Starting a business is one of the best ways to secure your financial future and take charge of your life. Most self-made millionaires got there by being smart and working hard, and it is no accident so many of them are also small business owners.
If you are getting ready to start your own small business, it is important to set up a separate bank account for your new endeavor. Comingling your business and personal money is a very bad idea, and it could even get you in trouble with the IRS. Opening a separate bank account just for the business is the best way to maintain a red line between your professional and business life. Here are some tips for getting a great bank account for your new business.
You will be spending a lot of time and energy running your new business. The last thing you want to do is run to the bank every day to deposit checks and conduct other business.
Look for a business bank account that provides remote deposit. This handy service allows you to take a picture of the check or scan it to the bank’s website. The money is deposited instantly in your account, and you can mail the paper checks later on.
The Convenience of a Linked Credit Card
One of the reasons you set up an additional bank account for your business is to keep your personal and business finances separate. The money your business takes in should be deposited directly into your business account, and all business expenses should be paid from that account.
You can streamline that process by opening a business bank account with a linked credit card. Having the business credit card and bank account at the same institution will simplify your life and make record keeping easier. With the linked accounts, you can even log on and pay your credit card bill directly from the business bank account.
You will be spending a lot of late nights getting your business off the ground, so you need to choose a bank that is there when you need it. Banker’s hours are not an option when it comes to a business account, so look for an institution that opens early and stays open late.
If you can find a bank with weekend hours, so much the better. That will give you a chance to get your business banking done while you catch up on your personal errands.
Running your own business is no easy task, but the potential rewards are great indeed. If your business succeeds, you can gain a lifetime of financial stability for yourself and your family. Perhaps even better is the peace of mind you will have knowing that you are no longer at the mercy of a big corporation and an uncaring boss. When you open your own business and establish your own business bank account, you are taking charge of your future and grabbing your piece of the American dream.