Financial Responsibility Begins With Taking Care of Your Commercial Checking Account

Written by Best Financial Magzine. Posted in Home loans west palm beach, Palm beach bank, West palm beach banking

Getting your commercial checking account in order is vital for a business to succeed. One study by U.S. Bank found that nearly 82% of businesses fail because of problems with cash flow. This statistic points to an issue with accurate recording. Therefore, it is essential for small or beginning businesses to have impeccable bookkeeping practices.

A Commercial Checking Account Is Not a Personal Checking Account.

A commercial checking account is an account at a commercial bank held by a business or corporation. Unlike a personal checking accounts the Federal Reserve forbids the account holder to receive interest on their money. The bank offers credits instead, which have a different set of benefits. However there are other differences that have a bigger impact to consider.

Keeping Assets Separate: Why a Small Business Must See Their Personal Money and Business Money as Separate Entities.

It’s important for a business owner to keep their personal an