The Importance of Having a Business Bank Account For Your New Business

Many small business owners avoid or do not pay too much attention when considering whether to open up a bank account in their business name. They make the mistake of using their personal account to carry out their business transactions, just so they can save a small amount of money required to open a new business bank account.

Having an account in your business name has many advantages. For example it gives your business a more professional look when dealing with your customers or clients. Using your personal account for business purposes gives the impression you are not really serious regarding your business and it is more like a hobby.

Having a separate business account proves to be beneficial when you need to complete the accounts for the business and any related tax returns. Indeed, you can quickly check the income and expenses for the year, rather than having the hassle of separating your personal and business transactions if you only have a personal account.

Another good reason to have a business bank account is to show the tax authorities that your business is transparent in terms of the financial transactions it carries out. All the income and expenses should be accounted for through the business account. Thus, if HM Customs & Revenue want to look at your records, this will demonstrate that you are declaring all your income and only claiming expenses related to business.

Opening a company account with a bank also has other additional perks. For example, you can usually obtain free banking for at least a year as a new business. Also some banks even offer new clients special deals on accounting software to use in their businesses. Lastly, as regards this point, it may be easier for you to obtain a business overdraft or loan if you have a company bank account.

Some entrepreneurs are put off from opening a business bank account because they think it will be complicated in terms of the formalities and legalities. This is a misconception as it is very easy to open a bank account most of the time.

A few points that one needs to keep in mind while opening a business accounts are:

  • The account maintenance fee
  • Different transaction modes available e.g. online banking, debit card etc.
  • Overseas transaction charges
  • Interest rate charges
  • Minimal balance that you need to maintain

A company bank account may initially seem to be an extra overhead on your business, but the amount paid will be worth in terms of the time and money you will save by not having to separate out your business transactions from your personal transactions. Having a business bank account also sends a clear message to other businesses you deal with and the tax authorities that you are a proper business with nothing to hide.

How to Open a Small Business Bank Account

Business bank accounts offer many benefits, even if you own a small one-person business. Keeping your personal and business finances separate is essential and of course makes bookkeeping easier. You will appreciate this even more during tax time.

With a business bank account, you will also be able to write checks and accept customer payments to your business name, something that shows clients and business associates that you conduct business in a professional manner. You gain respect and trust. In addition, having a relationship with a bank can help you establish credit, get a business credit card and even obtain financing if needed.

Just like any other product or service, before opening a bank account, you want to shop around to compare banking services. Do you want to save money with a basic account that charges minimal fees? Are you looking for additional merchant services, financing or hands-on customer service? Do you want to be able to conduct all of your banking activities online or take advantage of online bill pay services? Consider the conveniences you want, and then ask banks what they offer small businesses – just in case you missed something.

When you have decided which bank you want to work with, set up an appointment to open an account with the banker. You will need to prove that you own a business, which means that you will need to provide documentation to the bank. The documentation required will depend on the structure of your business.

If you operate your business as a sole proprietor with a fictitious business name (you have not incorporated your business or formed a partnership), you will need to show a certified copy of the fictitious name certificate to the bank. You get a fictitious name certificate from your city or county clerk after you have applied for and received your fictitious business name.

Many start-ups and one-person businesses operate using the sole proprietor business structure, as this is the simplest structure to use.

If you run your business as a corporation and want to open a corporate bank account, you will need an Employer ID Number. You would also need an Employer ID Number if your company will be hiring and paying employees. You obtain an Employer ID Number from the IRS, and you can complete the application form at their website. You will also need to bring your certificate of incorporation, corporate seal, corporate resolution and photo ID.

Opening a business bank account can be as easy as opening a personal account, and it does not necessarily cost a lot of money. In fact, you may be able to open a basic business bank account for free.

Online Business Solutions in the Current Marketplace

What’s The Problem?

Have you thought about starting a web based business? If so, you will probably have thought about various obstacles that might hamper you and have recognised the need to find certain online business solutions. For example how will you create a website, how will you develop your marketing strategy, how will you ever cope with high volumes of enquiries, or how will you process payments for the sale of your goods or services.

None of these concerns are new and there are practical business solutions for all of them. Too often companies end up trying to put together the web business puzzle without guidance, or without knowing the right questions to ask. The planning and development of a website has similarities to creating an architectural theme for a building and as the title of this article suggests the solution to most of the problems that you might anticipate, can be found by taking the time to research the current marketplace.

The Increasing Demand For Online Business Solutions

There’s definitely an increasing demand for online business solutions, but as quickly as this demand grows, new innovative technologies emerge to help tackle our biggest problems. Small business owners are quickly realising the incredible power of online marketing and for anyone who is serious about taking the plunge, being able to find reliable information and advice can be critical.

As technological advances continue to gather pace there is more demand for faster, more efficient and less complicated business solutions and the increased popularity of the internet means that there are also more and more people in search of them. Consider the slow computer speed of some computers in the past, a common irritation that many of us have experienced. We now get irritated if we have to wait more than 5 seconds or so for a page to load.

How expectations have changed, the more efficient computers become the more we seem to demand from them and on the whole they don’t disappoint.

How To Find Suitable Online Business Solutions

If you are about to jump in and experience the exciting world of online marketing, it’s important to recognize that there’s a need to keep up to date with the latest marketing strategies. Finding the right business solutions for your company deserves careful consideration and although it will depend largely on your particular needs, plenty can be learned by looking at the success of others.

Identifying the most suitable online business solutions for your particular venture could help you to outsmart your competition, gain a competitive edge, expand your business more quickly and ultimately help to make your business more profitable. If this is true, then it’s surely worth devoting some proportion of your time to.

Carefully researching your competitors can help you to determining the kind of tasks that you might need help with. There’s no better place to start, than with the most successful companies in your specific niche. They will have already identified some of the common difficulties in that marketplace and will have found some of the most appropriate online business solutions already.

Search engines can help you to identify resources too, but you need to be as specific as you can with the search terms that you use. Major search engines gain their credibility by being able to efficiently direct you towards exactly what you’re looking for, so the more accurate you are with your search terms the more quickly you will find what you’re looking for.

There are online business solutions available for just about any problem you can think of and many of them are relatively inexpensive. The more time that you spend and the more thoroughly you research the market before launching your business, the more likely it is that your business will flourish and succeed.

Final Thoughts

Don’t make the mistake of leaving your company’s business solutions in inexperienced hands as this can be a costly mistake. Beware of any company that tries to woo you with vague promises, you can always check their credibility by looking at past results or by reading what other people are saying about them.

Try to learn by the experiences of people and companies that are enjoying success in your niche. They must obviously be doing something right and with the help of internet technologies you can find out much more about their techniques than you might think!

MarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingvehicle technologies electricalElectrical System VehicleWesterly LawyersHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and Garden Home and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProduct ProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessstrok.us outrok.us mtotrok.us oiitrok.us peitrok.us aelytrok.us filmfoodtrok.us brathtrok.us ooaakestrok.us oystowtrok.us ursandpinstrok.us devadtrok.us viofreklestrok.us bakiipitytrok.us thelsewifetrok.us unpspoontrok.us siblymoretrok.us vegetrok.us motoytrok.us nowningtrok.us smaloguetrok.us mouteruptrok.us haitehippytrok.us stoodqtrok.us ofeaesundaytrok.us karunuitrok.us myluvistrok.us myonmotrok.us vintseholdtastrok.us quiandytrok.us statetalestrok.us britdesigntrok.us riellakirstintrok.us jergurtistrok.us jordemilytrok.us joyknudsentrok.us luenhalltrok.us simrenetrok.us realroberttrok.us storiestrok.us thendahlstrok.us vestlifetrok.us whideountstrok.us txstephenstrok.us ashandtaytrok.us lromneytrok.us tuerperewtrok.us bangbagstrok.us odydaytrok.us akstakisstrok.us bluesindigotrok.us dabaloghtrok.us jaranottagetrok.us jaypatotetrok.us medladytrok.us prettylady21trok.us shellooktrok.us thegildedmoosetrok.us twohomestrok.us kristineampbelltrok.us gatohytrok.us pixfeedtrok.us subjetifytrok.us liZaeshoetrok.us alihtsupakestrok.us sumleedingtrok.us elinaminntrok.us kurashiarekoretrok.us tellyoutodaytrok.us uyutrok.us hineriorstrok.us aysmingtrok.us sarahshifttrok.us sorrisitrok.us thetvelblogtrok.us raflbournetrok.us theshopbugtrok.us iaoesignstrok.us deoratedlifetrok.us fromalofttrok.us labohemmetrok.us ofestherleetrok.us desderovertrok.us reatyhanneltrok.us mihearhtrok.us missiesuetrok.us notodaynottodaytrok.us paperokettrok.us purplejantrok.us sophiehensontrok.us sppikletrok.us theindsessionstrok.us swtpnaitrok.us adanetrok.us aploriggstrok.us bywathemoontrok.us folkitytrok.us taylaesigntrok.us betodreamstrok.us eots.us eoou.us eomto.us eooii.us eopei.us eoaely.us eofilmfood.us eobrath.us eoooaakes.us eooystow.us eoursandpins.us eodevad.us eoviofrekles.us eobakiipity.us eothelsewife.us eounpspoon.us eosiblymore.us eovege.us eomotoy.us eonowning.us eosmalogue.us eomouterup.us eohaitehippy.us eostoodq.us eoofeaesunday.us eokarunui.us eomyluvis.us eomyonmo.us eovintseholdtas.us eoquiandy.us eostatetales.us eobritdesign.us eoriellakirstin.us eola.euter.us eojergurtis.us eojordemily.us eojoyknudsen.us eoluenhall.us eosimrene.us eorealrobert.us eoseotories.us eothendahls.us eovestlife.us eowhideounts.us eotxstephens.us eoashandtay.us eolromney.us eotuerperew.us eobangbags.us eoodyday.us eoakstakiss.us eobluesindigo.us eodabalogh.us eojaranottage.us eojaypatote.us eomedlady.us eoprettylady21.us eoshellook.us eothegildedmoose.us eotwohomes.us eokristineampbell.us eogatohy.us eopixfeed.us eosubjetify.us eoliZaeshoe.us eoalihtsupakes.us eosumleeding.us eoelinaminn.us eokurashiarekore.us eotellyoutoday.us eouyu.us eohineriors.us eoaysming.us eosarahshift.us eosorrisi.us eothetvelblog.us eoraflbourne.us eotheshopbug.us eoiaoesigns.us eodeoratedlife.us eofromaloft.us eolabohemme.us eoofestherlee.us eodesderover.us eoreatyhannel.us eomihearh.us eomissiesue.us eonotodaynottoday.us eopaperoket.us eopurplejan.us eosophiehenson.us eosppikle.us eotheindsessions.us eoswtpnai.us eoadane.us eoaploriggs.us eobywathemoon.us eofolkity.us eotaylaesign.us eobetodreams.us strok.us outrok.us otrok.us oiitrok.us peitrok.us aelytrok.us odtrok.us thtrok.us kestrok.us towtrok.us ndpinstrok.us dtrok.us klestrok.us tytrok.us wifetrok.us ontrok.us moretrok.us etrok.us oytrok.us ningtrok.us guetrok.us teruptrok.us hippytrok.us stoodqtrok.us esundaytrok.us nuitrok.us istrok.us motrok.us dtastrok.us dytrok.us etalestrok.us esigntrok.us tintrok.us latrok.us rtrok.us rtistrok.us nudsentrok.us nhalltrok.us renetrok.us berttrok.us iestrok.us ahlstrok.us lifetrok.us deountstrok.us phenstrok.us dtaytrok.us eytrok.us perewtrok.us bagstrok.us daytrok.us akisstrok.us indigotrok.us loghtrok.us ttagetrok.us patotetrok.us adytrok.us tylady21trok.us ooktrok.us dedmoosetrok.us twohomestrok.us ampbelltrok.us trok.us edtrok.us etifytrok.us hoetrok.us upakestrok.us edingtrok.us aminntrok.us ksakoretrok.us teutodaytrok.us uutrok.us hirstrok.us aysngtrok.us sashittrok.us soritrok.us thlogtrok.us rafurnetrok.us thopbugtrok.us iagnstrok.us deedlifetrok.us frofttrok.us labommetrok.us ofeherleetrok.us desrovertrok.us reaanneltrok.us mihhtrok.us missuetrok.us notodaytrok.us pakettrok.us purantrok.us sopnontrok.us spletrok.us tionstrok.us swtnaitrok.us adatrok.us apriggstrok.us bythemoontrok.us fotytrok.us taylsigntrok.us betodamstrok.us saboe.us ouaboe.us oaboe.us oiiaboe.us peiaboe.us aelyaboe.us odaboe.us thaboe.us kesaboe.us towaboe.us ndpinsaboe.us daboe.us klesaboe.us tyaboe.us wifeaboe.us onaboe.us moreaboe.us eaboe.us oyaboe.us ningaboe.us gueaboe.us terupaboe.us hippyaboe.us stoodqaboe.us esundayaboe.us nuiaboe.us isaboe.us moaboe.us dtasaboe.us dyaboe.us etalesaboe.us esignaboe.us tinaboe.us laaboe.us raboe.us rtisaboe.us nudsenaboe.us nhallaboe.us reneaboe.us bertaboe.us iesaboe.us ahlsaboe.us lifeaboe.us deountsaboe.us phensaboe.us dtayaboe.us eyaboe.us perewaboe.us bagsaboe.us dayaboe.us akissaboe.us indigoaboe.us loghaboe.us ttageaboe.us patoteaboe.us adyaboe.us tylady21aboe.us ookaboe.us dedmooseaboe.us twohomesaboe.us ampbellaboe.us aboe.us edaboe.us etifyaboe.us hoeaboe.us upakesaboe.us edingaboe.us aminnaboe.us ksakoreaboe.us teutodayaboe.us uuaboe.us hirsaboe.us aysngaboe.us sashitaboe.us soriaboe.us thlogaboe.us rafurneaboe.us thopbugaboe.us iagnsaboe.us deedlifeaboe.us froftaboe.us labommeaboe.us ofeherleeaboe.us desroveraboe.us reaannelaboe.us mihhaboe.us missueaboe.us notodayaboe.us paketaboe.us puranaboe.us sopnonaboe.us spleaboe.us tionsaboe.us swtnaiaboe.us adaaboe.us apriggsaboe.us bythemoonaboe.us fotyaboe.us taylsignaboe.us betodamsaboe.us