Business Banking Explained

It’s easier than you think! The business banking world can be a bit intimidating. There are so many different products and services for businesses to choose from. Ultimately, all you need is a business checking account. This is essential for business funds to flow in and out of to separate business funds from your personal funds.

Some tips! 💡

➡️ I like to use the same financial institution that I do my personal household banking with. Transferring owner draws out of my business straight to my checking account is seamless! And, I can see all my balances in one spot!

➡️ Take advantage of business credit cards! I book ALL my expenses on my business credit card and pay it off each month. It’s a great way to earn perks and rewards for expenses you will have to make to keep your business operational - might as well take advantages of the rewards. BUT remember, growing your balance too large and having to pay interest charges defeats this purpose!

➡️ When you meet with your personal banker to set up your account, have them go 👏🏻 over 👏🏻 disclosures👏🏻! What are the minimum balance requirements? How can you avoid overdraft fees? How quickly do you have access to your funds? Details are important!

➡️ It’s not rocket science. If you are ever unsure what exactly you need - call your banker. They will tell you all the things! Also, it’s a great idea to set up an appointment so you don’t have to wait when you arrive!