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Why Choosing the Best Business Checking Account Matters: A Guide for Small Businesses

Jun 29, 2023 Small Business
Family reviewing checking account benefits for their small coffee business

If you’re a small business owner, you know that starting a business requires careful planning and investment. One critical decision you must make is selecting the right business checking account. You may think any checking account will suffice, but that is a mistake. A business checking account acts as a financial hub to manage your business transactions, accounts payable, and accounts receivables. Choosing the wrong one can have negative consequences that affect your business’s growth and financial health. That’s why it’s essential to know why the right business checking account matters. This guide will provide you with all of the critical information you need to make an informed decision.

A Business Checking Account Helps You Stay Organized

A business checking account separates your personal finances from your business finances. This separation is critical to determine your company’s financial stability and to plan for tax obligations. Having a business checking account also helps make it easier to keep track of expenses, track income and pay bills. A small business owner needs to monitor their finances regularly. Without a business checking account, entrepreneurs, especially those who are service-based, will struggle to differentiate between their earnings and expenses.

A Business Checking Account Offers Access to Additional Resources

Many business checking accounts come with added features that can prove beneficial to entrepreneurs. For example, some accounts offer an overdraft facility, allowing businesses to take out short-term loans. Other features include online banking, recurring payments, and account alerts. You may also receive discounts on merchant services, credit card processing fees and cash management tools. Choosing a business checking account with these extra features can save companies money in the long run and provide an excellent opportunity for growth.

Different Accounts Are Available for Different Business Sizes and Structures

When selecting a business checking account, it’s essential to choose one that aligns with your business structure. Different account options are available depending on your business size and organization type. For instance, a Sole Proprietorship may require only a straightforward account with no minimum balance requirements or monthly fees. However, larger corporations will need an account that can handle high transaction volumes and support global business. Your bank can provide valuable guidance based on your business structure and size.

woman reviewing bank statement and frustrated by checking account fees for her small businessFees Can be Distracting

When selecting a business checking account, the fees might not appear significant at first glance. The truth is these fees can add up, affecting your bottom line. Monthly maintenance fees, transaction fees and overdraft fees are some of the most common fees charged. You must review the fee structure before opening an account and ensure that the account features align with your business’s needs and goals. You may be better off seeking accounts that have lower or no fees rather than selecting accounts with plenty of features with high fees.

Read the Fine Print and Ask Questions

When opening a business checking account, it’s essential to scrutinize the account agreement carefully, including the terms and conditions. This due diligence ensures you avoid surprises and understand financial obligations and use the account. If you cannot understand the terms laid out, seek professional guidance from your accountant or business partner. Your financial institution will also provide you with valuable advice and tips on selecting the right account for your business. You can also reach out to the bank’s account manager to discuss options available to you along with their benefits.

Selecting the best business checking account is critical for any small business or entrepreneur. The right account helps to organize your finances, access additional resources, and minimize fees. Different account options are available, depending on the size and organization type. It is essential to seek professional advice and thoroughly review the terms and conditions of the account agreement before making a decision. By selecting the correct business checking account, you will streamline your finances and have more time to focus on growing your business rather than managing your business.

At BankSouth, we’re committed to providing our customers with the tools they need to succeed. That’s why we offer a range of business checking accounts that are designed to meet the needs of businesses of all sizes. Whether you’re just starting out or you’re an established business owner, we have an account that will work for your small business. Contact us or stop into any of our locations to learn more about our business checking accounts and how we can help you achieve your financial goals.

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