Start preparing your business for future growth today by establishing a sound financial system with a Business Checking Account! Get started with these methods for getting the most out of your account and banking relationship.
Separate Personal and Business Finances
Separating personal and business transactions is an important steppingstone toward seamless day-to-day management of a business’s finances. By having all your business’s income and spending in one Business Checking Account, keeping track of customer payments, monitoring monthly expense payments, and payment processing schedules becomes much more accessible. Having a separate business account can also help protect from liabilities and help prove that a business truly exists separate from a business owner’s personal life. While it does not provide complete protection, establishing a legal entity and an Employer ID Number (EIN) alongside a designated Business Checking Account can help protect your personal life from some of the worst-case scenarios of being in business.
Keep Track of Tax Deductions
With all your business spending data accessible in a Business Checking Account, business owners can save significant time and money during tax season. Accessing a business’s spending from Mobile and Online Banking services creates an efficient tool for rounding up tax-deductible expenses when filing your business’s taxes. Some expenses to keep an eye on include advertising, business equipment, travel, health insurance premiums, and more. No matter the business size, practicing good habits and discipline regarding taxes and deductible expenses can be beneficial. For those in your first year in business, this can also help create a clear picture of any taxes you will owe and how much you should set aside for tax payments throughout the year.
Enjoy Banking Additional Services
Businesses just starting out may have simple needs that can be met by simply opening a FREE Business Checking Account, but keep in mind this can serve as a point of entry for more advanced financial services as your business grows. Among the most essential small business banking services to consider for promoting growth includes:
Cash Management Services
These services help businesses improve their cash flow and manage their finances more effectively. In addition, using services like Positive Pay, an automated Cash Management service, can help stop check and ACH fraud before it happens.
Deposit Management Services
Remote Deposit Capture, Online Domestic Wire Transfers, and the ability to move funds electronically between Business Checking and Business Savings Accounts make the check-handling process convenient, secure, and efficient.
Employee Benefit Programs
Share the joy of your chosen financial institution by directly providing great benefits and cost-cutting features to your employees paired with their Checking Accounts. These Employee Benefit Programs typically come at no extra cost to the business owner and are incredibly flexible when choosing a level of service fit to any business.
Own a small business? Kick up your growth by taking advantage of the perks of having a Free Choice Business Checking Account at Mechanics Cooperative Bank! Contact us today to get started.