Your business has a lot of moving parts. Whether you have a few years under your belt or are just starting out, it’s important to have the right resources to keep things running smoothly. Here are five things that could help you along your business journey.
Checking Account
When you’re just starting out, you may find it convenient to use your personal checking account to conduct business. However, once your business begins to grow, having a separate checking account that is exclusively for your business can help separate personal vs business-related expenses. And when it comes to taxes, having everything separate will save you from extra work and stress. Additionally, a business checking account will allow you to accept checks that are made out to your business. Cyprus Credit Union offers a variety of business checking accounts, so you can find the one that best suits you and your business.
Credit Card
Having a card that is exclusively for your business makes it easier to track expenses. A business credit card tends to feature higher limits than a personal card (though not always the case), giving you a flexible spending option. With a Business Rewards Visa Card from Cyprus Credit Union, you’ll earn one point for every dollar you spend on your purchases.
Merchant Services
When accepting or sending electronic payments, make sure you select a service that is both easy to use and protects financial information. When a customer uses a credit card to make a payment, you can designate which account you want the funds deposited into using your merchant services. To set up a merchant account, you’ll need a credit-card merchant account, a business bank account, and a way to process payments, plus basic business information for verification.
Bookkeeper
If you don’t have the time or ability to oversee the financial aspect of your business, it may be helpful to hire a bookkeeper. A bookkeeper’s job is to handle day-to-day tasks regarding your company’s finances. This includes payroll, submitting invoices, tracking expenses, paying bills, etc. If you need help with bigger picture items, such as taxes, it may be helpful to reach out to an accountant.
Business Expert
If you aren’t sure where to start when it comes to your business or just need someone to lend a helping hand for an expanding business, an expert can help guide you.
Cyprus Credit Union provides the tools and solutions necessary to take your business to the next level. This means you can spend more time on your business and less on your bank account. To set up a free consultation with one of our expert business bankers, call 801-260-7600 ext. 5150 or email BusinessBanking@CyprusCU.com.
What NOT to Tell Your Financial Institution
How to Apply for a Business Loan
