Piggy bank wearing glasses in a classroom

I’m starting a business

Congratulations on the decision to become your own boss. With the right financial partner, you can help avoid pitfalls associated with starting a business and make sure your financial tools and services evolve to meet the future needs of your company. Now, let’s get to work.

 

Manage the company’s money – A solid business checking account is the first step. A business credit card gives you purchasing flexibility, while providing tracking and control over your spending. Merchant Services help you efficiently receive and process payments, reducing the time required by you and your staff, as well as increasing the availability of funds. A sweep account or zero balance account can help you put those available funds to work, improving the earning potential of your money. And an array of investment services can help you establish a long-term investment strategy for your business holdings.

Borrow for your business – Whether you need to purchase a facility or your expenses come at a different time than when the business is paid, you’ll probably need financing help. Your Customer Service Representative can help you evaluate lending options.

Create a retirement plan – Implementing a retirement plan for your company not only benefits you personally, but also provides a powerful tool for attracting and retaining employees. Your retirement plan can allow you to defer paying taxes until you retire and begin to withdraw funds from your plan. The advantage is the money you would have paid in taxes today stays in your account, affording you extra earning potential.

Protect the business – You’ll want to make sure that all of your company assets are covered, including your business property and your employees. Property and casualty insurance protects against losses caused by physical damage or the destruction of your business. Disability coverage helps ensure the business can continue to operate if you or a key employee is hurt or unable to work. You can also purchase general liability insurance to protect your company in the event someone sues the business.

Offer health coverage – It is by far the most requested benefit by employees. One choice you might want to consider offering to your employees is a high deductible health plan (these usually have lower premiums than other plans) paired with a Health Savings Account (HSA). HSAs allow you to contribute pre-tax dollars (which lower your taxable income). Your money grows tax-free and you can use the money to cover qualified medical expenses without having to pay taxes on it.

Access it all online – With an online solution, you can connect your accounting software with online access to your accounts, streamlining your accounting process. You can even deposit checks online with eDeposit. Plus, with a service like BusinessLink, you can view all of your accounts 24/7, including real-time activity and balances. You can also pay bills, get email and text alerts, manage your accounts, view reports and much more. All online.

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its affiliates and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.