When you launch your own business, one of the first things to do is choose the right bank to open an account with. Using your personal account for business purposes isn’t the best approach and is not something we recommend.
A business bank account can help you keep business and personal finances separate, manage your expenses, and keep track of cash flow. But not all business bank accounts are the same. Here are some of the things you’ll want to consider as you look for the best banking relationship to meet your needs.
1. Does the Bank Offer Multiple Business Services?
The type of business bank account that works for you as a startup may no longer be appropriate as your business expands in the coming years. Consider how many different types of business checking and savings accounts a bank offers. Ideally, they’ll have several options and won’t make it difficult for you to make a switch as your needs change.
2. Do They Provide Mobile and Online Banking?
Even if you’re old school now and don’t use mobile or online banking services, don’t discount them completely. When you become busy and overloaded as a business owner, you’re probably going to quickly realize the value of making deposits using a smartphone and checking your balance quickly on the go. Make sure the business bank you choose is up-to-date on this technology.
3. Is Financing Help Available?
Maybe you need financing immediately or don’t think you’ll ever need it. Either way, it’s a good idea to partner with a bank that offers various lending options for small businesses. Some banks partner with the Small Business Administration (SBA) to offer a wide range of loans. Others offer short-term loans and business lines of credit.
4. What About the Fees They Charge?
As a small business, the fees you pay for anything should be top of mind. That said, pay particular attention to the fees that your business bank wants to charge. When you look at various banks, here are some of the fees you should review:
- Monthly service fee for a checking account
- Average monthly or weekly balance to waive the service fee
- Total amount you can deposit per month
- Number of transactions you can have per month
Depending on your business model, these items could eliminate several banks from your list.
5. Don’t Forget to Look at Customer Service.
Finally, you want a business bank you are comfortable with and one you can trust. Choose a bank that aligns with your values and cares about its clients. Read some online reviews and ask for referrals from friends and colleagues. You can also get a feel for their level of customer service based on how easy it is to get in touch with someone and how friendly they are when answering your questions.
Small Business Accounting Services in Southeast Wisconsin
Just as important as choosing the right bank for your business, you need a small business accounting service you can trust. Nolan Accounting Center is a professional firm composed of CPAs and accountants that provides accounting, bookkeeping, tax preparation, and payroll services to clients throughout Southeast Wisconsin. Contact us today to learn more about our services.