Open net 30 accounts Net 30 accounts are used to establish and build business credit as well as increase business cash flow. With a net 30 account, businesses buy goods and repay the full balance within a 30-day term. NetMany net 30 credit vendors report to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit. Recommended: Read our best net 30 vendors, guide and start building business credit. Get a business credit card Getting a business credit card helps you: • Separate personal and business expenses by putting your business' expenses all in one place. • Build your company's credit history, which can be useful to raise money later on. Recommended: Apply for an easy approval business credit card from Divvy and build your business credit quickly. STEP 5: Set up business accounting Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing. Make LLC accounting easy with our LLC Expenses Cheat Sheet. STEP 6: Obtain necessary permits and licenses Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
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