After trying so hard to start your own business you are finally seeing the fruits of your arduous work and you can even feel how the money flows towards your personal bank account, but when the time comes to check your business’s income and expenses you might get confused because your personal transactions are mixed with those of your business!
While it won’t sound that bad to those who own small businesses there are many benefits of having a bank account dedicated only to your business and they are so good that you should really invest some time deciding which bank you should choose.
Make a list of the things you want from a bank. Making a list of perks and services you would like from a bank will help you greatly if you’re checking their offers, as this will ensure you that you are picking a bank that will satisfy your plans for your business, be it taking out a loan, opening a line of credit and even investment advice.
After knowing what kind of services you want from bank you should take the time to compare each bank near you, and getting to know them is really easy as you can do it from your own home via their online contact info. Call them and ask how your business would benefit from their services, how they handle fees, interests rates and anything that you consider important to your business.
Banks aren’t free. More often than not banks will charge fees for certain transactions like taking money out of an ATM, depositing checks, online banking services and many other things. Do a good research to the fee structure of any bank you’re interested in, as you might not want to pay fees for certain services you won’t use. Also take note of any services you might want from them on the long run, always plan ahead!
Check out their customer’s service. Just like with your personal bank account you will be dealing regularly with your business’ bank customer’s service, so it is a good idea to take the time to examine how each bank deals with the needs of its customers, contact them and make questions related to your business, see if they offer you personalized services or if they solve your doubts and inquiries, also take note of their response time and the treatment their representative gave you.
Bankers are also an important part of a bank’s customer service and they will be an important asset to your business in the long run, their knowledge will give them insight as to how they can help your business now and the types of services your business might need from the bank later, ask your friends or check online reviews to know if the bank has a savvy and friendly banker.
Business with dedicated bank accounts will appear more professional and will save you from headaches come tax time, as having separate accounts will make differentiating personal expenses from business expenses easier. Be sure to do good research and remember to pick a bank that offers support, reliability and transparency, good luck!