Small Business Checking Accounts

ACCOUNTING AND BILLING

CHECK BOOKS

We recommend that you maintain a business checking account in addition to a small business credit card merchant account so that you can take credit cards from purchasers. This way you will know exactly how much is going into your merchant account and how much of your volume percentage is being done through credit card usage. You should shoot for 50-60% credit card sales and debit cards. If you are an owner/operator, you may not be as concerned with this number.

However, if you are an owner of many locations or units, this percentage is relatively important. One reason is because these transactions are the most traceable. There is no way for employees to steal this money. Between ten and twenty percent of your volume will be in checks if you have a local business and decide to take checks. The rest will be in cash or credit card sales. If you are worried about five to thirty percent of your money being stolen, don't be. You can keep track of that even if you are on not on the premises with a good procedural policy for employees who ring up sales.

If you are not good with check books (i.e. balancing, bouncing, reconciliation or writing check amounts and numbers down) hire a bookkeeper/accountant to pay your monthly expenses. Simply keep a stack of deposit slips in your store and deposit the day's take at the end of each day in the business bank account. The accountant can do the rest and then write you a check for the net proceeds at the end of each month or every two weeks if you prefer. If you hire an accountant, combining the merchant account with your regular business checking account isn't as big a deal because your accountant, if requested, can break down the amounts of deposits into cash, check or credit card for you.

If you do your bookkeeping yourself, you will have to keep track of each type of deposit. It is not wise to have a business checking account at a savings bank because they will not credit your deposits with the total amount from your deposited checks until those checks have cleared. Usually there is a standard period of three to five business days to wait even though most checks clear in one to two days, although recently the Federal Reserve is changing this which will tend to help businesses but also cause more consumers to bounce more checks, so be alert to this issue and perhaps if a customer seems uneasy ask them if they would like you to hold the check one or two additional days since the float is no longer going to be in their favor and thus it could effect you as well.

Therefore, you do not have complete use of your money yet, but you have still made the sale, which is your primary objective and that way the check will not bounce in your account causing a further conflict. Business is hard enough without a bank holding your funds, making interest on your money and inevitably controlling your cash flow. No matter what you do, we recommend that you use the accounting software such as QuickBooks to help you with your business accounting and your checkbook. At the end of the year you will be glad you did.

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs

---

Google News Updated : Tue, 07 Oct 2008 02:49:07 GMT China's Reputation On Product Safety Reaches a New Low - Washington Post Alaska Highway News China's Reputation On Product Safety Reaches a New Low Washington Post - 53 minutes ago By Blaine Harden Even Burma -- where one of the world's most repressive and isolated military governments relies on trade with China -- has now warned its people to steer clear of all Chinese dairy products. Video: No Traces of Melamine in New Test of Milk Powder AssociatedPress China vows overhaul of 'chaotic' milk industry The Associated Press Bernama - AllAfrica.com - International Herald Tribune - AFP all 1,384 news articles Publ.Date : Tue, 07 Oct 2008 01:55:33 GMT Rays roll over White Sox, punch ticket to ALCS - Sports Network New York Daily News Rays roll over White Sox, punch ticket to ALCS Sports Network - 34 minutes ago Chicago, IL (Sports Network) - BJ Upton hit two solo homers, and the Tampa Bay Rays defeated the Chicago White Sox, 6-2, to clinch their first berth in an American League Championship Series in franchise history. White Sox eliminated from post-season with Game 4 loss to Rays The Canadian Press Rays Finish Off White Sox to Reach ALCS New York Times MLB.com - Chicago Tribune - Boston Globe - The Associated Press all 2,434 news articles Publ.Date : Tue, 07 Oct 2008 02:14:13 GMT Three Europeans win the 2008 Nobel for medicine - International Herald Tribune Washington Post Three Europeans win the 2008 Nobel for medicine International Herald Tribune - 59 minutes ago By Lawrence K. Altman The Nobel Prize in Medicine was awarded Monday to three European scientists who discovered viruses behind two devastating illnesses, AIDS and cervical cancer. Aids and cervical cancer pioneers share Nobel award Financial Times Nobel Prize to HPV Researcher Highlights Importance of Cervical ... FOXBusiness The Associated Press - Summit Daily News - Forbes - AFP all 1,040 news articles Publ.Date : Tue, 07 Oct 2008 01:50:01 GMT Injury forces May-Treanor to sit out this 'Dancing' - USA Today Sioux City Journal Injury forces May-Treanor to sit out this 'Dancing' USA Today - 39 minutes ago By Bill Keveney, USA TODAY Two-time Olympic gold medalist Misty May-Treanor may be sidelined from ABC's Dancing With the Stars, but she says she won't let a leg injury suffered during rehearsals stop her from competing in beach volleyball. Misty May-Treanor drops out of ‘Dancing’ MSNBC May-Treanor vows torn achilles won't end her volleyball career ... ESPN E! Online - Portsmouth Herald News - BuddyTV - TMZ.com all 281 news articles Publ.Date : Tue, 07 Oct 2008 02:09:39 GMT Plaxico Burress takes Giants to school with tired act - New York Daily News New York Daily News Plaxico Burress takes Giants to school with tired act New York Daily News - 38 minutes ago Plaxico Burress with his son after the Giants win Super Bowl 42. Burress will need to get his act together if the Giants are to repeat as champs. Burress Returns to Giants, With No Regrets New York Times Unapologetic Plaxico Burress returns to Giants The Associated Press The Star-Ledger - NJ.com - Hartford Courant - Rotowire - Newsday all 251 news articles Publ.Date : Tue, 07 Oct 2008 02:10:29 GMT Computer Chip to Monitor Teen Drivers - ABC News Vancouver Sun Computer Chip to Monitor Teen Drivers ABC News - 1 hour ago By LISA STARK, MATT HOSFORD and KATE BARRETT Car keys -- long perceived as the keys to teenagers' freedom -- may soon be the best way for parents to monitor their every move. Going Along on the Ride With Junior New York Times Ford: Key limits speed, stereo volume United Press International TheMustangNews.com - Edmunds.com/Inside Line - Computerworld - CNET News all 636 news articles Publ.Date : Tue, 07 Oct 2008 01:16:34 GMT As Palin Brings Up Ayers, Obama Team Cites Keating - Washington Post Seattle Post Intelligencer As Palin Brings Up Ayers, Obama Team Cites Keating Washington Post - 31 minutes ago By Anne E. Kornblut and Michael Abramowitz The presidential campaign of Sen. Barack Obama for the first time criticized Sen. John McCain for his role in the "Keating Five" savings-and-loan scandal yesterday, saying the issue was fair game after a ... Video: AP Campaign Minute AssociatedPress McCain ready for combat in 2nd presidential debate USA Today Financial Times - Chicago Tribune - Los Angeles Times - The Associated Press all 4,559 news articles Publ.Date : Tue, 07 Oct 2008 02:17:08 GMT Rss Feed Reader Increase Traffic

PARLOT::Ebooks, Scripts, Websites, and more...

Adsense websites

Make the Most of Your Time - Focus on Strengths

Once working and focused in tune with what they do... Read More

How Your Feelings and Those of Your Employees Can Make The Difference

How we feel is really more important than what we... Read More

Your Blueprint For Business Success

Before you start your own business one of the first... Read More

Looking through the Glass Ceiling - Women in Management

Women have made tremendous contributions to society at every level;... Read More

Attract and Retain Positively Great Employees - An Action Plan for Employee Training

Everyday a business owner, CEO, or manager somewhere is complaining... Read More

Employee Success! - 7 Ways Feedback Works

By sharing how well you are doing and how well... Read More

Operating on Perpetual Overload?

Check Out Your E-HabitsAnother week has ended. And, despite moving... Read More

Avoid Outsourcing Pitfalls in the Injection Molds and Stamping Dies Markets

When looking to outsource overseas for Plastic Injection Molds or... Read More

Project Management - I Want It ALL

The knee-jerk response to prioritizing requirements is to mark everything... Read More

The Role of the Machine Metaphor in Mixed-initiative Organizational Leadership

"Can This Marriage be Saved?" So reads the title of... Read More

Communication in Business

Effective communication in business is not about creating the perfect... Read More

People - You Cant Make Them What Theyre Not

Many business people and managers are spending too much time... Read More

Influencing Change - A Guide for Sellers, Coaches, and Supervisors

When people or groups make a decision to purchase something,... Read More

Meetings and Road Trips

Managing a meeting is like setting off on a long... Read More

Deciding What to Delegate

DECIDING WHAT TO DELEGATE: Once the benefits of delegation are... Read More

Can You Sleep While The Wind Blows?

Let me repeat a story I heard many years ago... Read More

Top Ten Tips for Outstanding Customer Service

Remember the 80:20 rule? You may not get everything perfectly... Read More

Employee Motivation - Access Their Unique Talents

Your people are invaluable to you. They are the lifeblood... Read More

Goodwill is an Intangible Asset

'Goodwill' is regarded as an intangible asset in a business.... Read More

Todays Employees and Their New Needs: What You Need to Know

Today's employees are not only interested in security or in... Read More

Three Foundation Stones for Building Organizational Integrity

When the stock market crashed in 1929, there were a... Read More

Five Ways to Increase Profitability By Doing The Right Thing

1. Base your business in the Magic Triangle. Honesty, integrity,... Read More

Preparing For ISO 9001 2000 Registration

The steps need to be taken to prepare an organization... Read More

Selective Job Cuts Often Benefits Firm More Than Broad Layoffs Over Long Term

It is difficult to pick up a newspaper or listen... Read More

Leading Bad Actors To Be Good Performers

A successful leader told me, "The biggest challenge I've had... Read More