Business credit cards are used just like any other credit card. If you apply to receive a small business credit card, you will be asked what name should appear on the face of the card. Many small business owners will imprint their own names, particularly if they are the primary purchaser. However, if you have an active team of frequent shoppers, you may want to consider either imprinting the company name on the credit card or obtaining a business credit card for each of your team members to use at their discretion.

All businesses are accountable to the government for tax purposes and are accountable to themselves for revenue and expense calculations. In the days when all purchases were made with cash, the accounting departments of large companies had to spend the bulk of their time sorting out wads of receipts and purchase orders. However, when business credit cards hit the market, credit card companies made it possible for accountants to streamline the record-keeping process. Small businesses benefit from using small business credit cards especially well because most small organizations do not have the resources to enlist a team of accountants to sort out purchases. When you enroll in a business credit card program, you will not only receive itemized monthly statements, but some credit card companies even go so far as to categorize your purchases so that you can more easily track spending. How’s that for customer service?

Much of accounting though, is also concerned with basic bookkeeping. This is the process that records every transaction; every bill paid, every dime owed, every dollar and cent spent and accumulated.

But the owners of the company, which can be individual owners or millions of shareholders are most concerned with the summaries of these transactions, contained in the financial statement. The financial statement summarizes a company’s assets. A value of an asset is what it cost when it was first acquired. The financial statement also records what the sources of the assets were. Some assets are in the form of loans that have to be paid back. Profits are also an asset of the business.