Diners Club Helps SMEs Cut Red Tape
Compliance continues to be a huge issue for all small business owners, with a recent study finding small businesses in Australia are spending about $28,000 and nearly 500 hours a year on working on red tape and compliance burdens.
Despite its promise to reduce the mountain of red tape SMEs have to deal with, the government has introduced more than 16,000 new or amended regulations since being elected, with only 76 regulations repealed.
Diners Club has SMEs squarely in its sights with the launch of a niche charge card product that offers ATO compliant expense tracking and reporting and enhanced data and GST reporting.
The new Diners Club card has a companion MasterCard, providing members with two cards for the one account: a Diners Club card that offers extensive benefits and rewards; and a MasterCard that provides extensive merchant acceptance.
The main benefits of the card for businesses are the tailored approach to providing expense tracking and management, enhanced data and GST reporting for each transaction, which will save business owners time and money.
The card assists with:
- Quarterly BAS reporting
- Online Transaction summary
- QIF, Txt and CSV downloads to assist with accounting
- ATO compliant statement
- Can view and download transactions online
Another benefit over a standard credit card product is customization. Every member has their own relationship manager to develop a tailored solution, allowing business managers to track payments, integrate and consolidate reporting and impose merchant restrictions.
Cash flow is another key issue for small business owners and the Diners Club card helps with this also, giving card holders up to 51 day to pay for purchases on the card.
Although there are two cards, there is no complicated administration; there is one account, one payment, one PIN for both cards, central billing, a consolidated statement and no preset spending limit.