Whether you run your own business out of your home or work out of an office, small business banking provides a tailored online banking solution for business owners with less than 20 employees. It is designed to move business owners beyond retail banking to manage their business and personal finances with minimal administration and unnecessary complexities.
Taking small business banking online provides more freedom and flexibility and allows you to access both your business and employee finances from wherever your office may be, whether that be on a home computer or a mobile device.
The Benefits of Small Business Banking
There are a number of benefits to small business banking with Osoyoos Credit Union that make it easy and readily available to you whenever you need it. We support large and small business banking needs with personalized service, affordable fees, and a full range of financial services. If you are a small business owner, then managing small business financing is essential to its success. Here are just a few of the notable benefits of online banking:
- Self-service: Easy account aggregation enables customers to intuitively consolidate accounts themselves.
- Sign up in minutes: With a single sign-on, customers can see and do it all – view balances, make payments, conduct transactions between accounts, and more!
- Flexibility: Multiple delegates provide employees, accountants, and others permission to view and conduct transactions on select accounts.
- Greater security: Dual Signature Support allows a business owner to initiate a transaction and allow the other to finalize it.
Another benefit to small business banking is that a separate business account makes it easier to track your tax-deductible business expenses and will save you time and money when it comes time to file your tax return. Keeping all of your business spending linked to one account will help you be more efficient when rounding up your deductible transactions.
Even if your business is small and you’re just starting out, it is smart to practice good habits when it comes to managing taxes and deductible expenses. If you can start off with a clear understanding of how much you will owe in taxes, how much money you need to set aside for taxes and how to make the necessary payments throughout the year, it can help you avoid any unpleasant surprises when tax day rolls around.
How Does Small Business Banking Work?
Small business banking puts banking at your fingertips, allowing you to spend more time in the office, wherever your office may be. When you set up a small business banking account, it creates a separate place to keep your business funds, so any client payments or sales revenue can go directly into that account. This is important, as it helps separate your business funds from your personal funds.
By isolating your business money from your personal money, you will have an easier time managing the day-to-day finances of your small business. Here are just a few of the ways small business banking can work for you:
- Delegate functionality: Business owners can grant delegate access to their employees and third parties. Delegate access can range from view-only accounts, or to view accounts and initiate transfers and/or payments. Business owners can review and approve transactions initiated by delegates at their convenience.
- Dual-signature authorization: Allows one signer to initiate a transaction while allowing another signer to approve or reject the transaction, providing added security for the business. Account authorization can also be set up for a single signer.
- Account consolidation: Gives small business owners the ability to use a single login to perform transactions from both their personal and small business accounts, allowing them to see all of their accounts in one view.
Build Business Credit
For many new entrepreneurs, qualifying for small business loans can be challenging. Opening a small business account may help your business build credit. Another way to help your business build credit is by applying for a business credit card, which you can use for any business-related purchases. Each time you pay your business credit card bill, you will help build a credit history for your business.
Regardless of the size of your business, Osoyoos Credit Union is here to support you every step of the way when it comes to small business banking. Community-owned and operated, we understand the importance of small businesses in our communities and want to help nurture our members and their small businesses whenever we can.