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Online Banking - Complete Controller

Technology has changed the way we function. It has modernized everything, and banking is no exception. Through online banking, you can now access your accounts through a cell phone or a computer. Online banking or internet banking is an online payment system that allows the customers of a financial institution or a bank to conduct a wide range of financial operations through the bank’s website.  Online banking has revolutionized the way financial transactions are being conducted today. It is much more convenient and easier than its post-technology counterpart, branch banking. Through online banking, banks have reduced costs as online banking only has a virtual presence.

Thanks to online banking, now you don’t have to visit the bank in person and wait in painstakingly long lines. You can access your account through your cell phone and carry out all your important transactions while staying in the comfort of your own house. The advantages of online banking don’t stop there. Here are seven things you can do via online banking. Check out America's Best Bookkeepers

Pay Bills

You can pay your utility bills through your cell or your computer thanks to online banking. This saves you both time and energy that you would have otherwise wasted with a trip to the bank. You can even access all your payment history for each account you pay through online banking.

Make Deposits

Through internet banking, you can deposit checks by simply entering the amount on the check and taking a picture of both the front and back of the check through a secure app. The app will use the phone’s camera, but these photos will not be saved on your phone for security purposes.

Research Your Payment History

You can search your payment history for any specific payment transaction. Not only is this easy, but perfect for times when you lose track of your bill and want to check when was the last time you made a payment. Check out America's Best Bookkeepers

Review Your Account

You can review your account balance and activity through internet banking. Online banking allows you to check your account’s details 24/7, which offers convenience to those who don’t have the opportunity to get to a bank during business hours.

Make Transfers

If you happen to more than one account in a bank, you can make online money transfers. Your funds get transferred instantly and only takes a few seconds of your time.

Get Notification

You can get notified through text and mail alerts for any account activity. This keeps you up-to-date with your account balance, and this is perfect for those who have their paychecks deposited directly. Email alerts also help keep your account secure as they warn you of any fraudulent activity.

Send Money

Sending money to a friend or a family member has never been easier. Most banks offer a wire-transfer service through which you can instantly send money to anyone for a small fee. Check out America's Best Bookkeepers

Online Banking Security

Banks take special precautions to keep your account information secure. So, yes, online banking is secure. However, there are certain things you can do to keep your account secure. These include:

  • If you ever happen to receive an email claiming to be from the bank and are asked for personal information, then chances are it’s not from the bank. These are scams that can leave you bankrupt. Also, don’t ever click on any of the links found in such emails.
  • Never leave your account without logging out. If you are using the app, it will automatically log you out, but you have to do it manually if you are using your browser.
  • Don’t access your account using public wi-fi unless you have VPN coverage, as this can lead to your account being hacked. Always use a secure wi-fi connection like the one at your office or home. These are protected connections.
  • Keep your computer updated with anti-virus software.
  • In case you notice any suspicious transactions make sure to inform the bank immediately.

With its rising popularity, online banking is the future. Many banks have even started shutting down their smaller branches and only offer online banking. If you haven’t started online banking, then do it today. It’s easy, it’s hassle-free, and it saves time.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Banking Institution - Complete Controller

Banking is something that everyone who earns a paycheck has to consider. While there may be some that don’t use a bank, it is uncommon. With so many people keeping their money in banks, new banking institutions, especially online, have increased. This leaves people who need a bank account or are unhappy with their current banking institution with a wide variety of choices.

Sometimes, like at a restaurant that has far too many choices on the menu, having such a wide variety of choices in banking institutions makes it difficult to choose one that’s right for you. There are several things to consider when choosing your bank. Here are six tips to help you choose a bank that fits your banking needs. Check out America's Best Bookkeepers

Account Type

The first thing you need to consider before choosing a bank is what type of account you need. First, you need to decide whether you need one account or multiple accounts. Many people will have both a checking and savings account in the same banking institution, often linking them together. However, today, people are more concerned with bank accounts that help them earn money or invest in their future savings.

Savings accounts at most banking institutions do not have a very high yielding interest rate. However, online banks have generally been offering higher-yielding interest rates on savings accounts or checking accounts. They can do this because they have less or nonexistent fees. Many banks also offer cashback bank accounts to earn money every time you use your debit card or checking account. Also, many checking accounts offer the ability to put away spare change. The idea is that it is rounded to the nearest dollar, and that difference will be put into savings.

Fees and Balances

An important thing to consider when choosing a banking institution is what kinds of fees and balances they have or require. Many banks will charge exorbitant fees for overdrafts and some banking transactions. Some banks require minimum deposits or balances, or they will charge additional fees. It is important when you are choosing a banking institution that you look into what their fees and policies are on balances. These fees could end up costing you a lot of money. So look for a banking institution that has minimal fees and balance requirements. Check out America's Best Bookkeepers

Accessibility

When opening a bank account and choosing a banking institution, a crucial thing to consider is accessibility to the accounts. You want to consider whether your banking institution has multiple ATM locations and multiple branches for cash withdrawal and in-person banking needs. While many will do most of their banking online in recent surveys, many people still prefer to do some of their banking in person.

Online banking has taken the financial industry by storm. It has even established banks that are 100% online. Many of these banks appeal to customers because they have lower fees due to low overhead and offer higher-yielding savings accounts. Some still prefer brick-and-mortar traditional banking more prefer to complete all banking transactions through mobile devices and online. When considering what bank to put your money into, accessibility needs to be a high priority consideration.

Credit Unions

Many people who are considering opening a new bank account or switching banks disregard credit unions. While credit unions usually have some membership requirement, they are much easier today to qualify for in the used to be. If you can get a bank account at a credit union, it is highly recommended.

There are many advantages to banking with a credit union. They often have lower fees and higher interest rates on savings accounts. They also have membership benefits not offered at other banking institutions. Because they value their members, they will often work with members who may have faulty credit. The only disadvantage is that most credit unions are local and don’t have ATMs. But to make up for this, many credit unions reimburse and waive all ATM fees. Check out America's Best Bookkeepers

Online Banking

While almost every banking institution offers online versions of banking and banking through your devices, there is also a surge of banks that are contained 100% online. When speaking of banks that are centralized only to the online environment, there are many advantages to using these for your bank account. Online banking institutions generally have lower fees and, in some cases, no fees. They also offer higher-yielding interest rates on savings accounts. They can do this because they have no overhead and can pass those savings to their customers.

It should be noted that there is no possible way to deposit cash since there is no brick-and-mortar location or branch. To combat this single disadvantage, you can use your cash to purchase gift cards through major credit card companies that will work like a debit or credit card for purchases.

Terms and Conditions

The final thing you want to consider when choosing your banking institution is the terms and conditions of the bank your considering. It is imperative that you need every line of the bank’s terms and conditions before depositing money into it. Many banking institutions have hidden fees and requirements that could end up costing you money. Though we live in a society where we often skip the terms and conditions, it is important when choosing a bank that you read them. You may find there are some deal breakers hidden within the words.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Online Banking - Complete Controller

Because most people opt for convenience and use electronic transactions for banking, even with traditional banks, many opt to ditch brick and mortar banks and choose to use online banking. If you are considering online banking, here are the pros and cons of online banking to make an educated decision on whether it is right for you and your banking needs.

Online Banking Pros Check out America's Best Bookkeepers

Higher Interest Rates

Because online banking institutions have a lower overhead to operate, they can benefit their users. One way they offer this advantage is through interest rates. Not only do they offer interest on balances on both checking and savings accounts, but the interest rates are higher than those carried on traditional bank accounts and only on savings accounts. Most brick and mortar banks offer rates ranging from 0.10% to 0.50%. On average, looking at online checking and savings accounts, they offer higher rates of 0.9% to 1%. Though this difference is slight, it does add up big when you consider it is offered on both checking and savings accounts.

Fewer Fees

For the same reasons, online banks can offer higher interest rates to offer lower to zero fees. Online banks are looking to attract your business, so their low overhead helps them use the savings to benefit (and attract) customers.

Online banks will also often cover ATM fees, regardless of where in the world you make withdrawals. Double-check the coverage of ATM fees as some banks will only offer coverage on a certain amount of transactions per a certain period.

Convenience

Unlike brick-and-mortar banks, online banks are open 24/7; however, most traditional banks offer electronic banking options similar to online banking, making some transactions similar other than the possibility of fees. Check out America's Best Bookkeepers

Your bank is also available anywhere you have the internet or phone service using mobile apps, which means you can do banking transactions from anywhere in the world. The convenience and 24/7 access could be the most significant reason online banking is the way to go for someone on the move or odd hours to do their banking.

Security

Many believe that banking online is less safe than in-person banking at a brick and mortar bank. Online banks have a high security and site encryption level that ensures that all online transactions are safe. Though this is the case, you should endure choosing an online bank covered by FDIC like a brick and mortar. This will give the assurance that your money up to $250,000 is covered against any theft or fraud online.

Cons of Online Banks

Deposits Can Be a Hassle

While online banks and even current traditional brick-and-mortar banks offer e-deposits for checks and direct deposit for paychecks, there is one difference between them: cash deposits. If you are given cash that needs to be deposited, you will not be able to do that with an online bank at all.

The only choice you will have is to take the cash and purchase a money card to use it online, which will cost a fee. Or you can use the cash to make purchases, which could be inconvenient if you are making online payments or purchases. Check out America's Best Bookkeepers

Less Personalized Service

Some people, especially older bank customers, like the personal touch given when they do their banking in person at a traditional bank. At the same time, this is understandable and could be considered a con by some. Generally, the convenience and low to no fees make up for this impersonal approach to banking.

Technological Challenges

If you are not used to banking in the virtual environment, it can take some time to adjust. Online banking website designers try to make navigation as easy as possible for their customers, but some customers may never get used to online banking. This could be compounded if your online banking institution changes the site or does upgrades that you use to change features.

Conclusion

There are definite pros and cons to online banking. Once you have considered all the options, you may opt to ditch traditional banking institutions and move to online banking. Use the information you learned here to decide if online banking is right for you.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Best Interest Rates - Complete Controller

Interest rates affect our financial life in two ways, either when it comes to savings, in which case we want higher interest rates, and with loans and other lines of credit related to repayment, in which case we want lower interest rates. When we start our savings account or obtain a loan or credit card, we should negotiate the best rates possible.

We often get these accounts, cards, and loans and don’t know we can do better because we feel as though these rates are set in stone. There is nothing further from the truth. Here are three ways to get the best interest rates and bang for your buck with your banking institution. Check out America's Best Bookkeepers

Choosing a Bank

Banks are about getting your business. The banking industry is competitive; therefore, you can afford to be choosy. Here are some things to look for in a bank that will get you higher returns on your savings and lower rates on lines of credit:

  • Low bank fees
  • Higher interest savings account
  • Interest gaining checking account
  • ATM fee forgiveness
  • Cashback checking account
  • Low-interest membership loans
  • Low-interest credit card

The bottom line is when choosing a banking institution. You want to make sure it is well-rounded and gives you a lot of value for your money. In some cases, credit unions, online-only banks, and banks created to serve specific customers tend to have more to offer members than chain banks. However, don’t count those chain banks out. Many of them are making changes to match their more specialized competitors. Check out America's Best Bookkeepers

Renegotiation

If you already have a banking institution and are not getting a high return on your savings or are paying high-interest rates on loans or other lines of credit such as credit cards, it is time to renegotiate. Remember, banks are competing for your business, so you might be surprised at how willing they are to negotiate. It is a business, so they may not advertise that they are excited to negotiate lower revenue for themselves, but they also don’t want to lose the gains they get from having you as a customer.

Keep in mind that they are more willing to negotiate with someone who is a loyal customer who has been making deposits and regular and on-time payments, so before you go in for the renegotiation, be armed with data that supports your status as a loyal customer that should reap the rewards for that loyalty. Another bargaining chip that every bank member has is that they can take their business elsewhere, so use that fact as leverage if your current bank is unwilling to renegotiate terms.

You can go to another bank that offers better terms upfront, and if you carry a credit card, loan, or other lines of credit with the bank you are leaving, there are options to relieve you of those debts so that you can break all ties. Remember, banks need you more than you need them, so you do have some power.

Credit Repair

In many cases, the reason you have the interest rates you do is because of poor credit. You can do many things to raise your credit score and repair it, which will give you more financial strength to get better rates or qualify for banking institutions that factor in credit reports when setting up accounts or considering lines of credit. Here are some things you can do to repair your credit and give you more power: Check out America's Best Bookkeepers

  • Get a secured credit card and charge items you can immediately pay off
  • Get a secured loan and make double payments or pay in full quickly
  • Pay off any legitimate issues on your credit report
  • Dispute any non-legitimate issues on your credit report
  • Make double monthly payments on any bills that report to credit bureaus
  • Obtain a low-interest loan to pay off all debts to consolidate them

There are many other things you can do to improve and repair your credit. All that is required to fix and raise your credit is effort. Many of those who have poor credit give up hope and don’t realize they can fix it and that it is never too late.

Conclusion

These three focus areas will ensure that you get the best interest rates and returns on accounts or rates that have gains attached. They will also ensure that you will get the lowest interest rates possible when you obtain credit cards and other credit lines through your banking institution. One thing is guaranteed. If you do nothing, you gain nothing, so there is no downside to trying.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Small Business Bank Loans - Complete Controller

The bank expects the entrepreneur to finance itself for a significant part of the financing needs and therefore take part in the risk. The bank is seldom interested in approving loans for a small business if the entrepreneur or main investor has not put up the credit of their own. Check out America's Best Bookkeepers

Insufficient Contributions

  • On the current bases, one generally speaks of a minimum level of own contribution of the order of 20%, but this is theoretical because specific parameters can imply a need for own contribution more consequential, for example. If a starter project or for specific sectors.
  • We can consider two main reasons for this requirement: (i) the more significant the entrepreneur’s contribution, the more the risk of the bank is limited, especially since the bank is by definition reimbursed first, and (ii) the more he entrepreneur is involved in his project, including financially, the more he is stimulated to create value.
  • Please note, this does not only concern starter projects! It is indeed also necessary during the development phase of the activity that the company take a more or less substantial share of the risk at its expense. Sometimes a recapitalization is even necessary.

Financial Imbalances

  • Specific financial imbalances can appear both in the asset structure of a company and in its profitability structure.
  • Considering the impact that the existing and future situation may have on the business’s viability and, therefore, on its ability to repay loans, the bank is careful to analyze with precision the main related indicators. These main indicators relate to solvency, liquidity, working capital, working capital requirement, gross margin, added value, EBIT (DA), etc.
  • A manager / associated current account with assets or liabilities will also have an impact.
  • These analyzes are carried out based on the situation before and after integrating the new loan (s). Check out America's Best Bookkeepers

Insufficient Warranty

  • As much as the bank analyzes in-depth the probability of default on loan to be granted, it also wishes to cover its risk if a default occurs, via guarantees.
  • However, it is quite common for a company not to have elements that can serve as sufficient collateral in the bank’s eyes, especially since the requirements in this area have increased in recent years. In such a case, the bank generally requests private guarantees (real or personal) or refuses the credit.
  • There are various solutions to try to make up for this lack or avoid having to excessively link the business’s risk to the private heritage of the entrepreneur, for example, by calling on public solutions and the Investment Fund.
  • Also, avoid giving too many guarantees too quickly to a single bank, as you will then be “married” to it without any real possibility of requesting another.

Unprofitable Demand

  • In recent years, banks have taken steps to improve their efficiency, which is reflected in an increased desire for standardization and automation. Consequently, companies’ banking contacts, especially in small companies, are pushed to manage the time spent on each request. Therefore also to filter files that are unlikely to be approved or to avoid applying an overly tailor-made treatment if the profitability potential of the file is limited.
  • Thus, any element that weighs down the process requires additional action by the bank; therefore, risks impacting its assessment and processing of the file.
  • This can be seen, for example, when the bank has to submit small files to the Participation Fund or the Brussels Guarantee Fund. Check out America's Best Bookkeepers

Other Elements Related to the Bank and its Environment

Other elements specifically related to your bank and its environment can impact the lending process, such as:

  • What is the general economic context and that of the banking sector: growth, stability, crisis?
  • What is the sector’s regulatory context: are there increased requirements in terms of the financial soundness of banks, are they more controlled and supervised in their management of granting of credit, do they have increased responsibilities vis-à-vis their customers?
  • NB: a more complex situation in the banking sector’s economic and regulatory environment (as it is currently the case), does not fundamentally change the rules for granting credit but leads to a stricter application of the fundamental logics summarized in this article.
  • What is the bank’s current risk policy: does it have the will or the capacity to broaden its clientele or outstanding credit?
  • What is the bank’s current commercial and segmentation policy: are there excluded sectors, is it open to starters, is it mainly interested in private accounts?
  • Who are your interlocutors and the decision-making process? Do you have the possibility of visually presenting and defending your project to a direct interlocutor, is he competent, and does he have real weight in the decision?

Note: Be careful. The more people there are, the more there is a risk of misunderstanding and loss of information.

With this reading grid, you can try to deduce if your expectations are realistic and especially if you have the possibility of increasing your chances of success by adopting one or the other parameter!

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Finding the right bank for your personal needs is different from searching for a business-friendly bank. Among the available choices, it can be hard to find the right bank that is best suited for your business needs. Banks differ in the kind of services they offer to businesses, and depending on the size of your business, you are allocated specific services. Lending options, credit limits, fees, and perks would vary among different banks, and you must seek out a business-friendly institution that meets your specific needs.

Factors to consider while choosing a business-friendly bank

Size

When it comes down to banks, the size does matter. However, it is not hard and fast rule that if it’s bigger, it would be better. Sometimes small community banks are perfectly suited to your small business needs, instead of a national bank that charges high fees. Therefore, your business needs must be evaluated in accordance with the final selection. Check out America's Best Bookkeepers

Larger banks have many branches, as well as a variety of product offerings. They are the most resourceful among business-friendly banks and own stakes in many big companies. They can offer you multiple credit options and allow you to open many lines of credit. As much as they can help you grow your business faster, you would not want to get into trouble with big banks.

Smaller banks better when it comes to assessing local market conditions and are willingly able to work with local businesses. They take your business profile and character into consideration rather than your credit scores. It doesn’t mean that credit score is not a factor at all, just that it’s not the most important factor. Whatever bank you choose, strive to develop a personal relationship with your bank as it can significantly benefit you in the future by serving as a business-friendly bank for your business. Check out America's Best Bookkeepers

Credit score

A credit score might not be such a significant factor for community banks. However, larger banks and creditors would look at the credit score of a business to decide if it’s worthy of lending a loan or other services. If your business is new and not fully established, the chances are that its credit score would not be enough to qualify for a loan at a big bank. In such a situation, you must look for alternative options such as online credit options and smaller banks.

Check the credit requirements of a bank before choosing to do business with them and ensure that credit terms fall into a business-friendly bank for you.

Digital needs

In this day and age, most of the business transactions are happening digitally, and there is hardly any cash involved for more significant transactions. If your business is more digitally dependent, than it would be wise to choose a bank that offers the best packages for online banking. Also, the ease of access is very important as banks must allow payments on the go via a cell phone or any other digital medium.

Not all banks rely on technology so heavily due to specific cybercrime incidents in the past. However, the latest security protocols are continuously being developed to overcome these concerns. Certain banks have moved on from the traditional banking approach and are even accepting transactions in bitcoin and ethereum and various other cryptocurrencies.   Check out America's Best Bookkeepers

Services that business-friendly bank should offer

Every bank has a unique set of services. However, there are certain basic services that every bank must have to be counted as business-friendly. These services include

  • Checking account
  • Saving account
  • Online business banking
  • Checkbooks
  • Credit/debit cards
  • Employee checking accounts
  • Deposit only services

All these services may be offered free, or there might be any fee for them as it depends on the bank. Most of the mentioned services are usually provided free of charge or at a minimum fee, though, for certain other services, you may be charged a higher fee. A business-friendly bank also lets you open separate lines of credit, which can be great when you apply for a loan.

Bottom line

Every business will need a bank if it wants to operate in the current financial model. Determine your needs first and then opt for a bank that is business-friendly and best meets your needs. To avoid a long search or to find dissatisfaction with your choice, research is key. Your business will be best served when you choose the best bank to serve your business.

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

If you are thinking of changing the bank payroll because you are not happy or because you want better conditions, you are lucky. Changing banks is a free and much easier process than you think. However, if you have any doubts or you are not sure, we propose three fundamental reasons to change the bank payroll.

 

 

Change the bank payroll to get more profitability

Maybe you didn’t know, but you can put your money to work without any effort if you choose a paid payroll account. These types of accounts are very interesting if you want to get a return on your savings while you have them with complete freedom, when you need them.

 

 

Change the payroll to avoid paying commissions

The payment of bank commissions is one of the main concerns of almost everyone. They are the amounts that the bank charges you in exchange for the services it provides. Banks usually charge for a lot of concepts. Commissions are free, so each entity sets them as they see fit.

Not paying commissions is one of the main reasons for changing the bank payroll. That way you won’t have to worry about unexpected expenses and your life will be easier.

 

 

Change the bank payroll to have more ATMs

Since 2016, it is no longer networks like 4B, Serviced or Euro6000 that establish the commissions that are paid to use an ATM to withdraw money. Now it is the bank that owns the ATM that charges the entity that issues the card, and the entity that decides whether the commission has an impact on its customers.

This rule has caused an inconvenience to consumers that translates into the drop in the use of ATMs. The walks to the cashier have fallen by 0.36% in the first quarter of 2018 according to the data of the Bank of US, something that had never happened if we do not take into account the years of the crisis.

Many customers are forced to find friendly ATMs that do not charge commissions, with the inconvenience of wasting time. And if they don’t find them, they will have to face the payment of a commission just for disposing of their money.

Luckily, you can change the bank payroll to have more ATMs by choosing one that does not offer you free ATMs throughout the world. An easy and convenient way to dispose of your money freely.


Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Bank sign on glass wall of business center
In order to properly handle your business’ financial needs, you need to make the right decision when selecting a bank. Unlike the bank you use for your personal needs, you need your business’ bank to offer you a lot of facilities and you should end up choosing the one which offers the most. Begin your research by looking into the different kinds of services offered by the banks that operate in your area; the fee for these services should also be looked into thoroughly.

What Do You Want From Your Bank?

Having clear knowledge about the services your business requires from a bank can help a lot in finalizing your choice. Interact with the banks on your list in order to shortlist the few that offer the services that you require.

For example, if you identify good customer service as an important prerequisite in selecting your bank, then you might want to call them and check out the time it takes to reach a representative who has the information to satisfy your queries. You can check their email response time. Ideally, it should be within 24 hours. This will help you know beforehand whether your bank would be cooperative in times when you need assistance and customer support.

Small Banks and Large Banks

Banks with large nationwide networks might offer you competitive interest along with a wide range of services for your business. Smaller banks are more interested in the growth of local businesses, thus making it easy to get a loan from them. A bank that would mail you your statements can help a lot with your bookkeeping.

Smaller and regional banks are also well acquainted with local market status and requirements. As the Wall Street Journal States:

“Smaller, regionally focused banks may be better because they know local market conditions, they often provide more one-on-one access to a loan officer and put more emphasis on a borrower’s character rather than just applying a credit-score model. And they can be more flexible during tough times, such as covering overdrawn accounts without imposing stiff penalties.”

Become Aware of the Fee Structure

In the world of banking, you will be charged for almost everything in one way or another. Call the banks on your list and consult the representative in order to take a clear look at how much the bank charges for different kinds of services from ATM withdrawal fee, checkbooks, and account statements. Ask about the other charges that your business might need such as credit cards and wire transfers.

The Reputation of the Bank Matters

You can consult other business owners when choosing your bank. Owners of businesses with similar financial needs might be able to help you out by telling you their experience with their banks. Their satisfaction with their bank might be able to help you make your decision and will also enhance the trust you have in your banking services.

It is better if the bank you choose qualifies as an SBA (Small Business Administration) lender. When applying for an SBA loan, it is important to have a good relationship with your bank as it makes getting an approval for an SBA loan a whole lot easier.

The Small Business Administration’s Preferred Lender Program can help you identify the banks that easily give out SBA loans. The SBA says that the preferred lenders have a “streamlined paperwork process” which can help your small business get its loan approval with ease.

Work on your Relationship with your Bank

Once you have finalized your decision regarding which institution’s banking suits the financial needs of your business the most, it is essential for you to build a strong relationship with the staff of the bank which provides you services. This relationship will prove to be very resourceful, as it can lead to identification of ways that the bank can assist your business. It might also help you get the credit you need during times of loss or crisis. Consulting the banker about future prospects can help you learn a lot about the services you’ll need for your business in the future. This, in turn, can help you plan in advance.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Bank Reconciliation - Complete Controller

Bank reconciliation predominantly refers to matching your records against the bank registers. A monthly reconciliation ensures that you know any sporadic transactions, which may take place without your consent. The best way to reconcile the accounts is by going through each record individually and matching it with your bank statement. This ensures that you have not missed anything and everything has been accounted for. You may see minor differences in the ending balances due to certain outstanding checks or other reasons. Therefore, consider them so that you do not see them as errors. Check out America's Best Bookkeepers

Why Bank Reconciliation is Important

Reconciling your bank accounts regularly keeps you out of trouble in many ways. You can identify the problems before it is too late as you are constantly monitoring cash flows. It is thought that business accounts do not have the same amount of protection that consumer accounts do. Therefore, you are advised to keep a close eye on these accounts yourself. Here are some reasons that may persuade you to consider reconciliation from time to time. Check out America's Best Bookkeepers

Catch Fraudulent Activities

One of the key purposes of reconciling your accounts is to catch potential frauds. If you have issued any legitimate checks, you need to ensure that they are used exactly as you thought they were to be used and that there are no duplications or alterations. If there has been unauthorized access to your account, you need to know before something harms you.

Prevent Complications

The bank reconciliation process is also useful in identifying any potential hazards or problems in time. Sometimes, your cash flows are down, or you are having trouble recovering the accounts receivables. In such situations, reconciling everything can guide you in the right direction by identifying the problem source. Once the problem is identified, you can take measures to fix it and, along with that, fix your cash flows and receivables. It also helps you develop a bookkeeping system that is free of errors and more efficient.

Along with assisting you in identifying the balances in all of your accounts, bank reconciliation helps you to avoid bank fees due to insufficient funds. It saves you from opening too many lines of credit when you don’t need them. You can keep track of outstanding checks and see if any payments by your customers have bounced. Check out America's Best Bookkeepers

When Should You Reconcile?

There is no fixed time to reconcile your bank accounts as you can do it anytime you want, depending on your preference. However, it is recommended to reconcile all of your accounts at least once a month so that you have an accurate picture of your current standing as a business or individual. Some high volume businesses even reconcile weekly as they are involved in many transactions daily and can pile up if they wait an entire month.

You can also use Positive Pay for bank reconciliation. This means that any payment in or out of your account must be notified to them in advance. This helps save you from any fraudulent activities. 

How to Reconcile

It does not matter whether you take a formal or informal approach to reconciliation as the main purpose is to match each transaction with your account balances. You will have to closely inspect your records and the bank records and compare the balances at the end of a self-defined accounting period.

Your bookkeeping system is important in this regard because, if it’s properly managed, you will be able to match everything without much hindrance. However, bank reconciliation can turn into an arduous task if you do not have a well-maintained accounting system. Automating and integrating your accounting system with the bank can ease the whole process as you can have access to updated records at all times.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers