For your small business to effectively run its financial ship, having the right banking system in place is critical. Whether you're a new business or one looking into transitioning, there are different banking options available to make things run smoothly. Below are the 10 tips for setting up a successful banking system for your business.
1. When shopping online for either business checkbooks or check binders, be sure that the vendor you select is equal to or surpasses federal standards for the entire banking security process.
2. For those small businesses looking to include a logo design or custom graphics for their company, choose a company that specializes in those features in order to get the best quality available.
3. The success of any organization is keeping each and every dollar accounted for. In order to achieve that goal, business check registers help the financial heads in monitoring company expenses.With manual check registers, employees in charge of finance can enter all the information by hand, allowing business owners who opt for manual input to maintain all their financial records in one easy-to-find place.
4. Small business owners oftentimes find themselves running low on deposit slips, but many companies will allow businesses to simply press a button to place a new order. In many cases, businesses can obtain duplicate business deposit slips for their accounting software like QuickBooks. With business check envelopes, businesses not only deliver their checks to the destined recipient, but they also get to promote their business brand
5. When it comes to dropping off cash or coins with one's bank, bank deposit bags provide organization and security.
6. While all this banking and business planning might seem a tad overwhelming, it is a necessity to make sure the business can back up all its financial documents, especially come tax time.
7. Retaining a solid paper trail with clients is important, meaning keeping records of proposals, contracts, invoices, bank statements, receipts, deposit slips and more.With proper record keeping, businesses avoid problems like losing out on crucial tax benefits, not being able to acquire loans for their business, being unprepared for an audit, and becoming personally liable for corporate debts and liabilities.
8. If you have questions regarding how long to keep such records, simply follow the seven-year rule.
9. Given that the majority of your records you maintain will be a part and parcel of your yearly tax returns, some records only need to be kept one to three years. Use three years for maintaining records for bank statements, deposit slips, petty cash slips (mileage, hotel stats, etc.) along with inventory logs.
With the right banking procedures in place, businesses have a better chance to cash in on success.
Photo credit: ehow.com