Running a flourishing business means overseeing a constant flow of money. There’s revenue, payroll, suppliers, lease payments, taxes and so much more. It’s a lot to keep track of! Luckily, though, there are lots of products on the market that can help you cover, manage and track your business expenses effectively and smoothly. Let’s take a look at some of these business products and share some tips for choosing those that are the best fit for your business.
Business Checking Accounts
A designated business checking account increases the credibility of your company while enabling it to manage and track expenses, taxes and revenue. A separate business account also protect you as a business owner from losing your personal assets if legal action is taken against your company. As a business owner, you can use your checking accounts to deposit checks made out to your company and cover business expenses, such as payroll or payments to suppliers.
Here’s what to look for in a business checking account:
- Generous cash-deposit limit per transaction
- High monthly transaction limit
- Low maintenance and other fees
- Business online and mobile banking
- Higher dividend rate on balances
Business Savings Account
As a business owner, you can use a business savings account to build a cash cushion for slower seasons, prepare for unexpected expenses or to save up for new equipment, tax payments or an expansion. Many financial institutions offer incentives for businesses opening a business savings account, such as increased dividend rates and reduced fees for larger deposits.
Here’s what to look for in a business savings account:
- Higher dividend rates
- Low fees
- Sweep account option
- Business online and mobile banking
Business Credit Card
A business credit card can provide your business with easy and unsecured access to a revolving line of credit. You can use the credit to withdraw cash as necessary, cover large expenses, make purchases, or help with monthly payments.
In comparison to a business loan, a business credit card is easier to qualify for, but it will nearly always come with a higher interest rate. If business owners are careful only to use the credit card when it is necessary and pays the bill before it’s due, interest will not accrue. A generous line of credit can be a convenient way to increase your purchasing power without risking any assets. Credit debt that is managed well will also build your company’s credit score and may provide your business with rewards and other incentives.
Here’s what to look for in a business credit card:
- A low interest rate
- Perks or rewards
- A low or no annual fee
- Purchase protection and insurance
Money Management Software
Managing expenses for a small business isn’t easy. There’s payroll, suppliers, monthly bills and so many other ongoing expenses that need to be covered. Fortunately, there’s an app for that! Money management software like Quicken, allow businesses to track and review all their expenses in one convenient location. Chart expenses on colorful graphs to visualize cash flow, see where the business money is going, categorize expenses for easier tax-filing and link accounts for automatic syncing of expenditures and income. Tracking business expenses also makes for easy monitoring the business.
Here’s what to look for in a money-management software:
- Manageable monthly cost
- Easy-to-use interface
- Synchronization across multiple devices
- Integrates with your business banking account
If you’re looking to open or expand your business account, Wasatch Peaks Credit Union is a great choice. Our business checking, savings, and credit cards, have low fees and many convenient features like online wire requests and business online banking that integrates with Quickbooks. Call, click, or come by Wasatch Peaks Credit Union to get started on your business account today!
