Reasons To Have Separate Business Bank Accounts:
- Simplify Taxes. At tax time, you have to be able to show a clear record of all your incomes and deductions. If your personal and your business accounts are mixed together, it becomes very easy to miss things.
- Establish Professionalism. Business checking accounts are so common nowadays that using a personal account for your business transactions can cause some raised eyebrows. If you don't have a business account established, will your clients trust that you are a reputable company?
- Track Your Company's Profitability. Your company's success will depend on its ability to make money even after all expenses and salaries have been paid - including yours. Keeping your accounts separate enable you to distinguish between your profitability and the company's.
As you can see, keeping your business bank accounts separate from your personal accounts makes sense for a number of reasons. If you are starting a new company and are ready to establish business bank accounts at the Lake of the Ozarks (or if you are unhappy with your current bank and looking for a fresh alternative), you've come to the right place.
First Bank of the Lake Can Help With All Your Business Banking Needs!
As the best bank at the Lake of the Ozarks, we take great pride in providing quality banking services to both our personal and business account holders alike. For our business account holders, we go above and beyond to ensure that their unique needs are met.
Let us help you simplify the profess of tracking your income and your expenses. Our business checking accounts come with free direct deposit capabilities, a debit card, and a monthly statement. Merchant credit card accounts are also available for qualified companies.
Our business savings accounts at the Lake of the Ozarks enable business owners to safely protect their capital - and earn interest at the same time! These accounts also offer free direct deposit capabilities and a monthly statement. Money Market Accounts are also a great option - see our earlier blog to learn more about Money Market Accounts at First Bank of the Lake.
Managing your employees' payrolls can be tricky, but it doesn't have to be. Give us a call to learn more about how First Bank of the Lake can help take some of the weight off of your shoulders.
Give Us A Call To Get Started!
If you would like to get some more information about how First Bank of the Lake can help with all of your business banking needs, check out our website or give us a call at 573-348-2265. We would love to work with you!
First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.
Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065