For small business owners, the summer can bring great opportunities for branding and marketing your company. Depending on the industry you work in, this period can offer a new stream of sales and exciting business opportunities. Even though we’re well into summer, it’s still not too late to take advantage of so much opportunity!
Although we have no control of how you can run your business to meet the success you need, we do have services that can help handle your finances much easier. Let’s talk about how to take keep track of your company’s earnings through our business accounts!
A Business Account You Can Trust
One of the greatest advantages of a business account is online banking where you can effortlessly check your company’s balances no matter where you are. This helps you keep track of your transaction history and available balances to make commercial-related purchases. Better yet, our Mobile Money App helps you check in from the convenience of your smartphone. Plus, if you have a checking account with us, you can easily transfer money to and from both accounts!
We hate overdraft fees just as much as you do. With a Star Checking Account, you can avoid these if yours is coupled with one of our savings accounts. Here’s how they work: if you have $300 in your checking account and make a $400 purchase for your business, the remaining $100 will be taken out of your savings automatically, thus avoiding an overdraft fee. How convenient is that? You won’t even have to think about transferring money from one account to the other.
Bookkeeping at its Best
Another benefit of having a business account is not worrying about mixing your personal and business transactions. Imagine the hassle of having to deal with organizing your transactions that have been mixed up right when tax season rolls around. A business account can help you keep track of invoices and receipts, especially when you need to match them with your records.
Legitimize Your Business
A business account can help you prove to the IRS that what you’re conducting is business activity and not a hobby. The IRS can be very picky on what it defines as a real business and people just doing hobby-like activities on the side. A business owner must prove that they are conducting legitimate business by showing a profit three years out of every five. If your business suffers losses three years in a row, you increase your chances of an audit.
Being audited by the IRS can be a nail-biting experience, but it’s important to know that every business owner can be at risk of one. If your business ends up being audited, it’s a good idea to have a clean record-keeping strategy and business account. Make sure to have all of your invoices and expenses as a backup. Our business account can help make your company and its finances a breeze, especially when dealing with the IRS.
A Business Account to Help You
Keeping track of your company’s expenses and earnings is a responsibility that requires a lot of attention and know-how. The great thing about our business accounts is how easy they are to maintain and how informed they can keep you about your business’s finances. If you’re a business owner that needs an account that will keep you on top of everything that’s going on with your earnings and expenses, then contact our credit union in Brownsville today!