5 Important Reasons to Open a Business Checking Account
When you’re starting a new business, there are so many exciting decisions to make: company name, new logo, and new social media accounts! While you’re taking care of these decisions, go ahead and get that new business checking account.
Whether you’re an online digital business or a brick and mortar shop on main street, a separate checking account is hugely beneficial. Having a dedicated account for your business makes you feel more boss, for one thing. Another more concrete benefit is all the time it frees up; you’re not having to spend time and energy untangling business transactions from your personal bank account. Instead, you can feel good about your decision as a business owner to neatly and efficiently keep business transactions separate.
Specifically, a business checking account helps you with:
Simply having a business checking account opens up a wealth of financial services. You can process credit card payments at competitive rates, make deposits electronically rather than driving to the bank every day, use your business debit card to efficiently make purchases, and with a business account, your bank can help automate and streamline your payroll process.
With a business bank account, you can easily integrate popular accounting software such as Quicken and Quickbooks so that when tax time comes, tax prep is much easier. You’ll feel secure that every penny is accounted for and you can focus on delivering great products and services for your customers.
Showing Up as a Professional
When your clients and customers make their payments to a business bank account rather than a personal checking account, they notice. It is one of those subtle yet important touches that lets your customers know you are legit. It makes you seem professional to the IRS, too.
In an instant, you know exactly where your business is financially. Using your bank’s web site or app, you have immediate access to so much information about your business. You know when invoices have been paid and when payments have been made. In addition, if you want to delegate management of parts of your business as it pertains to money to other staff, you can designate multiple users and manage what they see within your account.
Keeping your business money in its own account is smart business. When you have an established business and can show that the money coming in is separate from your personal money, that can help protect you personally from legal liability.
Ready to get started with your business checking account? You’ll need a few things:
- ID, such as driver’s license, passport, or other form of photo identification
- Business license
- Tax ID number
- Business name registration
- Legal documents pertaining to your business, such as Articles of Incorporation.
Stop by your local Guaranty Bank branch and we’ll be happy to help you get your business bank account set up.