When you are first starting a business, it can be daunting to figure out a new financial journey. That is why having a financial institution that offers business services is important. So, what are business services?
What are business services?
Business Services are a critical piece to every business whether they know it or not. These services include business development and working with business owners, assisting in utilizing the full array of business banking resources including depository solutions, payment and cash flow tools, online and mobile banking and lending solution tools.
It takes a lot of money to keep a business going, and there will always be unexpected costs that come up, and it usually happens at the worst time, like around when payroll must go out. Business Services helps you manage your money, keep more of it in your account, and to keep your business running as smoothly as possible. A financial institution that offers business services is a true partner in your business journey.
What is a business relationship manager?
A Business Relationship Manager is going to be your guide through your business banking journey at a credit union or bank. They should be the one to tell you about all the tools and processes needed to help your business run smoothly. This can include payroll services, Human Resources, and anything related to your business’ financials. They are a strong resource to have on your team, to help you through every stage of your business.
What do you need to open a business account?
When you first open a business account, you need to consider the following:
- How are you going to accept payment from your customers or clients?
Will you only take cash or check, or are you going to utilize an extra processing service for electronic payments? Your financial institution and business relationship manager can help you find the correct tools after that.
- What are your goals for your business?
In order to find the right type of account for your business, you need to have a realistic vision of what your business is going to look like and what goals you would like to achieve in the next few years.
- Do you have the appropriate business documents with you?
Documents you will want to have include your articles of incorporation, driver’s license, and social security cards for all account signers, and an opening account deposit.
There can be a lot of new information when it comes to starting a business or changing your business’ financial institution. That is why finding a financial that will be your partner in your business journey can help you to find success and navigate it together.