Opening an online business bank account that is separate from your personal financial assets is one of the first steps you should take when starting a new business.
It is very important that you maintain separate personal and company assets and stay away from what is known as co-mingling your online bookkeeping as a business owner when doing your accounting for small business banking.
This is to ensure that you will not have any problems and will be more audit proof when it comes to doing your taxes.
I personally recommend setting up your new accounting for small business checking and savings accounts with online access as this is the most convenient method.
This is especially true if you have the kind of job that keeps you on the go, out and about, or at multiple job sites.
You will need to make sure you have first established the kind of business structure you plan on running your new company under.
Make sure to go to the IRS website and get a new Employer Identification Number for your business type as well as a business name as the bank will want this information when you sign up.
You can organize your business finances quickly and easily with online accounting software such as the most popular and well known one around, QuickBooks.
Bookkeeping & financial software allows you quick access to everyday tasks like invoicing, bill tracking, check-writing and payroll.
It is possible to track sales and expenses, share your data with Microsoft® Excel and your accountant at any time. The online versions are great for ease of passing information between you and your bookkeeper also.
Plus it will allow multiple people to be able to access the information at the same time from different locations for virtual and remote work relationships.
You can even save time completing routine tasks and paperwork that will enable you to spend more time on doing the tasks you really love to do in your business.
There are many different Apps available now that can help you organize and track your deductible business expenses as well as many different merchant service providers that can help track your income.
The greatest thing about these are that most provide an option for you to download straight into your accounting software and will even remember prior tax categories for income tax deductions and creating financial statements.