Establish a Flow

In no way are we accountants but we do encourage the full organization of your business. Many companies get started with low capital and share an account with the regular spending money. Even for a start-up it is a productive strategy to open a business account to monitor funds, prepare for the tax year and also analyze expenses. It could be only $5.00 weekly being deposited but it all adds up.

Having a business account (checking and savings) not only helps with the current monitoring of the funds but gives an idea of what goals need to be set in order to build revenue. For instance, if you have two clients paying consistently on a monthly basis,that is a starting point to see how many clients you need to exceed expenses. This information will assist the projection to cover purchasing more equipment, move to a office space, etc.

When all funds are in one location it can sometimes be difficult to balance the books. Taking the time to open the account, make sure all business capitol is deposited and managed in one central location can prove to be a excellent system.

Here is a list of some major banking institutions and the primary accounts they offer:

PNC
https://www.pnc.com/webapp/sec/Solutions.do?siteArea=/pnccorp/pnc/home/small+business/checking/free+business+checking

Suntrust
https://www.suntrust.com/portal/server.pt/community/free_business_checking/936

BB&T
http://www.bbt.com/bbt/business/checking-accounts.html

Bank of America
http://www.bankofamerica.com/small_business/business_checking/index.cfm?statecheck

Citibank
https://online.citibank.com/US/JRS/pands/detail.do?ID=CitiBizOverview

This is an additional tool that can help you analyze the success of your business.

For other business tips on organization visit www.makeithappenc.com

(Please note: you do not have to go to a new bank to establish your business account but look at all the options so you make the correct choice for your business.)