3. Makes bookkeeping easier
Bookkeeping is an essential process to running a business. However, it can also be a difficult process if you don’t have your finances well organized. Having your LLC’s finances in their own account makes it easier to know which numbers are relevant when calculating what you’ve earned, what you’ve spent, and what’s tax-deductible. This saves you or your bookkeeper time in the bookkeeping process.
Some business accounts may even include digital bookkeeping tools to make the process of bookkeeping even easier. For example, each Innovator Business Checking account comes with a free Autobooks membership built into the Grasshopper mobile app and online banking. Autobooks offers automated bookkeeping to help business owners generate reports and reconcile transactions. Having this kind of automation in your bookkeeping can save you time, giving you more time to focus on other aspects of your LLC.
4. Makes tax season easier
Tax season can be an intimidating time for small business owners. The first step to making tax season easier for your LLC is by having a business checking account. Having a separate account for your LLC makes your taxes easier to navigate by having all of your relevant transactions in one place.
Having an LLC checking account can also make it easier to determine which of your business expenses are tax-deductible. This can help you to potentially lower your overall tax bill.
5. Provides professionalism & credibility
Establishing your LLC as a professional and credible business is a great way to influence sales. Having a dedicated business checking account is the first step to creating a professional identity. When you have a business account, your LLC business name will be what appears on payments.
Small details like this can help you to appear more professional to vendors or suppliers. It also helps you to appear more credible to potential customers, which can influence their spending decisions. Overall, creating a better image for your LLC can help lead to better business.
Bottom Line
Having a business checking account will make it easier to manage your LLC. From making sales to filing taxes, every financial aspect of your business becomes simplified when you have a secure bank account to back it up. That’s why here at Grasshopper we pride ourselves with offering the best possible banking service for LLC owners.