Whether you are starting a small or large enterprise; one of the important tasks is setting up a business bank account. Although you may think that; this is just an extra task that will eat up your time and maybe unnecessary (since you have a personal account that you can use). So, having a business bank account can be beneficial, especially for your start-up company.
An important reason why your company should have its account is that even though your enterprise is a sole proprietorship. An official business bank account makes it easy for you to manage your company investments separate from your interests.
Also, having a separate account will make it easier for you (or your accountant) to calculate and pay the taxes required for your business. Finally, a business bank account can help make your company look like a real, commercial business as opposed to a small and possibly unreliable operation.
If you are opening a business bank account for the first time; below are a guide and some useful tips that can help you through the whole process:
The Top 5 Point
These points need to keep in your mind when you are going to opening a bank account.
1. Be on the lookout for any specials or promos offered by banks, both local and commercial.
Today many banks offer cash bonuses, duty-free credit card transactions, and other incentives to attract new business customers. Take advantage of these offers so that you can get more flexibility and save more money which you can use to invest in the operation of your business.
2. If you already have a personal checking and savings account, go to your bank.
Ask the representatives about the pnc routing number accounts they offer. You may be able to get a better deal by keeping both your personal and business accounts in the same bank.
3. Ask the bank representative for a rate sheet that shows the current interest rate on business checks and savings accounts.
If you are planning to keep a large balance in your business bank account, then earning some interest would be a really good profit.
4. Choose a business account that meets your needs.
Choose an account that will not charge you a maintenance fee or a per-check fee. In addition, make sure that you will be able to meet the minimum balance requirement to avoid service charges.
5. Once you open your business bank account, wait a few days for the funds to be credited to your new account.
Check the balance to make sure that your initial deposit has been deposited. Contact the bank if there is any discrepancy in the initial deposit amount or if you have not received any account paperwork within a week of opening the account.