Opening a business account at Jetonbank is a great first step for any entrepreneur looking to properly manage their business finances.
While business accounts offer various benefits over personal accounts, it's important to understand how to utilize all the features and properly report transactions.
In this article, we'll explore the different types of transactions that can be performed with a business account and how to keep accurate financial records.
Corporate Banking Transactions with Business Account
Once your business account is set up, Jetonbank offers a robust set of features to help medium and large businesses efficiently manage day-to-day operations.
Through the online corporate banking portal, authorized users can initiate both domestic and international wire transfers in multiple currencies. This allows businesses to easily pay international suppliers or receive payments from overseas customers.
For frequent transfers, businesses may set up automatic payment schedules for payroll, bills or other regularly recurring expenses. This helps ensure payments are made on time while reducing manual data entry.
Larger corporate clients may also take advantage of specialized cash management services like multi-currency wallets, liquidity pooling between accounts, and payment exceptions monitoring.
Whether you need to process supplier invoices, pay employees or track expenses, a business account streamlines common financial tasks.
Users can generate online payment orders, manage vendor bills and generate customized financial reports with just a few clicks.
The export to accounting features seamlessly synchronize transactional data with integrated bookkeeping software like FreeAgent for automated record-keeping.
What Transactions Can Be Done with a Business Account?
A business account allows various types of transactions geared specifically for operational needs.
Common transactions performed may include:
- Deposits: Accept payments electronically through direct bank transfers, e-wallets or payment links. Physical cash and checks can also be deposited.
- Withdrawals: Pay for expenses via online transfers, direct debits, checks or ATM withdrawals using a business debit card.
- Purchases: Make supply orders and purchases using a business credit card for record-keeping and rewards programs.
- Payroll: Process salary, wages and contractor payments directly from the account.
- Bills: Set up automatic bill payments or pay vendors promptly online.
- Wire transfers: Initiate domestic and international money transfers between accounts.
- Tax payments: Pay various tax liabilities seamlessly using the accounting integration.
A wide range of payment options are available to manage regular cash flows and fulfill financial obligations through an established business account.
Is It Possible to Pay with a Business Banking Account?
Absolutely - making payments is one of the core functions of a business account. Jetonbank offers multiple convenient ways to disburse funds directly from the account balance.
For recurring bills, users can establish automatic bill payments that are processed on scheduled due dates each month or quarter. This ensures timely processing without late fees. Vendors are paid reliably through direct bank transfers.
For one-time or variable payments, online banking allows direct funds transfer to other bank accounts with just a recipient's details.
Additional payment options may include wire transfers for higher-value international remittances and check writing for those still relying on paper documents.
Business credit and debit cards linked to the account make it simple to purchase supplies out of the office or online.
Transactions are conveniently summarized on monthly statements along with rewards perks. Employee reimbursements or contractor payouts are also manageable through direct deposit transfers.
Modern digital payment methods integrate seamlessly as well. Users can generate unique payment links to invoice clients securely via email or generate online payment buttons for checkout flows. Business owners have full control over money movement directly from their PC, tablet or mobile device anytime, anywhere.
Methods of Sending Money with Business Bank Account
When it comes to powering the financial needs of any business, flexibility and choice are important.
Jetonbank understands this, which is why it provides multiple options for initiating money transfers with your commercial checking account:
- Wire Transfers: For large domestic or international funds transfers, wiring is the quickest settlement method. There may be additional fees but transfers arrive within 1-2 business days.
- ACH Payments: Automated clearing house payments take 1-3 business days to process but have lower per-transaction costs than wires. They're well-suited for payroll, bill pay or supplier remittances.
- Checks: For legacy vendor relationships still relying on paper, business checks allow mailing payment in up to 7 days. Digital check imaging lets you deposit remotely.
- Debit/Credit Cards: Use physical or virtual company cards linked to the account to buy inventory, services, travel and more. Track all spending via monthly statements.
- Online Banking Transfers: Initiate one-time or recurring internal funds movements seamlessly within the online portal between accounts in just a few clicks.
There are many options for distributing monies depending on factors like urgency, destination, and recipient preference that a business account facilitates very well.
Can Transactions Made in a Business Banking Account Be Reported?
Yes, properly reporting all financial transactions performed through a business banking account is crucial.
Jetonbank understands this need and provides various tools to help users efficiently manage records:
- Online Statements: Comprehensive transaction histories are readily accessible from any device by logging into the online portal.
- Financial Reports: Customizable reports break down spending by category, tag, date range and more for thorough analysis of cash flow patterns.
- Accounting Integrations: Seamless data feeds automate transaction syncing into FreeAgent or other accounting software for systematic bookkeeping.
- Receipt Capture: Mobile check deposit and receipt scanning apps expedite allocating paper documents directly into the matching categories.
- Record Downloads: Transaction details and reports export easily into spreadsheets or accounting file formats for simplified self-preparation of taxes and statements.
- Activity Logs: A searchable activity log archives all account actions for historical reference and audit trails if needed.
These robust yet streamlined reporting features empower business owners to properly track income sources and spending patterns right from their Jetonbank commercial banking dashboard.
Comprehensive documentation provides transparency when preparing important business documents or interacting with tax authorities as well. With the right tools, maintaining accurate financial records from the business account is very manageable.
With the wide variety of transaction and reporting capabilities available through Jetonbank's online business banking platform, managing business finances has never been simpler.
Our dedicated commercial banking solutions empower companies of all sizes to streamline payment processing, gain valuable cash flow insights and maintain compliance effortlessly.
Speak to a Jetonbank representative today to discover how business accounts can optimize operations and fuel your company's continued growth.
