A lot of small business owners have a similar question when just beginning their business... How do we manage our business finances? The best way to do this is to create a plan and take the time to apply it. Here are a few tips to help you while developing your strategy:
- Open a business checking account and a personal checking account—Having separate accounts for your business checking and your personal checking will make it easier to not accidentally mix the two together. Another benefit of having separate checking accounts is it makes it easier to track and monitor your expenses.
- Think about how you are going to control your business finances—One of the first things you're going to need to do as a small business owner is to figure out how you are going to control your company's finances. With CB&S Bank's Treasury Management Internet Banking, you can pay bills, view real-time accounts, file transfer with ACH Manager, and so much more.
- Obtain a business credit card—A Business Credit Card can be a brilliant cash management solution for your business. A business credit card can help you with your everyday business expenses and office improvements all while earning rewards points for your card purchase activity!
- Make time for your finances—Lastly, be sure to make time for your finances. Set aside a few minutes each week to go over your business finances. If you don't spend time reviewing and organizing your finances it will be difficult to know where exactly your finances stand and what changes you may need to make to help your business succeed.