Expert Strategies to Manage Your Money with a Business Deposit Account

As a business owner, you want to feel confident managing your money now and for the future. A business deposit account provides you with a dedicated platform to handle your company’s financial transactions. By following a few smart strategies, you can take advantage of the benefits a business deposit account offers and gain control of your finances.

Strategy #1: Create Systems and Stay Organized

Create a Budget

One of the primary steps in managing your money with a business deposit account is creating a budget. A well-planned budget helps you allocate your funds wisely. Identify your standard operating expenses, like supplies and payroll, and set spending goals for each.

Use an Accounting Program

Consider using an accounting program, like QuickBooks®. This makes accounting tasks like tracking and reporting easier. Additionally, with a Quaint Oak business deposit account connecting to QuickBooks® is easy!

Keep Everything in Check

It’s important to keep your spending and savings in check for long-term healthy finances. A commercial checking and savings account devoted to business transactions can help you regulate corporate spending.

Strategy #2: Track Expenses with a Commercial Checking Account

Monitor Your Spending

Monitor your spending and track expenses by regularly reviewing your commercial checking account. Bank statements, like convenient eStatements, help you keep a close eye on your incoming and outgoing funds. Plus, with the ease of mobile banking, you can access your business deposit account information from anywhere. This strategy ensures you stay aware and in control of your finances.

Avoid Late Payments and Utilize Online BillPay

To avoid late payments and the negative impact they make on your credit score, make it a priority that all bills are paid on time. Take advantage of commercial checking account features like Online BillPay. With Online BillPay you can schedule automatic payments and track payment history. This user-friendly tool helps ensure you never miss a payment.

Connect Your Accounts for Overdraft Protection

It’s a smart move to support your commercial checking account by connecting it to your commercial savings account. Having your savings account in place serves as a security for overdraft protection.

Strategy #3: Build Financial Resilience with a Commercial Savings Account

Create a Cash Reserve

A commercial savings account is a useful tool to build financial resilience for your company. By creating a cash reserve, you can cover unexpected expenses as well as prepare for future growth. Plus, with the help of mobile banking, making deposits with remote deposit capture is simple and efficient.

Make Frequent Deposits to Your Money Market Account

Maximize the benefits of your savings with a money market account. This type of account typically pays higher interest than a classic savings and offers more tier options for businesses. Make frequent, regular deposits to enhance your financial stability and create a good foundation for savings.

business owner discussing their quaint oak commercial checking and savings accounts with her team

Find Confidence with a Business Deposit Account

Effectively managing your money with a business deposit account is essential for continued success and stability. By keeping your finances organized, monitoring and tracking transactions with a commercial checking account, and tapping into the benefits of your business savings, you can maintain control over your money.

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