… a love triangle you want to be in
By Heather Tully
Senior Manager, Small Business Banking, Coast Capital Savings
Whether you are a new entrepreneur or a long-time business owner, you are the master of your own destiny—but it can be lonely at the top. Sometimes, it’s nice to know someone has your back. As a business owner, you should know that your financial institution can be that someone. They offer services and resources that’ll make your day-to-day back office operations run more smoothly, and ensure you’ve got the resources you need to take your business to the next level. In short, building a relationship with your financial institution allows you to focus on your first love… your business.
Breaking up is hard to do
Co-producing the next blockbuster, co-habiting with your love, co-operating on a community project… all good. Co-mingling your personal and business banking, not so good. Once your business is more than a hobby or an occasional pastime, it’s time to talk to your financial institution about opening a business account.
Having two accounts isn’t designed to make your life more complicated (as a mompreneur it’s plenty complicated already), in fact it’s just the opposite. A dedicated business chequing account will help ease record keeping, bookkeeping and tax compliance, and can lend credibility and professionalism to your business. Look at opening a High-Interest Business Savings account where you can stash five to 10% of your profits for contingencies or planned future purchases. It’s also a perfect solution for storing any taxes you collect throughout the year, like GST. Doesn’t an easier tax time sound good? Continue reading Your Business, Your financial Institution & You