Benefits of a Business Checking Account

Having a new business checking can prove to be quite essential whether you are a self-employed worker, founder of a startup company or even an independent entrepreneur. In addition to all the above, managers, small-business owners and a list of other occupational workers would most definitely require a separate banking account that not only keeps check of your expenses, but also allowing you to keep track of your revenues without having to stress to much. With that said, this article will provide you with a list of benefits that comes with a business checking account. To learn more, be sure to continue reading for more detailed information in regards to the benefits of a new business checking experience.

• Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. • Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. • Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. • Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill • • Pay, wire transfers and ACH payments. • Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. • Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money. • Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. • Trusted and secure financial partner. We're committed to helping you grow and protect your business. Apply Now at Chase

Benefits of a Business Checking Account

Although it is not required for you to have one in order to start a successful business, it is most definitely within your best interest to open an account as it can provide you with a host of benefits and features that will expedite your expenses as well as putting a simple barrier between your personal and professional finances.

We all have our own reasons to expedite our day-to-day finances. However, no matter what the reasoning is, the experience should be an effortless and swift process. So here are a list of benefits that will come with a new Business Checking Account.

Empower Your Employees–

Starting your own company or even managing it, can put a lot of excess weight on your shoulders. If the weight of the company such as making deposits, signing debit card receipts or mailing out checks becomes too heavy, a business checking account provides you with the option of delegating tasks such as these to your employees or supervisors so you can move on with your life and deal with other aspects of your business.

In fact, the great thing about most business checking accounts is that you can have multiple signers to help ensure that the necessary payments and expenses are made on time. However when doing so, be sure to keep in mind of the drawbacks. If a sole proprietorship business account is created under the owner’s Social Security Number, the liability will most certainly increase as any embezzlement or account errors made will be done under your name and not the employees under you.

Lessen Tax Headaches-

During tax seasons, keeping track of your revenues and expenses can be overwhelming. Keeping track of the separate expenses can help a business owner track income and expenses when January comes around. In fact, tax doesn’t get just in the way of small business owners. Even the most successful and seasoned entrepreneur can face troubles when dealing with the government.

Separating your business transactions into a checking account can not only help you organize your finance, but it can also ensure that you are filing your taxes more accurately. If you are not accurate or careful with your expenses made, you could get yourself in quite a pickle, as IRS could come knocking on your door for not filing taxes correctly. With that said, a business checking account will act as a safety blanket for your and your business and decrease the amount of work and stress that comes with managing and operating your business.

Beating Fees Can Be Easy-

Because business checking accounts often deals with larger and more frequent expenses in comparison to personal accounts, the fees would differ from that of your normal checking account as well. With that said, it is important to compare the fees closely to make sure you are up to date on any maintenance or transfer fees. However, opening an additional account for your business services does not necessarily carry additional costs.

Unlike personal accounts, business checking accounts would sometimes require you to enroll in online bank statements or even meeting a minimum amount of purchases per month, which will ease the process on both you and the bank’s part.

However, there are some processes that could help you beat the fees. Going paperless, meaning having everything digitized can save both you and the bank money. If you plan on making deposits through this process, banks will sometimes reward you by voiding any monthly maintenance fees. Another way a business checking account can help you save is bundling your accounts. When you link a business checking to a savings, IRA or merchant account, it could also eliminate your monthly fees as well.

Organized Business Records and Money Management-

As mentioned above, a business checking account can help you separate your personal and professional transactions. Doing so can help monitor your business’s profitability and keep track of everything on separate statements. The thing that worries and stresses most business owners doing tax season would be to manually separate all the expenses onto different statements to ensure an accurate return. However, with a business checking, you will have less of a hard time trying to remember which expenses were personal and which to omit as well as properly determining your company’s profit margin.

Business Growth Begins at the Bank–

It is most definitely essential and beneficial for small business owners to have a business checking account, as mentioned through the benefits above. However, no matter how small or large your business is, chances are that one of your main objectives is expansion. Expanding your company beyond its current state, gain more recognition and revenue in the process.

Whether you are actively seeking to promote your business or even establishing valuable connections with CPA or attorneys around you, starting at the bank as get familiar with your banking representative is a great way to start. It can not only help you capitalize on your relations with the bank, but can help the bank gain your trust and allowing you to have a swifter process when expanding your business.

Conclusion

If you are having trouble balancing out your expenses, would prefer a safety blanket when tax season comes around or even actively promoting and establishing your business, then definitely open a new business checking account. It goes without saying that you would definitely have to do some research and compare the banking promotions and offers of banks near you to determine which features and benefits would better you for the future ahead. However, no matter which bank you choose, you can have the financial relief knowing that all the benefits are included and that the purpose of your new account is to help you bank in a smarter method. If you found this article to be helpful, then I would suggest checking out our other tutorials such as recognizing the differences between a Credit Union or Bank, How to wire transfers, Opening bank account, or simply How to write a check. If you would like to check out the list of business bank promotions, be sure to see our complete list of Best Business Bonuses for all your banking needs!