Today's major accomplishment was the opening of Zoe's business bank account. While I haven't had to spend much money thus far in starting the business, I wanted to go ahead and separate my personal funds from the business funds so that when I do have larger purchases, I can make them from the business account.
I had informally interviewed banks and had identified the bank that would be my business partner. The meeting this morning was to finalize that relationship. There were so many questions to ask! I spent most of last evening finalizing my list and pulling together my paperwork (Certificate of Organization from the State Corporation Commission, Federal Tax ID number, DBA paperwork).
There are different tiers of business banking accounts, mainly based on the level of funds you are required to keep in the account and the number of transactions you expect to have in a month. Of course, the goal is to get the biggest benefits for the smallest amount of fees!
I will not only proceess my accounts receivable and payable through this account but will also take advantage of their payroll processing services when I have employees. This will include not only the handling of the payroll but also the reporting and tax services.
Another key area will be the ability to accept credit cards. When I reach the point of being two months away from opening, I'll meet with their Merchant Services division to set up those capabilities. And, I also have the ability to perform remote deposit via a check scanner (I know Erin and Michele are LOVING this) if I so desire.
Yes, the banking stuff is the boring stuff but a necessary part of the vision. It feels good to have this next step complete!