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How to Know If You Need a Business Bank Account

According to the United States Census Bureau, there are over 400,000 established businesses in the state of Wisconsin, including yours! If you don’t already have a bank account for your business, it is important to learn the benefits of having a business bank account and the offerings that National Exchange Bank has. Afterwards, we hope you’ll trust National Exchange Bank’s financial experts to help your business open an account designed to fit its unique needs.

Do I Need a Business Bank Account?

In order to achieve ultimate financial success, having a separate bank account for your business transactions is essential. A business account will make it easier for you to manage the financial state of your business by allowing you to conduct transactions directly from your account and track purchases for your business. However, it doesn’t stop there. Having a bank account dedicated to your business not only makes day-to-day processes easier, but it presents a variety of financial benefits as well, including:

  • Organized records for accounting purposes. Your accountant will thank you when you’re able to quickly provide them with accurate records of your business’s financial interactions. Additionally, this saves you from having to differentiate between personal banking records and business banking records.
  • Accurate statements for filing business taxes. Having all of your business statements in a single location will help gathering them for tax time much more efficient. This saves you time in having to decipher what is personal and what is for your business.
  • Growth opportunities for your business. Setting up your business for financial growth is what every business owner aims for and having a business bank account helps because it establishes your business’s credibility. Writing checks and using a credit or debit card in your business’s name is much more professional than using your first and last name.
  • Straight-forward tracking to avoid overspending. If your personal transactions are mixed in with your business transactions, then it’s extremely difficult to have a true grasp on where your money is being spent. Giving your personal and business purchases their own accounts paints a better picture on where your money is going.
  • Segregated financial information for your business. Having a bank account dedicated solely to your business allows that account to include any and all relevant information relating to your business. This avoids confusion for you and the financial experts you’re partnering with.

Business Bank Accounts at NEBAT

When you’re ready to open a business bank account, we encourage you to trust the experts at National Exchange Bank to make the process simple and financially beneficial for you and your business. We offer business customers a wide range of useful tools and resources, including Business eBanking, which allows you to take full advantage of your business bank accounts. Some of the benefits include:

  • Powerful reporting features to view detailed data. Not only are you able to view your account’s activity with eBanking, but you’re also able to see data dating back months, reference images of your checks, and export the data in various file formats.
  • Premium alerts to keep your money and information safe. Our early identification system sends you alerts regarding attempted fraud, and you can customize these alerts based on what your business needs. Whether they’re for account activity, balance levels, or approval statuses, your alerts can be sent to you via email, text message, or both.
  • Easy and efficient movement of your money. Our instant account-to-account transfers make it easy to pay bills or employees. You also have the ability to schedule recurring transactions to eliminate the time you spend paying others.

At National Exchange Bank, we value each and every relationship we create with our customers. Our team pays close attention to detail and is available for you whenever you need us. Unlike large banks with millions of customers, our local, independent culture allows us to tailor solutions to you and your business. We encourage you to get in touch so that a member of our team can work with you to transition or create your business bank account with National Exchange Bank & Trust.

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