Being an entrepreneur is always a big matter; you will get the space to explore and experience things you have never gone through. Successful entrepreneurs have ups, downs, and straight graphs, but resisting losses and looking into financial matters is the first giant step when you begin something new. Zil is specially crafted to help alleviate the concerns and worries of solopreneurs such as freelancers, startup owners, and small business owners to provide a seamless banking experience for the clients.
What Is a Business Bank Account?
If you are a business owner, a business banking account is essential to look into the financial matters of your venture. A business bank account is a checking account framed especially for business incomes and outflows. It allows individuals to keep professional financial affairs and transactions different from personal ones. Business bank accounts have a lot of additional features than personal accounts. Some features include initiating wires or ACH payments, delegating account authority or privileges to other parties like an employee or accountant, and other cash management tools.
Zil: The Best Bank for Small Businesses
Every business needs a bank account as it’s foundational for financial success. A valid bank account is necessary to operate for new startups just beginning or older ones that have been going for years. Bank accounts are vital for businesse’s financial operations to receive deposits from customers and make payments to vendors and employees. For proper tax reporting, bookkeeping, and other legal reasons, business bank accounts are a must. Zil has all these best bank features to highlight it from the traditional brick-and-mortar banks.
Business Bank Account vs Personal Bank Account
There are many similarities between personal and business bank accounts but also differences. A business account has more requirements to open than a personal account. Most traditional business bank accounts come with higher fees and lower interest rates. They have a limited number of daily transactions before they take full advantage of the business’s account. Additionally, Adding authorized signers to a business bank account is quick and easy; they can be added or removed at any time.
How to Open a Business Bank Account with Zil?
Always dubious about the requirements needed to open a business bank account? It varies by the financial institution. Non-American citizens can also open an online checking account with their passport and business details (EIN is required). Most banks require the following:
- Employer Identification Number (EIN) or Social Security Number for sole proprietors
- Business formation documents
- Ownership agreements
- Business license
Zil is a cloud-based bank that provides online banking services for your business needs. A cloud-based bank utilizes advanced technologies to securely and efficiently deliver its services at your fingertips. You can access it using a compatible device and internet connection: a unique user id and password you created while signing-up will give you access to banking services. The checking account is free of initial, monthly, or hidden charges. And you don’t need to maintain a minimum balance. You can apply for multiple business accounts for different needs or stick to one account. For example, you can use one account for making payments, one for receiving, and one for loans.
Can I Transfer Money from a Business Account to a Personal Account?
Every company needs to keep separate finances for the business and personal accounts. Transferring money from your business account to your personal account is legal. The best basic business banking account will be the one that offers low to no domestic or international transfer fees and has benefits that you’ll personally enjoy. Zil online business banking account offers additional benefits such as:
- Greater access to small business loans
- Small business credit cards
- Business banking services
Benefits of Online Business Banking for Your Small Business
As a small business, initially, you need to ensure that your business banking account offers a lot of features, including a low or preferably no monthly account fee and low transaction fees. You may need to work with international freelancers or businesses. Then, you should prioritize a business banking account that does not charge a large amount as fee for international wires. If you need to manage your finances or transactions for how you work, Zil can make it simple and manageable. Signing up and setting up bank accounts online takes only minutes instead of stepping into traditional banks and waiting for hours. Enable easy business transactions to grow your business with instant banking services.
Financial Software Crafted for Small Businesses
Zil is a cloud-based banking platform crafted for startups, small businesses, and freelancers. It is an arena to make transactions easy, empowering your business to grow without troubles and struggles. Zil levels up your financial matters by simplifying the processes while earning yield. It is a ground to track and monitor your cash flow efficiently. Focus on building your business, leave your worries and move money faster than you think!