ALICIA HARMAN
VANCOUVER ISLAND – With the cost of doing business on the rise, there’s no better time to take an in-depth look at your banking needs. A good financial expert will help you design the way you do your banking by asking questions like these:
What banking channels are you comfortable using? More and more people use secure and convenient online banking, but some still prefer to visit a branch.
Who needs access to your accounts? You will also need to decide what kind of access different people need – for example, should a bookkeeper have view only access to download statements?
Do you need to set up multiple accounts? Some business owners prefer to set up a separate account to set aside money for tax payments, for example.
What other business needs do you have? Do you have things like payroll or payment needs to consider? Your financial expert can help set you up with what you need.
How many and what type of transactions go through your account monthly? You will want to choose an account that’s a good fit for your needs and helps you save on fees.
Does your credit card have the right benefits for you? If your business would benefit from points and rewards or cash back, make sure you have the best choice of card. You’ll also want to decide if you need separate cards for other business signors/users.
Are you comfortable with electronic statements? If you want paper statements, be sure to ask whether there is a fee for them.
Another thing to keep in mind is that on- line banking and mobile apps offer tools that can save you time—and time is money. Make sure you are familiar with features like remote deposit, scheduled transfers, and electronic transfers.
And finally, make sure you have a deep conversation with your financial expert to reveal your full financial picture. At Coastal Community, we take the time to have advice-based conversations so when a need is identified, we can easily refer you to an expert from one of our three business lines. If you have any questions about setting up your banking to best suit your business needs, don’t hesitate to contact me at 1-888-741.1010.
Alicia Harman is Assistant Manager at Coastal Community Credit Union’s Hammond Bay location.
