My accountant told me to use a business credit card for everything and I ignored him for 2 years

Last year my accountant, Mark, kept telling me to put all my business expenses on a single card instead of cash and personal cards. I thought he was just pushing rewards programs. Then I spent 8 hours last March sorting through 40 receipts from 3 different accounts for a tax deduction. I finally switched to a dedicated business card in April and now I export the CSV file in 2 minutes flat for my quarterly filings. Has anyone else had an accountant give advice that sounded unnecessary but turned out to save you real time?

3 comments

3 Comments

dakotawood1mo ago

Your accountant might have been right for you, but that doesn't mean it's the best move for everyone. Tracking everything through one card can actually mess up your personal spending record. Credit card companies love to see you using multiple lines of credit responsibly. Closing old personal cards you used for business stuff could hurt your credit score. Also, mixing everything into one account makes it harder to catch fraud or mistakes since you're not checking separate statements. Are you really sure the time you saved was worth giving up that extra layer of separation?

blairtaylor1mo ago

That feels like overthinking it dakotawood, it's really not that deep.

felix_lane991mo ago

Actually credit scores usually go up when you close old cards since it lowers your available credit ratio, not the other way around. The bigger risk is losing the history on your longest held accounts, which matters way more for your score. Having separate cards for personal and business is still smart for catching fraud, but the score hit from closing one isn't really the main concern.