Running a business means overseeing a constant flow of money. Find out some of the products that can help you cover, manage and track your business expenses effectively and smoothly.
Keeping track of and managing your money can be tough, but there are tools that can help! Let’s take a look at some of them.
Business checking accounts
A designated business checking account can help a business manage and track expenses, taxes and revenue. Separate accounts also protect business owners from losing personal assets if action is taken against the company.
Business owners can use their checking accounts to deposit checks made out to their company and to cover business expenses, such as payroll or paying suppliers.
Business savings account
A business savings account is an account designated for funds to be used in case of emergency or for future business expenses. The money in this account will grow at a greater dividend rate, but there may be withdrawal limits.
Business credit card
A business credit card provides small business owners with easy and unsecured access to a revolving line of credit. Business owners can use the credit to withdraw cash as necessary, cover large expenses, make purchases, fund expansion or meet monthly bill payments.
A business credit card is easier to qualify for in comparison to a business loan, and can get you quick access to the funds you need for your business. For small business getting started, using a business credit card can also help you keep your personal purchases separate from your business purchases for easier tracking.
Tax software
Tracking business expenses and marking which can be deducted from a company’s tax liability can be challenging. Tax software designed for businesses makes this task easy.
Business tax software, like H&R Block, TaxAct and TaxSlayer , can track all the expenses of a business and help owners file taxes efficiently and easily. Consult your financial advisor for tax advice.
Money management tools
Managing expenses for a small business can be challenging. Fortunately, there’s an app for that!
Money-management apps like Truebill and ZohoBooks, allow businesses to track and review all their expenses in one convenient location. Chart expenses on colored graphs, categorize them for easier tax filing and link accounts for automatic syncing of expenditures and income.
Establishing a strong financial foundation is essential for any small business to thrive. By choosing the right mix of accounts and tools – such as business checking and savings accounts, business credit cards, and money management tools – small business owners will be able to more effectively manage cash flow and set themselves up for long-term growth.
Arizona Financial offers a full suite of business accounts and services including, treasury management services, remote deposit, Visa rewards business credit card, and SBA loans.
