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Top 5 Reasons Every Entrepreneur Should Open a Small Business Bank Account

As a small business owner, you frequently face daily challenges specific to the revenue and growth of your organization. Is it time to hire an HR director? What’s the best way to manage payroll? Should we finally upgrade to the commercial-sized coffee maker? 

For any entrepreneur who wants to effectively organize, oversee, and grow their company’s income, choosing to open a small business bank account is a crucial step. By managing your operation’s finances with a secure business checking or savings account, you can focus your attention on more pressing and higher-priority issues like, “Do we go with the industrial-sized 100-cup dispenser, or the self-serve espresso bar?”

How a Small Business Checking Account Can Work for You

Thinking of ways to easily manage the funds for your growing business? Read on for the top 5 reasons every entrepreneur should open a small business checking account.

1. A Non-taxing Tax Season

If you are a new business owner, you may consider using your personal bank account to manage business banking transactions. However, by mixing your personal and business statements together, business finances become more complicated making the navigation of tax season1 a chore. Because entrepreneurs report on business expenses and income separately from personal expenses, the decision to open a small business bank account makes taxes more manageable.

2. Efficient and Simplified Accounting

A small business checking account reduces the time you spend analyzing bank statements, combing through transactions, tracking expenses, and more. With the help of a dedicated checking account, you can increase efficiency, simplify accounting, and clearly compare business expenditures with incoming revenue.

3. A Credible and Professional Image

Charges from a devoted small business bank account leave the impression of credibility. For a customer, a company’s name appearing on their banking transactions comes across as more professional than charges from an individual registering on their statement.

4. Better Money Movement

As a business owner, it’s important to be able to easily retrieve and safely move funds when needed. Work with a financial institution that offers entrepreneurs fast and secure methods for electronic funds transfers, like ACH payment services and wire transfers. Additionally, consider selecting a bank with nationwide surcharge-free ATMs to make money-on-the-go more readily available.  

5. Digital Access to Business Products and Services

When choosing a financial institution to house your small business checking account, look for the additional benefits convenient for business owners. With a Quaint Oak Bank business checking account, entrepreneurs can digitally access Commercial BillPay, QuickBooks® capabilities, Remote Deposit Capture, and more. We believe that your bank should be more than a place to manage your funds, and should also serve you with top-notch products and exceptional customer service.

fashion designer on video call with mentor, discussing the importance of a small business checking

Getting More from Your Small Business Bank Account

Opening a business deposit account provides more than the separation of personal and business bank statements. Offering convenience, credibility, and a more manageable way to write off all your office coffee consumption, making the choice to open a small business bank account assists in assuring your company finances are managed securely and professionally.

For more information on business banking services and benefits, learn more here.

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1Please consult with your tax adviser or accountant regarding your particular tax situation.