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Q. I have just recently started a home business. What would be the best type of bank account to use for my new business?
A. Your new home business will most likely require a chequing account to conduct your business specific transactions. A designated chequing account will serve another purpose - to help in simplifying your bookkeeping.
The type of chequing account you choose will depend on the average number of business transactions you anticipate to perform on a monthly basis. To assist you, we provide an online ‘Chequing Account Selector Calculator under the 'Tools' tab on our website at http://www.synergycu.ca/, or, if you prefer, you can either give us a call at 1.866.825.3301 or visit one of our Member Service Officers who can help walk you through the process. They will discuss the needs of your home business and help to match an account that will best serve your business requirements. They will also suggest other services that may be beneficial and help your new home business run more smoothly.
For instance, signing up for MemberDirect online banking will give you 24/7 access to your account for scheduling transfers, bill payments…even GST payments if that applies to you. Or another handy feature is you can name your account and sub accounts. This is useful if you wish to start separate savings accounts for different purposes, let say you call one ‘Month End Payables’, and another ‘Computer Upgrade’. As you can see, you can segregate funds for different purposes and see them at a glance with your unique account names. You might find a business credit card to be useful for making your business purchases then simply pay once. Your business credit card could even earn cash back.
Let’s talk. For more information on how we can serve your business needs, give us a call, click or visit. We’d be pleased to assist you.
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