The Three Bank Accounts Vital for All Businesses

There are so many day to day operations in play for a business, regardless of its size and bandwidth.

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Making the Most of Your Business Checking

Two of the most critical aspects of your business are the functions you have set up to address AR an AP. AR refers to Accounts Receivable. If someone solicits your brand’s services, your first step is to issue them your rate for the service. However, in most instances of business, customers are allowed a certain timeframe to make good on those payments. AR is what you’ll use so that, when these due dates roll around, you won’t lose track and miss out on your hard earned dollar.

Likewise, Accounts Payable, or AP, refers to when you are on the receiving end of a bill for services you beckoned. Like is the case for your clientele, you’ll likely have a grace period to make good on these debts. Your AP system will help you keep track of these critical dates, and keep you up to date on all necessary restitution. A solid business checking account offers you the capacity to address both needs.

Using Your Business Savings to Your Advantage

When it comes to your Business Savings Account, just having one isn’t enough. First, you’ll want a savings account that exists as a means of accessing reserve funds. This comes in handy if and when you run into any snags with your business checking account. Next, you’ll want to set another savings account up as a means of preparing for tax time.

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