Starting and growing a small business is challenging. Owners must be detail-oriented to monitor purchases, sales, payroll and overhead. Managing the finances of a small business can feel like a full-time job. For a business to grow, you need to focus on your customers and clients without worrying about the complicated moving parts of business finances.
The Benefits Of Business Banking Accounts
Save time and money with dedicated business banking accounts. When using a Business Checking Account, your business has a professional and secure way to make and track transactions.
With a Basic Business Checking Account from Inspire FCU, there is no monthly fee, and no minimum balance. You can open a business account with as little as a $100 deposit. For a local business starting out, or a business looking to safely streamline their spending, a Basic Business Checking Account is the perfect solution.
A Premium Business Checking account earns dividends on the account balance. Your money helps you make money, and that’s the key to any successful business. With a $1,000 minimum daily balance, the account will earn dividends. A Premium Business Checking Account is a fantastic way for businesses of any size to accelerate growth.
Along with a business checking account, a small business can organize finances and earn money with a Business Savings Account from Inspire FCU. A Basic Business Savings account has no monthly fee and is easily accessible when needed.
For businesses looking to earn more money, a Business Premium Savings Account is a great option. The high-yield savings account earns competitive dividends on balances. For planning and budgeting, a Business Premium Savings account is a great tool for consistent growth. The account requires a $5,000 opening deposit and a $5,000 daily balance.
5 Financial Tips For Small Businesses
Every Inspire FCU business account has access to convenient online tools and personalized in person experience. Quickly and safely manage your finances from anywhere.
Inspire FCU offers advice and strategies to help local businesses prosper. These five steps help small businesses manage their finances safely and easily.
1. Use Accounting Software To Track Spending And Sales.
QuickBooks and Quicken provide great service for small businesses. Familiarize yourself with the popular software. These tools are intuitive, but small business owners must be comfortable with the process to avoid mistakes and frustration.
2. Build A Business Budget
Plan a business strategy based on expected expenses and revenue. It seems like a simple step, but some small businesses fail to plan properly, resulting in lost revenue and frustration. Set realistic goals, both short and long term. The best budget will leave wiggle room for unexpected expenses. A successful business of any size must be ready to pivot when opportunity strikes. Yearly spending may change and some expenses can be difficult to predict, but even a basic yearly budget can be the foundation of a successful strategy.
3. Take Advantage Of Digital Banking
Digital banking tools like those offered by Inspire FCU give you quick access to your finances from anywhere. New smartphone and mobile tools are convenient and safe. It’s like having an entire accounting department in the palm of your hand. And know that you can always call the friendly experts at Inspire FCU to help answer questions and offer strategies for your business finances. No matter where your work takes you, you will always be connected to your local credit union.
4. File Your Business Tax Annually
Keep all financial documentation organized and accessible. Receipts, invoices, loan statements and more should be securely saved. Don’t forget about small transactions, vehicle mileage, office supplies and all other business expenses. The sooner you set up a filing system for digital paperwork, the better. With everything ready to go ahead of time, filing your annual business taxes will be less frustrating and time consuming.
5. Work With Inspire FCU And Watch Your Business Grow
Business accounts are about more than money management. It’s about success. Inspire FCU is dedicated to the success of our local community and the businesses that serve it. We work with business owners to help manage finances and guide members through complex financial solutions.
From business checking accounts to small business loans, Inspire FCU is here to help businesses grow. Get the benefits of a big banking expertise with local, community-minded personal service.