subject: Tips On Administering A Business Checking Account [print this page] One of the unfortunate things about a small business owner who has a business checking account is that he will bring his bad habits from his personal account over to his business account. Administering a business bank account of any kind requires attention to detail and dedication. If you start using responsible habits to keep track of your business account, then maybe those habits will rub off on your personal account as well. There are several things you should always do with your business account that will help you keep it organized and efficient.
At the end of each day, you should balance your business account books. Do not let your accounting errors spill over to several days or even weeks. When you allow a business account error to compound over days, it can start to cost you money. Under normal circumstances, you will make significantly more transactions on your business account than you will on your personal account. When you know that you are done doing business for the day, then set aside an hour or less to sit down with your checkbook and make sure that all of the numbers add up.
You should keep your business account books someplace safe at all times. Some business owners like to take their business checkbook with them in case they need to make payments. This is not a bad idea, but it could also work against you. Take very good care of that checkbook and never let it out of your sight. When you leave the office for a while, then you should lock your checkbook in your desk or in a filing cabinet. Never allow your bank account book to wind up in someone elses hands. That could cause you a long list of very bad problems.
You should keep a close eye on who has access to your business account information. The bank will require that a signature card be filed for every person that you are allowing to write checks from your account. You should limit this kind of access to only those people that actually need it. Monitor the activity in your account very closely and make sure that you know exactly who has access to your account so that you can verify every transaction that shows up on your monthly statement. The business bank account should be something that is only available to a very select group of people.
