Benefits of Setting Up A Business Bank Account In Salt Lake City

Small business owners generally start small. In the very beginning, the business finances could very well be combined with their personal finances. As the business grows, it’s extremely important to separate your personal and business finances for proper documentation and understanding. Here are 4 benefits of setting up a business bank account.

1. Grant Access to Multiple People

As a business owner, you want to be able to handle every single aspect of your business personally, but it’s simply not possible sometimes. That’s why you have employees. They handle the things you don’t have time (or patience) to do as well as take over for you in your absence. You may want to give a trusted employee access to the finances to help with inventory or other purchases in your stead. You wouldn’t do this with your personal account in case something happened. However, a business accountant can set up a designated business bank account with multiple users. You may even be able to find a bank account that allows you to monitor which user made what transaction.

2. Receive Credit and Debit Card Payments

People don’t usually carry cash anymore. Most people simply carry their card. This is generally more secure, and credit cards and debit cards are accepted ALMOST everywhere. Every business accountant would suggest getting a business bank account since it gives you the opportunity to take debit and credit card payments. Without that capability, you are limited to being a cash only business. Unfortunately, this can prohibit a number of people from buying from you since they don’t have cash on them. Giving people a number of ways to pay broadens the amount of people who can buy from you.

3. Business Tax Preparation is Easier

Everyone hates to do taxes. Personal taxes can be complicated and frustrating, but that’s nothing compared to taxes for your business. You want to make business tax preparation as easy for yourself and your small business accountant as possible. There can be serious consequences if you aren’t accurate. A business account helps make this easy. Your small business accountant can simply use that sole bank account without wondering if everything is related to your company or not.

4. Keep Finances Organized

If you intertwine your personal finances with your business finances, it can get really messy really quickly. You may have trouble deciphering what line items relate to your business. It will also take much more time to comb through everything when you do your finances every month. Instead, have a specific business account to easily monitor the profitability of your business.

If you want your business to succeed, you need to be mindful of your company finances. When things go to the next level, you need to have a separate business bank account to help you monitor things properly. Talk to your business accountant about your options today.