Business banking needs

I cover plenty of personal checking account options at different banks on this blog, but I’ve just realized that my bank reviews have been lacking in one category: business banking. While I know a lot of readers are searching for ways to save on personal bank fees, I’m sure there are readers who would benefit from opening a business bank account. If you’re self-employed or earn a significant amount of your spendable income from an activity other than your regular 9 to 5 day job, a business checking account can prove to be one of your best financial friends.

Tax season

There, I said them – two of the most dreaded words in a small business owner’s vocabulary. If you are attempting to separate your personal expenses from your business expenses in your monthly checking account statements, it’s tough. Trust me, I know from experience. With a business checking account, there won’t be any second guessing when tax time arrives. You can link a business checking account to a debit or credit card and have an easy-to-understand list of your deductions.

Take a load off your shoulders

One of the most challenging parts of owning your own business is assuming all of the business duties: paying invoices, mailing bills, signing checks. The list goes on, but with a business checking account, you can authorize your employees to help with some of those duties. Of course, you’ll only want to authorize your most trustworthy employees to avoid the risk of fraud.

Many banks actually offer some personal benefits for opening both your business checking and personal checking accounts with them. Be sure to ask your existing bank if there is a way you can save on any bank fees by opening a business account with them. Stay tuned in the coming weeks as I begin to review the different options for business owners at banks around the country.