If your business is doing the mingle jingle, it’s time to STOP! You know, co-mingling funds…. EEK! 

Everyone knows (or at least SHOULD know) that you need a separate bank account for your business finances.

But do you know how to pick a bank that will be a good fit for your unique business needs?

If you’re not sure which questions to ask, or how to weigh and compare bank features, then this link should help – it’s a list of questions I recently came across on a Quickbooks blog that acts as a checklist. 

https://quickbooks.intuit.com/blog/accountant-advice/not-all-banks-are-created-equal-how-to-choose-a-bank-in-2020/

Questions like:

• Does this bank offer a particular account type (such as minimum balance required, numbers of transactions, etc) that fits the needs of your business and typical cash flow?
• Does the bank website sync and download data easily into your current financial software? … Or is the process a tedious and manual task that requires a lot of time?
• Does this bank have a good smartphone app and an easy-to-use website?  Or will it be hard for you to log in and get the financial information that you’ll need?

There are lots of other questions in the blog, too, that’ll really help you to choose the perfect bank for the long haul in your business.

What about you – are you looking to set up a new business bank account?  If so, what features on a bank account (which can be anything from minimum balance requirement to an easy-to-use bank website) are the most important to you?

What about you – are you looking to set up a new business bank account?  If so, what features on a bank account (which can be anything from minimum balance requirement to an easy-to-use bank website) are the most important to you?

(P.S. If trying to select a bank for your business feels too overwhelming, please feel free to reach out and ask in the comments! We’d be happy to recommend a couple of banks that have worked well for our customers, and other readers may be able to recommend some too!)

Kerry Postel – Founder CEO Principal

Abacus Business Solutions

Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.