Open Business Bank Account - Tips For Opening A New Account

If you're starting your own business, it's crucial that you open business bank account to keep your company's money separate from your own

. The IRS requires businesses to have accounts that are separate from the individuals who own or run them. If your money is intermingled with business funds, it will be nearly impossible to keep the two separate and determine which is which. This causes problems with tracking your incoming and outgoing company funds and could result in some very bad business decisions. If your finances aren't well organized, you're going to face a nightmare when it comes to tax time.

Once you have a solid business plan and your funds are ready to go, it's time to open business bank account. Check your local banks and credit unions to find the best option. Look for something with a low deposit requirement and as few fees as possible. This will get you pointed in the right direction. It's important to note, however, that the best choice won't always be rock bottom when it comes to the cost associated with keeping the account. Sometimes it's actually a good idea to pay extra for certain valuable features. Take the time to read the fine print for all your options.

Once you've settled on a bank and account type, you'll be ready to fill out the application, make your deposit, and officially open business bank account. When you're having the checks printed, you may want to consider having both your name and the business name on them. In many small businesses, you are going to be synonymous with the company itself, especially in the earliest days of the company. If you've got a lot of contacts who are familiar with you and not the name of your business, keep both pieces of information on your checks so people recognize who and what they're dealing with.

With an open business bank account, you're officially ready to get down to business. Keep careful track of all your funds every step of the way. Use a computer program or even a simple Excel spreadsheet to project your income and expenses far into the future. It's never too early to see a problem headed your way. If you know you're going to be short by $500 six months from now on your current course, you've got plenty of time to change it. Keep your eyes on the future and you'll be able to keep your business account from dipping into the red.

by: Kevin Schmiterson

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