The checking account is a small business’ workhorse account. It’s going to get a lot of action, so making sure it’s a good one can make all the difference in the world. With so many banks in the Raleigh area offering small business accounts, it can be a bit overwhelming to choose one.
Here are some things to consider in a small business checking account:
Fees: Many accounts have fees, but there are usually ways to work around them. Still, to be safe, find one that doesn’t charge fees. It may take a little work, but there are plenty of banks out there that don’t have monthly fees for business checking accounts.
Online accessibility: In today’s fast-paced world, small business owners don’t have the luxury of waiting a month to see their account statement, nor do they have the time to drive to the bank for every transaction. Look for a bank with a great online interface and/or app that allows accounts to be easily managed from anywhere.
Cash management: Many business owners choose online banks because of their low fees, only to find out that they need to jump through hoops to get cash or cashier’s checks. Other banks limit how many cash transactions can be made each month, which again can cause a major issue for many businesses, especially retail and restaurants. Know your cash needs and make sure the account meets those needs.
Minimum balance: We hope small businesses are never at $1.33 in their checking account, but the reality of owning a small business is that it might happen. Some accounts require a minimum amount to open and charge fees if the balance goes below that point.
The type of small business will dictate the type of account needed. At Raleigh Bookkeeping, we can help find the right fit for your business. Contact us today.