What Banking Services Do Small Businesses Need?

Your small business can benefit from a dedicated business bank account. These accounts offer specialized bank services, effectively separating business and personal assets and transactions. 

The services provided for business accounts vary with every bank, so it is essential to find out about specific offerings before opening an account. Banks may offer the following services to streamline and optimize your small business finances. 

Business Cash Management

Banks may provide insightful cash management of your business finances with quality mobile banking security. The personalized service maintains the transparency of your transactions for improved planning and decision-making.   

Business cash management allows you to manage company bills from a single contact point for secure and accessible reference. Also, your bank can help generate actionable reports for your accounting team, supporting smooth auditing processes. Essentially, managing your business account through trusted mobile banking security enables easier expense tracking/ recordkeeping and tax management practices. 

IOLTA Account Management 

Interest on Lawyer’s Trust Accounts (IOLTA) are special accounts that hold the escrow funds of legal teams. Outsourcing IOLTA services to a trusted bank through mobile banking security checks off one tedious task on your list of responsibilities in handling the finances of your legal firm. 

Bank Loans 

A business bank account enables your company to secure better loan rates from the bank for establishing or scaling your business. Business bank accounts legitimize your business and can significantly reduce the personal liability of your company’s expenditure. 

Business Checking and Debit/Credit Cards

A business account can help approve and issue official debit and credit cards for your authorized company purchases. Also, you may open checking accounts that enable your small business to issue check orders that may result in more manageable cash flow (since funds take longer to leave your bank account than instantaneous electronic transactions). 

Vinings Bank — Your Trusted Business Banking Partner

Vinings bank is a committed community bank that manages business accounts through reliable mobile banking security. Your small business can start banking with us with a deposit of $100 at account opening. At Vinings Bank, we make it effortless to manage your company accounts remotely and securely so you can focus on growing your business.

Disclaimer: Vinings Bank has made this blog available solely for informational purposes. Its content is general in nature and does not constitute professional advice. Furthermore, the views expressed in this blog are not necessarily those of the bank, and Vinings Bank does not make any representation or warranty as to the accuracy or completeness of the information contained in this blog. Any liability, therefore, is expressly disclaimed. The information in this blog may not be current, and Vinings Bank does not undertake any obligation to update such information. No part of this blog may be reproduced, redistributed, published, copied, or duplicated in any form without the express consent of Vinings Bank.