A Guide To Opening A Business Bank Account

Whether you will be starting a small or large venture, one of the important tasks that you have you do is to set up a business bank account. Although you may think this is just an additional task that will eat up your time and may even be unnecessary (since you have a personal account you can use), having a business bank account can be really advantageous, especially for your start-up company.

One of the important reasons why your company should have its own account is that even if your venture is a sole proprietorship, an official business bank account makes it easier for you to keep your business expenses separate from your personal ones. Also, having a separate account will make it easier for you (or your accountant) to compute and pay the necessary taxes for your business. Lastly, a business bank account can help make your company look more like a genuine, professional business as opposed to a small and possibly untrustworthy operation.

If it’s your first time to open a business bank account, below is a guide and some helpful tips that can help you with the whole process:

1. Be on the lookout for any specials or promos offered by banks, both local and commercial ones. There are many banks today that offer cash bonuses, fee-free credit card transactions, and other incentives to attract new business customers. Take advantage of these offers so that you’ll gain greater flexibility and save more money that you can use to invest in the operation of your business.

2. If you already have a personal checking and savings account, visit your bank. Ask the representatives about the business bank accounts they offer. You may be able to get a better deal by keeping both your personal and business accounts at the same bank

3. Ask the bank representative for a rate sheet that shows the current interest rate on business checking and savings accounts. If you plan on keeping a huge balance in your business bank account, earning some interest will be a really nice perk.

4. Select a business account that meets your requirements. Choose an account that won’t charge you maintenance fees or per-check charges. In addition, make sure that you will be able to meet the minimum balance requirement to avoid incurring service charges.

5. Once you have opened your business bank account, wait a few days for the funds to settle in your new account. Check the balance to be sure that your initial deposit has been credited. Get in touch with the bank if there are any discrepancies with the initial deposit or if you have not received any account paperwork within a week of opening the account.

Read more tips about opening a business bank account here.

Small Business Solutions for Facing the Challenges of the Market

You have taken the step, no, the giant leap in your life – launching your own business. Now your dream is floating out there on the big bad sea of competitive business; dodging sharks, swimming in the space between the giant whales and gobbling what nourishment you can. It is a scary place to be but also exciting, can you make it in this jungle? Does your business have what it takes? Now is the time to remember one of life’s most important lessons. Never be too afraid to ask for help, small business help to be specific.

Let me introduce you to the concept of small business solutions. I am talking about optimizing every aspect of your company, of boosting your performance from surviving to thriving. You need solutions tailored to the requirements and factors unique to your business.

Among your most important resources is the human resource. Developing your staff and identifying future leaders and innovators is critical to the growth of your business. Get help to enable your employees to grow. Human Resource (HR) operations are essential to the smooth running of your company. The solutions can streamline these processes for you. Automate much of your HR operations, especially payroll. This will save time and resource on HR, which are better spent in other avenues to improve your business. Build loyalty and word-of-mouth publicity among customers by using small business solutions to develop and advance your customer care service to new levels of excellence.

Use Information Technology (IT) to your advantage. Go online and connect your staff. It can integrate and adapt processes to maintain quick and easy communication between your employees, reducing risks and costs while improving efficiency. You could use small business help in finding the cheapest sources of the best supplies. Improve your procurement procedures by engaging in online bidding. Develop processes to ensure terms and conditions of your contract are being met.

There are solutions to accelerate your financial closes and customer to cash processes. Do not hesitate to get small business help in managing your cash resources and liquidity, carefully handling your sensitive assets and protecting your business from risk, all while staying within compliance standards.

Small business solutions will revolutionize the way you operate. They will improve your company’s performance on every level, allowing you to make decisions and take up challenges with confidence.

There is always solution for any problem; just we have to find out that. But when problem arises we can’t think positively. That time consultancy shows the solution, a positive way to go ahead.

Choosing the ‘Right’ Programming Language for Your Business Solutions

Most likely there are two reasons why you are reading this article at this moment. Either (1) you are starting a business and looking for the most apt software for the best price that will help you get ahead; or (2) you need to revamp your software and technology to stay ahead in this ultra competitive business world.

There are an endless number of programming languages out there – Is java the best technology for your project or is it .Net, PHP or may be Perl? There are an equal number of databases to choose from – Access, mysql, SQL server or may be Oracle. But the question is – how to choose the ‘Right’ technology which is affordable and can cater to not only your current business needs but to its future requirements as well.

Ideally deciding on the best software programming language for your business solutions, should be a team activity which involves heads of IT and relevant departments and experts from your solution provider. But in case you are a small business owner or just starting-up on your own, evaluating the following factors can help you too, to take the right decision on the technology front.

Key Factors

Budget

The first thing to consider for your business is the costs and the possible return on that investment. Decide the budget based on the return, a product/service is expected to bring. If it’s a product with small shelf life and limited features, you might consider a boxed solution rather than a custom solution. It’s a quick and less expensive way to market. But if this application is the lifeline of your business then you need to evaluate the long-term business requirements and benefits of investing in custom build solution with a high-end technology.

– Choose the right features

What are the features you are looking in your software? What are the shortcomings in your business that can be resolved by having the right system in place? Identify the areas where technology can automate the processes, thereby improving business efficiency and productivity. What features would be required in the long run to accommodate more products or services when your business expands? Discuss these features with your solution provider to decide on a programming language which can handle your business for a long time without being outgrown by it.

– Time to market

If you are developing a time-sensitive product, the most critical factor in its success will be its timely release. It may be your best idea and you may have invested in the best technology, building an error-proof product. But if you are not able to market it at the right time, you may lose to your competition who would have captured the market impulse and brought the product at the right time. Quite possibly, you can lose out on a huge market share. Choosing the programming language which can quickly build the product is the key factor here.

– Scalability requirements

What is the intended life cycle of your product/application? If your business requires it for next 5-10 yrs, there is high probability that you might need to expand its functionality or increase usability. The technology used for such solutions should be scalable and upgradable, with or without vendor involvement. Imagine a situation where you have invested a good amount of money and time in training employees to use a software, which after 2-3 years needs upgradation to meet your business requirements but doesn’t has the capability to do so. Surely, you don’t want to land up in such a situation. So, a golden rule – always clarify with your solution provider about the future business requirements and capabilities of the chosen technology and programming language.

– Application demands

o Performance

If you application sees some peak traffic in certain time of the day which is crucial for your business, then performance is the key factor for your system. It will be important to choose a programming language with ability to handle a large number of simultaneous requests/transactions (supplemented by high-end servers) without affecting the speed and performance of the system.

o Security

If security of your application is of paramount importance, then short-listing a technology with focus on security features is what you need to do. For ex – Java security technology provides a large set of APIs (cryptography, public key infrastructure, secure communication, authentication, access control etc), tools, and security algorithms, mechanisms, and protocols. Zero-in on a programming language which provides the user or administrator with a set of tools to securely manage applications.

o Content change requirements

If your application requires a frequent change in the content or you need to change the look and feel of your website quite frequently, it’s good idea to go for a CMS with features and flexibility to be managed by the system administrator without vendor involvement.

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