Business owners have many financial responsibilities, including payroll, loans and budgeting.
“Having a business banker on your side is so important, whether you’re starting out your new business or you’re trying to grow or expand,” said business money management coach Denise Parker. “Harborstone, earlier this year, really recognized the importance of that, so we formed a team of business bankers or money management coaches.”
Harborstone Credit Union provides direct access to money management coaches through phone, text and email. Coaches can help business owners transfer money, check transactions or get connected to other services, including loans and cash management.
“If you’re ever in a bind, I have my clients text or call me all that time,” Parker said. “If I’m available, I’ll be able to look into it. And the really nice part is we’re part of a team, so if I’m out and about, I’ll be able to ask my team members to look into it. The turnaround time to getting your questions answered is super fast when you have the business team on your side.”
It’s important to keep your personal finances separate from business finances to properly manage your money. This means opening a business bank account as soon as possible.
“It gives you access to be able to recognize right away how you’re doing, how you’re spending and how things are going with your bank account,” Parker said.
A business account is also needed to demonstrate financials as you look into lending options, and it can help you more easily manage any potential fraud. It’s important to have all vendors listed in case of fraud, as your account will be closed right away. Harborstone helps you through the process of closing and opening a new account if fraud does occur.
To learn more about business accounts and how money management coaches can help you, visit the Harborstone Credit Union website.