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5 Benefits of a Business Checking Account

Finding the right business checking account should be a priority for every business owner! Don’t muddy up your business finances by using a personal checking account. The best option for financial success for your business is by utilizing a business checking account and its features. These 5 benefits of using a business checking account will help you stay financially organized!

Organized Bookkeeping

A business checking account's primary purpose is to allow all business-related transactions to be managed and monitored in one account. Having all a business' transactions together paints a clear picture of your business's cash flows and performance. These business account transactions also make it easy to see the revenue and costs incurred monthly immediately. This will aid in analyzing the overall performance of the business to determine where strategic changes need to be made.

This clear picture can also be crucial in managing the business's transactions to keep books organized for tax season. By doing so, your taxes can become quicker and more accurate. Not being able to organize and categorize transactions could also cause business owners to lose out on the money-saving deductions they may be entitled to receive. 

Access to Digital Banking Services

Digital banking services are included with any business checking account at Mechanics so that all business owners can spend less time banking and more time building their business! With internet and mobile banking, you can select employees to manage business accounts within a set number of authorized activities such as account viewing and access, making transactions, using Bill Pay, and more. Some of these activities can even be done on a mobile device using a secure bank application. This allows authorized users to make mobile deposits, access ACH Services, initiate Fund Transfers and get eAlerts (text and email) regarding a set balance threshold and when specific checks are cleared. 

Strengthen A Business Banking Relationship

Maintaining a solid relationship with your bank can help get your foot in the door for when the time comes to apply for business credit cards and loans with that same bank. In addition, having a business checking account will signal credit bureaus to create a credit report for your business. Many business owners don't realize that businesses have credit scores, which are very important when applying for small business loans. 

Other benefits of forming a solid relationship with your bank include having another resource to turn to for further developing your business's financial technology and related systems. In addition, if you bank with a community bank, you can form a strategic relationship with them to benefit the community you are both dedicated to serving.

Accept Credit Cards

Expand your customer pool with the ability to accept credit cards through your business checking account. This ability is essential in today's world because most customers prefer to pay with credit and debit cards over cash. In many cases, you can set up a credit card acceptance system or merchant account directly through your account's bank. This system can typically support your business needs to process customer MasterCard, Visa, Discover, and American Express credit card transactions.

Delegate Responsibility of Businesses Financials

A business checking account can have multiple signers, allowing business owners to shift their focus to other essential business tasks. By signing other trusted employees to your business account, they can run essential administrative banking duties such as paying vendors, completing payroll, or running errands. However, the owner must trust anyone signed onto a business checking account because they will be able to access the sole proprietor's Social Security number.

Another form of delegating responsibility would be to share access to a trusted individual through an internet or mobile banking platform so that they can manage other aspects of the business's financials. These can include monitoring account activity, making deposits (mobile), paying bills, and creating financial reports.

Our business checking accounts are designed to fit any business profile to make your business banking easier and more efficient. Get $150 towards your first order of business checks with you open a Free Business Checking Account with us! Learn more and contact us today.

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