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The Benefits of Creating a Business Bank Account

Published by Scott Hershman

Just a year after the pandemic took hold across the country, the US reported an additional 1 million small businesses were established. As of March 2021, this brings the total number of small businesses to 31.7 million.

Contrary to what their name implies, running a small business is anything but a small and simple task. If anything entrepreneurs run at least one if not all branches of their business alone. It’s a commendable feat that can often be quite stressful, especially when it comes to tracking finances.

Benefits of Creating a Business Bank Account

Starting out, a new small business owner might think it’s easier to use their personal bank account to help track and manage expenses, but this is far from the truth. Not only is it difficult to keep track of business and personal expenses, but it also minimizes the amount you have for personal or business expenses currently available.

Creating a separate, business checking account from your personal accounts comes with quite a few advantages. We’ve compiled just a few of them below:

  1. See your business income and expenses separately online – You’ll no longer have to worry about calculating out your business expenses from your personal account. This can also make it easier to manage the money in your business account for purchases, transfers and tax time.
  2. Merchant account for client purchases – Process payments with your business similar to how you’d purchase a drink from a coffee shop. Make it convenient for your clients to pay you so you can focus on what’s most important: producing the goods and services of your business.
  3. Earn Interest – Depending on the bank you establish an account with, you may be eligible to earn interest with your account over time.
  4. Multi-person access – If your business has more than one employee, you are able to give them access to this bank account for check-signing and other financial transactions.
  5. Perks similar to a business credit card – While these benefits vary with the bank you choose to open an account with, you should also be able to experience perks like travel rewards, business rewards, no annual fees on your account, and more.

Prior to creating your business account, it is important to set up your business with the proper ownership structure in your state. Whether you’re considered to be a sole proprietor or limited liability partner, once your business has been registered with your state you’ll be cleared to create a business bank account.

Business and Check Cashing Services Near Addison, Il

With over 25 locations across the Chicagoland area, West Suburban Currency Exchange makes it easy and convenient for you to cash a business or personal check. Waiting for a check to process into your business’ checking account often takes a few business days. At WSCE, we can turn your check into cash within minutes, so you’ll have quicker and easier access to your new funds.

If you have any questions about money orders or our business check cashing service,then please visit us online or call (847) 299-3100.

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