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Old 12-25-2016, 03:18 AM   #1
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Default Business Bank Account

Hello Fellow Paint Slingers!
I am a 20 year vet of the business and I have finally decited to do this on my own and I couldn't be happier. I am currently in the process of changing my business bank account in Colorado and wondered if any of you who have been running your own shop for a while might recommend a place that will take care of my business money and maybe has a low minimum balance. As many of you may know the first few months can be tricky out of the gate. Thanks!
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Old 12-25-2016, 06:33 AM   #2
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We use TD Bank and have an accountant. We do have a few bank accounts for the business. Payroll, taxes, gas, profit. We keep track of our own money. For a bank account if your worried about overdraft fees get overdraft protection.
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Old 12-25-2016, 01:37 PM   #3
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We use a local credit union for both personal and business banking. What I would recommend is make sure you put back at least 25 percent of your profit from each job for taxes and pay your quarterly taxes. We also use a CPA that does our taxes. and also answers questions through the year. Another thing try to stay out of debt. Your local paint stores are going to try to get you to open a credit account if you do open one pay for your supplies once you get paid. We are going on our fifth year in our full time painting business and still don't have a credit account at the paint stores, we pay with our debit card. If you don't already have your paint vehicle you don't need the nicest and newest truck to start out with. I hope this helps. and I wish you the best in your new business.

I know this is my info than you ask for but I just threw that other stuff in there for free.
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Old 12-26-2016, 01:09 AM   #4
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A local credit union or bank is probably your best option like others have said.


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Old 12-31-2016, 05:37 PM   #5
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I'm also looking for a good business bank account. The fees every month are ridiculous. Banks make a lot of money on loans and commercial accounts too apparently.

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Old 12-31-2016, 09:48 PM   #6
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I'm also looking for a good business bank account. The fees every month are ridiculous. Banks make a lot of money on loans and commercial accounts too apparently.

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Try going to a couple of your local credit unions. Ours gives us a free savings and checking but only allows 6 internet transactions. After that they charge per internet transactions. But if we go inside the bank and do it at the counter it's no charge and doesn't count towards the 6 allowed. The credit union is so close to our house its no big deal. My wife goes there about once a week to move the money from our business to our personal.
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Old 01-09-2017, 08:09 PM   #7
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We use a local credit union for both personal and business banking. What I would recommend is make sure you put back at least 25 percent of your profit from each job for taxes and pay your quarterly taxes. We also use a CPA that does our taxes. and also answers questions through the year. Another thing try to stay out of debt. Your local paint stores are going to try to get you to open a credit account if you do open one pay for your supplies once you get paid. We are going on our fifth year in our full time painting business and still don't have a credit account at the paint stores, we pay with our debit card. If you don't already have your paint vehicle you don't need the nicest and newest truck to start out with. I hope this helps. and I wish you the best in your new business.

I know this is my info than you ask for but I just threw that other stuff in there for free.
I used to be that way, then I realized all the money I was leaving on the table. If you can manage credit then you can be rewarded by getting all this cash back, travel miles and so on. Some of these sign up bonus these credit cards companies are offering are just two great to pass up.

All you have to do is pay your paint bill at the end of the month with your card, then pay off your card. I have yet to pay a penny in interest sinceI started doing this method.

In a few months we will be traveling to Japan to visit my step son who's in the Navy for free. Travel part that is. Just for paying my paint bill and other painting bills with a credit card.

I wish I would have done this a long time ago.

Pat
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Old 01-09-2017, 08:35 PM   #8
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Damn! The watermelon man is back!
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Old 01-09-2017, 08:50 PM   #9
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Damn! The watermelon man is back!
Yeppers -Rams Came back too I'm on the left.


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Old 01-09-2017, 09:33 PM   #10
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I used to be that way, then I realized all the money I was leaving on the table. If you can manage credit then you can be rewarded by getting all this cash back, travel miles and so on. Some of these sign up bonus these credit cards companies are offering are just two great to pass up.

All you have to do is pay your paint bill at the end of the month with your card, then pay off your card. I have yet to pay a penny in interest sinceI started doing this method.

In a few months we will be traveling to Japan to visit my step son who's in the Navy for free. Travel part that is. Just for paying my paint bill and other painting bills with a credit card.

I wish I would have done this a long time ago.

Pat
I understand all that stuff and I understand why people do it. I appreciate what you are telling me. Thank you. If it works for you I say that's great . But we don't do credit. If we don't have the money for it we don't buy it. We started our business without debt and I don't plan on using it.
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Old 01-09-2017, 09:45 PM   #11
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I understand all that stuff and I understand why people do it. I appreciate what you are telling me. Thank you. If it works for you I say that's great . But we don't do credit. If we don't have the money for it we don't buy it. We started our business without debt and I don't plan on using it.
It's not about not having the money and getting in debt.

For example your paint bill comes - and it's $2000 bucks. You can write a check for $2000 bucks and be done, Or you can use a cash back card @ 2%. You just saved 20 bucks, then take that same check you were going to use and pay the credit card bill. It's the same thing. Only difference is one method you are getting paid for paying your bill.

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Old 01-09-2017, 09:57 PM   #12
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It's not about not having the money and getting in debt.

For example your paint bill comes - and it's $2000 bucks. You can write a check for $2000 bucks and be done, Or you can use a cash back card @ 2%. You just saved 20 bucks, then take that same check you were going to use and pay the credit card bill. It's the same thing. Only difference is one method you are getting paid for paying your bill.

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Old 01-09-2017, 11:54 PM   #13
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I hear ya, You gotta do what your comfortable with.

Pat
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Old 01-10-2017, 06:29 AM   #14
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We stopped taking credit cards as payments the same day we cut our business credit cards up. If we don't have the cash we pass. Huge purchases we will finance for vehicles or big $$$ sprayers.

I know business credit is important but if run right you wont need credit cards even with the savings. Just to me it's extra paperwork now I have to do.
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Old 01-10-2017, 11:05 AM   #15
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Well we all work hard for our money. For me I like to save anywhere I can. Also it is easier for me on the paperwork because everything is one bill.

Again - its not about not having the money to purchase the item, you do have the money, you are just using a method that will give a little back. There is no going into debt here.

I understand credit is not for everyone as they can easily get into trouble no mater how hard they try.

Pat
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Old 01-10-2017, 11:59 AM   #16
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I used to be that way, then I realized all the money I was leaving on the table. If you can manage credit then you can be rewarded by getting all this cash back, travel miles and so on. Some of these sign up bonus these credit cards companies are offering are just two great to pass up.

All you have to do is pay your paint bill at the end of the month with your card, then pay off your card. I have yet to pay a penny in interest sinceI started doing this method.

In a few months we will be traveling to Japan to visit my step son who's in the Navy for free. Travel part that is. Just for paying my paint bill and other painting bills with a credit card.

I wish I would have done this a long time ago.

Pat
The highlighted part is critical.

If we don't have the funds, we don't buy it with the card.

EDIT: if necessary for larger expense, we use a line of credit...2.5% versus 18%+ on the cards.
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Old 01-10-2017, 05:47 PM   #17
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I pay all my business expenses with my credit card. It also gives me an extra month to pay the paint bill. We just switched to the new visa costco card when they switched from amex. In only six months we made $600, a check is coming at the end of the month. Not bad for doing nothing other than like Pat said, pay your bills with the card, then make sure to make your full payment each month.
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Old 01-10-2017, 06:08 PM   #18
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I like that costco card - 4% cash back on their already cheap gas is the best it gets around here.

I have not used a debit card in over two years now. I think it's much safer this way. I would rather somebody steal my credit card any day of the week then drain my bank by ripping off my debit card.

Pat
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Old 01-11-2017, 09:00 PM   #19
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We started at a credit union then moved to a commercial state bank and have now outgrown that one as well. Chase is where we are at. Unfortunately credit cards are very important. Not the debt but the individual spending patterns. Supervisors all have cards because its downright impossible to be everywhere at once. We can monitor and have a billing manager that daily inputs invoices for job tracking. Job costing is critical and access to funds for ancillary items is a must to keep productivity and sanity for me, my partner and our delivery drivers.

Its not about debt incursion, its about practicality and function for us. As a smaller outfit it would have different rules, but cards are a must for us. And we dont do intrest debt.
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