Business finances don’t need to be a complicated process. Bartercard makes it easy and straightforward to keep your finances on track, by fitting into members’ existing accounting systems without the hassle.
This simple-to-use system means business owners can spend less time on their accounting and more time focusing on business growth strategies.
This blog discusses how Bartercard can work with your accounting system, and how it can benefit you and your business.
Discover in-depth how Bartercard can work with your business. Download the free eBook here.
What makes our system so simple to use?
In addition to integrating with a member’s current financial system, there are a number of other aspects of Bartercard that make its accounting processes simple to use.
When considering business finances, members treat funds in the same way they would cash. There are no special tax considerations when using Bartercard. This means when funds are in a Bartercard account, tax is paid in the same way it is for a cash amount in a normal bank account.
Similarly, the accounting treatment of assets bought on Bartercard is identical to assets bought in cash. The depreciation rates and methods remain the same.
A staff account is an ideal opportunity for business owners who want to divide up personal and business spending or use for staff incentives and bonus payments.
How does this benefit Bartercard members?
We understand what matters most to business owners – increasing cash flow, and growing your business. Simply set up Bartercard as another bank account in your system, allowing you to focus on what is more important in your business.
Bartercard works supplementary to cash business. At no point is any member obligated to take on Bartercard business over cash-paying business, giving them complete control. All members also have the ability to choose which products and services they sell through the Bartercard network, and they can adjust offers to the Bartercard community as it suits their business at any time.
A benefit of a member using Bartercard for their business is that it encourages other members to utilise their goods and services. This, in turn, will help them gain new business, create customer loyalty and increase profits.
Further, unlike loyalty programs and daily deal sites, Bartercard Trade Dollars never expire.
All Bartercard members sign up to trading terms and the community is self-regulated. It’s therefore important that members are transparent and promote services and goods fairly to the network and customers.
Want to know more about how Bartercard works? Download our free eBook to see it can help your business.
[All information contained in this article is true and accurate to the best of the author’s knowledge. No liability is assumed by Bartercard, authors or their employees for any potential liability suffered by any person relying directly or indirectly upon this article. It is recommended clients consult a Chartered Accountant from the Bartercard directory or their own tax specialist before acting on this information.