hierarchies and thresholds, you can ensure invoices are routed to the appropriate individuals for timely review and approval.

Utilizing digital platforms to route invoices electronically can significantly reduce bottlenecks and accelerate approvals. Implementing a flexible bill approval software like Float can help track and manage approvals efficiently, enhancing accounts payable efficiency and reducing delays.

Strategy 3: Transition to Electronic Payments

Moving from paper checks to electronic payment methods like ACH transfers and virtual cards can greatly speed up your accounts payable process. Electronic payments offer improved speed, reliability, and security compared to traditional paper checks. Learn more about the difference between ACH and EFT payments.

By using fast transfers, you can ensure payments are processed quickly and efficiently. Offering diverse, faster payment options to your vendors can enhance relationships and potentially lead to discounts and reduced processing costs.

Frequently Asked Questions

What are the most effective ways to accelerate accounts payable?

  • Automation: Automating invoice processing, streamlining approval workflows, and transitioning to electronic payments are highly effective strategies for accelerating accounts payable.

How can technology be leveraged to speed up the accounts payable process?

  • Leveraging tech: Technology can automate data entry, enhance approval workflows, and facilitate electronic payments, reducing manual errors and processing times.

What are common challenges in accounts payable and how can they be overcome?

  • Challenges and solutions: Common challenges include slow processing times and manual errors. These can be overcome by implementing automation and improving workflow efficiencies.

How does improving accounts payable impact overall business efficiency?

  • Business impact: Improving accounts payable leads to faster processing times, better cash flow management, and stronger vendor relationships, enhancing overall business efficiency.

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By utilizing advanced automation tools and streamlined workflows, businesses can effectively manage their accounts payable processes, ensuring faster payments, reduced errors, and improved financial operations.

By implementing these strategies, you can significantly accelerate your accounts payable process, enhance financial operations, and foster stronger vendor relationships. We invite you to explore how our comprehensive automation solutions can help streamline your accounts payable workflow, reduce errors, and improve overall efficiency. Get started for free with us today and experience the benefits of a modern, optimized accounts payable process.

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Streamline approvals with flexible workflows and policies

Pay via Global Wires, EFT, or ACH with Float’s next day payments

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Get Started for Free

The Best Credit Card Expense Management Solution in 2024

Posted on by Ruslan Nikolaev

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 opportunities for cost savings. That’s where credit card expense management solutions come in.

In this article, we’ll explore the top credit card expense management solutions for 2024, highlighting the key features and benefits that can help you streamline your expense reporting process and gain better control over your company 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.

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What is Credit Card Expense Management?

Credit card expense management is the process of tracking, categorizing, and reconciling corporate 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 tools, 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 Credit Card Expense Management Differs from Expense Management as a Whole

Credit 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 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, credit card expense management offers a more automated, proactive approach compared to the broader, often more reactive, nature of general expense management.

Benefits of Credit Card Expense Management Solutions

  • Automation: Automate the capture and categorization of credit card transactions, eliminating manual data entry
  • Policy enforcement: Enforce spending policies and limits in real-time, reducing the risk of fraud and overspending
  • Simplified reporting: Simplify the expense reporting process for employees, with features like receipt management solutions and mobile apps
  • Real-time visibility: Provide finance teams with real-time visibility into company spending, enabling better budgeting and decision-making
  • Seamless integration: Integrate with accounting systems for seamless expense reconciliation tools and financial reporting

Key Features to Look for in a Credit Card Expense Management Solution

  • Real-time transaction feeds from major corporate card providers like Visa, Mastercard, and American Express
  • Automated expense categorization based on merchant codes and customizable rules
  • Built-in approval workflows and policy enforcement
  • Mobile apps for on-the-go receipt capture and expense submission
  • Comprehensive reporting and analytics on company spending trends
  • Integration with popular accounting software like QuickBooks, Xero, and NetSuite

Top Credit Card Expense Management Solutions

  • Automated expense reporting: Solutions that eliminate manual data entry and streamline the expense reporting process
  • Smart corporate card programs: Corporate card programs with built-in spend controls and real-time expense notifications
  • AI-powered 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

How to Choose the Right Credit Card Expense Management Solution for Your Business

  • Evaluate your current expense management process and identify pain points and inefficiencies
  • Determine your key requirements, such as the number of cardholders, expense policy complexity, and accounting system integration needs
  • Compare features and pricing of different solutions, considering factors like user experience, customer support, and scalability
  • Look for a provider that offers a free trial or demo to test the solution before committing
  • Consider the long-term value and ROI of the solution, not just the upfront cost

Float — Top Credit Card Expense Management Solution

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Implementing a Credit Card Expense Management Solution

  • Develop a clear expense policy and communicate it to all employees
  • Configure the solution to match your expense categories, approval workflows, and spending limits
  • Import your chart of accounts and customize the integration with your accounting system
  • Train employees on how to use the solution, emphasizing the benefits of automation and real-time reporting
  • Monitor adoption and usage metrics to identify areas for improvement and optimize your expense management process over time

As you embark on your journey to streamline your credit card expense management process, remember that choosing the right solution 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 businesses in mind. Get started for free today and experience the power of automated expense management firsthand.

Bookkeeping Best Practices: How Often to Audit Your Books

Posted on by Ruslan Nikolaev

As a business owner, you understand the importance of maintaining accurate financial records. Regular bookkeeping audits are essential for ensuring the integrity of your financial data and making informed business decisions. By establishing a consistent audit schedule and following best practices, you can stay on top of your finances and avoid potential pitfalls.

In this article, we’ll explore the concept of bookkeeping audit frequency and provide guidance on determining the right audit schedule for your business. We’ll also delve into the specific steps involved in conducting monthly reviews, quarterly audits, and annual comprehensive audits. By the end, you’ll have a clear understanding of how often you should audit your books and the benefits of doing so.

What is Bookkeeping Audit Frequency?

Bookkeeping audit frequency refers to the regular intervals at which a business reviews its financial records to ensure accuracy and compliance. This process is crucial for identifying discrepancies, maintaining financial health, and preparing for potential external audits or tax obligations.

How to Determine the Right Audit Schedule

Establishing a consistent audit schedule is vital for maintaining financial accuracy and compliance. Consider factors such as business size, transaction volume, and regulatory requirements when setting your audit frequency.

Use the bookkeepers guide to understand industry standards and best practices.

1. Monthly Bookkeeping Review

Conduct a monthly review to catch any irregularities early. This practice helps in understanding trends and making informed decisions.

A monthly review is also essential for verifying that all transactions are recorded accurately, aiding in fraud prevention.

2. Quarterly Financial Audits

Perform a more comprehensive audit quarterly to assess the overall financial health of your business.

Quarterly audits provide a more detailed analysis, allowing for adjustments in financial strategy and ensuring compliance with audit compliance guidelines.

3. Annual Comprehensive Audit

An annual audit involves a thorough review of all financial records and systems.

This audit is crucial for preparing financial statements, identifying long-term trends, and confirming compliance with all regulatory requirements.

Use resources like the float bookkeeper guide to streamline the audit process and ensure thoroughness.

Frequently Asked Questions

How often should you audit your books in a year?

Ideally, conduct monthly reviews, quarterly audits, and a comprehensive annual audit for optimal financial management.

What are the benefits of regular bookkeeping audits?

Regular audits help in early detection of discrepancies, informed decision-making, and preparation for tax obligations.

What steps are involved in conducting an internal audit?

Establish a schedule, gather necessary documents, review for accuracy, and rectify discrepancies.

How can auditing your books improve financial accuracy?

Auditing ensures that all transactions are recorded correctly, identifies errors, and enhances overall financial transparency.

Best way to audit your books is with Float

Using modern tools can significantly ease the auditing process. Automated platforms enable seamless tracking and analysis of financial data, ensuring compliance and accuracy. Explore solutions that offer real-time insights and streamline the entire bookkeeping audit process.

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How to Get a Business Credit Card: A Step-by-Step Guide

Posted on by Ruslan Nikolaev

As a savvy business owner, you understand the importance of managing your finances effectively. A business credit card can be an invaluable tool in your financial arsenal, helping you separate personal and business expenses, streamline your accounting, and even earn rewards on your business purchases.

In this comprehensive guide, we’ll walk you through the process of obtaining a business credit card, from determining your eligibility to submitting your application. We’ll also provide tips on improving your approval odds and answer some frequently asked questions to help you make an informed decision.

What is a Business Credit Card?

A business credit card is a financial tool designed specifically for business expenses and transactions, offering businesses a flexible line of credit to manage cash flow and earn rewards. It helps separate personal and business finances, streamlining expense management and accounting. Some business credit cards, like fleet cards, are tailored for companies that manage vehicle expenses, providing enhanced tracking and control over fuel and maintenance costs.

Business Credit Card vs. Corporate Credit Card

In Canada, “business credit card” and “corporate credit card” are often used interchangeably, but they serve different purposes and have distinct features.

Business credit cards are designed for entrepreneurs, sole proprietors and small businesses. They require a personal credit check and guarantee. They function as an extension of your personal credit, 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, often as part of a larger corporate card program. They offer greater spending limits, advanced expense tracking, and automated controls. Unlike business credit cards, they don’t require a personal guarantee, so your personal credit or assets aren’t at risk. Approval is based on the financial health of the business, and the company—not the individual cardholder—is responsible for paying the balance in full each month.

How to Get a Business Credit Card

  • Evaluate your business needs and spending habits to determine the type of business credit card that best suits your operations.
  • Research corporate card options to find one that aligns with your business goals.

1. Determine Your Eligibility

  • Assess your business structure, whether it’s a sole proprietorship, LLC, or corporation, to ensure eligibility.
  • Understand that even startups and small businesses can qualify for a business credit card.

2. Gather Necessary Documentation

  • Collect key documents such as your business registration, tax ID (EIN), and financial statements.
  • Be prepared to provide personal information, as personal credit scores can impact your business credit card approval.

3. Choose the Right Card

  • Compare best business credit cards to find one with benefits that match your business’s spending patterns.
  • Look for cards offering rewards in categories relevant to your business, such as travel or office supplies.

4. Submit Your Application

  • Complete the application process online, ensuring all information is accurate and complete.
  • Monitor the application status and be ready to provide additional information if requested by the issuer.

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Tips on Improving Your Approval Odds

1. Maintain a Good Personal Credit Score

  • Regularly check your credit report and address any discrepancies.
  • Pay off existing debts and maintain low credit utilization.

2. Demonstrate Business Stability

  • Provide evidence of consistent revenue and a solid business plan.
  • Highlight any strong financial management practices your business employs.

Frequently Asked Questions

What are the eligibility criteria for getting a business credit card?

Eligibility often depends on your business structure and creditworthiness.

What documents and information are required to apply for a business credit card?

You’ll need business registration, financial statements, and personal identification.

How does my personal credit score affect my chances of getting a business credit card?

A strong personal credit score can increase your chances of approval.

What are the benefits of having a business credit card?

Benefits include rewards, credit line access, and financial separation.

By following these steps and tips, you’ll be well on your way to securing a business credit card that can help you manage your finances more effectively. If you’re looking for a comprehensive expense management solution, we invite you to explore our platform. Get started for free with us today and experience the difference in managing your business expenses.

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Steps to Increase Your Business Credit Card Limit Effectively

Posted on by Ruslan Nikolaev

As a business owner, you understand the importance of having the right financial tools at your disposal. Your business credit card or corporate credit card is one of those essential tools, providing you with the purchasing power and flexibility to manage expenses effectively. However, as your business grows and your spending needs evolve, you may find that your current credit limit no longer suffices.

Increasing your credit card limit can open up new opportunities for growth and streamline your cash flow management. But it’s crucial to approach this process strategically to ensure the best possible outcome for your business.

In this article, we’ll guide you through the steps to effectively increase your business credit card limit, from evaluating your financial health to making a formal request and following up with your card issuer.

How to Increase Your Business Credit Card Limit

Increasing your credit card limit can enhance your business’s purchasing power and cash flow management. It’s important to approach this strategically to avoid financial pitfalls.

Step 1: Evaluate Your Financial Health

Review your current financial statements, including cash flow and income statements. Ensure your business is in good standing with timely payments and low existing debt. This will help you present a strong case for a credit limit increase.

Step 2: Check Your Credit Score

A good business credit score is crucial for approval. Regularly monitor your credit to identify areas for improvement. Use resources like business credit card management tools to enhance your score.

Step 3: Prepare Necessary Documentation

Gather key financial documents such as tax returns and bank statements. Be ready to provide evidence of increased revenue or reduced expenses. This documentation will support your request for a higher limit.

Step 4: Contact Your Card Issuer

Reach out to your card issuer and inquire about their process for requesting a limit increase. Some issuers may allow you to increase credit limit online or by phone.

Step 5: Make a Formal Request

Submit a formal request for a credit limit increase, highlighting your business’s positive financial trajectory. Be clear about the reasons you need a higher limit, such as upcoming business investments or expansion plans.

Step 6: Follow Up

After submitting your request, follow up to check the status and provide any additional information if needed. Regular communication can demonstrate your seriousness and dedication to maintaining a good financial relationship.

Step 7: Explore Alternatives

If your request for a credit limit increase is denied, don’t be discouraged. There are alternative options available that may better suit your business needs.

Consider exploring other financial products, such as float charge card limits, which can offer more flexible spending limits tailored to your specific business requirements.

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Tips on Managing Business Credit

1. Maintain a Low Credit Utilization Ratio

To maintain a healthy credit score, aim to use less than 30% of your available credit at any given time. This demonstrates responsible credit management and can positively impact your chances of securing a credit limit increase in the future.

2. Keep Financial Records Up-to-Date

Regularly update your financial records and monitor your expenses to stay on top of your credit situation. This will help you identify areas for improvement and make informed decisions when it comes to managing your business credit.

Frequently Asked Questions

What steps do I need to take to increase my business credit card limit?

To increase your business credit card limit, you should:

  • Evaluate your financial health: Review your financial statements and ensure your business is in good standing.
  • Check your credit scores: Monitor your credit scores and identify areas for improvement.
  • Gather necessary documentation: Prepare financial documents to support your request for a higher limit.
  • Contact your card issuer: Inquire about the process for requesting a limit increase.
  • Make a formal request: Submit a formal request, highlighting your business’s positive financial trajectory.
  • Follow up: Check the status of your request and provide additional information if needed.

What factors do credit card issuers consider when increasing a business credit card limit?

Credit card issuers typically consider several factors when evaluating a request for a business credit card limit increase, including:

  • Credit score: A good business credit score is crucial for approval.
  • Financial health: Issuers will review your financial statements to assess your business’s overall financial health.
  • Payment history: A history of timely payments and low existing debt can strengthen your case for a limit increase.
  • Business revenue: Evidence of increased revenue or reduced expenses can support your request for a higher limit.

How long does it take to get a credit limit increase on a business credit card?

The time it takes to get a credit limit increase on a business credit card can vary depending on the issuer and your specific situation. Typically, the process can take anywhere from a few days to a couple of weeks.

What are the benefits of having a higher business credit card limit?

Having a higher business credit card limit can offer several benefits, such as:

  • Increased purchasing power: A higher limit allows you to make larger purchases and investments for your business.
  • Better cash flow management: With more available credit, you can better manage your cash flow and cover expenses as needed.
  • Ability to finance larger business needs: A higher limit can help you finance larger business expenses, such as equipment purchases or expansion projects.

Get 10x Higher Limits with Float

By following these steps and tips, you can effectively increase your business credit card limit and unlock new opportunities for growth. At Float, we understand the unique financial needs of businesses like yours, and we’re here to help you navigate the complex world of business credit management.

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