If you’re starting your own small business, you’re probably familiar with the advantages a business account offers. You probably know how it can help you track your expenses, protect your personal assets from liability and even help you establish business credit when you’re applying for a business loan or credit card.
What you might not be aware of, though, is the advantage of a business savings account. A business savings account is essentially the same thing as a traditional savings account, only it’s tied to your business instead of your personal finances. This has a lot of benefits for businesses of all sizes.
Like personal savings accounts, a lot of businesses use a business savings account to store their emergency fund. Let’s face it, you never know when an emergency will arise, and when one does, you’ll want to have some funds in reserve to help you get through them. Even better, the funds in a business savings account are considered liquid assets, which means you can easily transfer the money in them to your business checking account.
Of course, the importance of saving in business isn’t limited to getting you through financial emergencies. You’ll also want to have money in your business savings account in order to grow your business. When a business opportunity arises, you might need to act fast in order to take advantage of it, and having a business savings account will make that possible.
A business account isn’t just handy when you have an unexpected expense. It’s also useful when you have an expense you know is coming, like taxes. You can open a savings account for your business and use it to save up money for your taxes throughout the year, as opposed to trying to come up with the money at the time you need to pay it.
If you have a business, you’ll want to take advantage of all the benefits a business savings account offers. You can save up for unforeseen expenses, whether they’re good or bad, put money in it throughout the year to pay your taxes, and even use the money in the savings account for your retirement.
If you’d like to take advantage of a business savings account, become a member of First Alliance Credit Union today and open a business account. In addition to getting a business savings account, you’ll also be able to apply for a business credit card, a business loan and even a commercial line of credit.
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