Register free!

The Green Industry's Resource Center


Reply
 
Thread Tools   Display Modes
  #1  
Old 09-04-2013, 03:55 PM
recycledsole recycledsole is offline
LawnSite Bronze Member
 
Join Date: Aug 2012
Location: MD
Posts: 1,983
Best way to set up bank accounts?

Hello everyone,
thanks for your helpful contributions to this and all questions.
I am wondering how you all have your bank accounts set up?
Do you have a separate account for your business name? Or just a "DBA" on your personal account?
Also can you recommend any type of bank account, or 'rewards' programs?
Thanks so much I appreciate it. Good luck on your ventures.
Reply With Quote
  #2  
Old 09-04-2013, 04:00 PM
jsslawncare's Avatar
jsslawncare jsslawncare is offline
LawnSite Bronze Member
 
Join Date: Feb 2011
Location: North Georgia
Posts: 1,672
Best way to set up bank accounts?

I use a dba account
__________________
All equipment is wore out. <- Never mind. All equipment has been repainted and with new decals. It's like I have new mower's again!
48" Ferris WB
36" Ferris WB
All Echo hand helds
<- That's how I feel at the end of the day.
Reply With Quote
  #3  
Old 09-04-2013, 05:08 PM
szykan's Avatar
szykan szykan is offline
LawnSite Member
 
Join Date: Jun 2013
Location: Troy, MO
Posts: 59
Use separate accounts. I like US Bank, great service. They have phone ap that helps you do banking on the go.
Reply With Quote
  #4  
Old 09-04-2013, 09:53 PM
CalebK CalebK is online now
LawnSite Member
 
Join Date: Jul 2013
Location: Va
Posts: 31
I use a completely separate bank for my business vs personal accounts. My business bank is less than a 1/4 mile from my house which makes it very simple to make deposits every day or two. I'm not the best at keeping track of checks so this makes it easier for me.

I have a savings account at this bank in which I set aside money for taxes. I use my checking account there to keep everything going. The accounts are in "my name"/"DBA my business name".

I will point out that I'm a one man show, part-time. I'm sure things will get more complex as I grow.

Until I get to a certain size, I'll continue using a spreadsheet to keep track of my income and spending.


Hope this helps at least a little
Reply With Quote
  #5  
Old 09-04-2013, 10:35 PM
cpllawncare's Avatar
cpllawncare cpllawncare is offline
LawnSite Silver Member
 
Join Date: Apr 2011
Location: Greenville, SC
Posts: 2,647
You definitely want to keep your business totally separate from your personal, I started with a checking and savings and now have that and payroll account. At a certain point you'll want to look into going to a LLC or one of the other entities, for tax purposes. Your CPA will know when it's time.
Reply With Quote
  #6  
Old 09-04-2013, 11:01 PM
RSK Property Maintenance's Avatar
RSK Property Maintenance RSK Property Maintenance is offline
LawnSite Bronze Member
 
Join Date: Apr 2011
Location: Manchester,CT
Posts: 1,461
I use one bank primarily even though I have accounts else where. they literally don't get used at all.

I have my landscaping checking bank account at first niagra. which used to new alliance, which used to be savings bank of manchester, which used to be fleet bank. lol

then I have my tax account at first nigara that's also a dba.

then I have my tree service checking at first niagra.

then my tax account for my tree service which is setup as an LLC.

then I have a checking account with bank of america
a bill pay account with bank of america.
a savings account with bank of america

then a checking account with american eagle federal credit union.

all have active debit cards linked to them as well. only reason I keep my accounts at first niagra is they have a branch in a grocery store 10 miles away that is open from 10am-7pm m-f then until 3 on saturday and 2 on sunday. and there are 2 branches within 5 miles of my house. which are open until 6 on thursdays.
__________________
fully lic. and ins. 10yrs exp.
Reply With Quote
  #7  
Old 09-04-2013, 11:39 PM
cpllawncare's Avatar
cpllawncare cpllawncare is offline
LawnSite Silver Member
 
Join Date: Apr 2011
Location: Greenville, SC
Posts: 2,647
dang RSK i would go crazy keeping up with all that LOL
Reply With Quote
  #8  
Old 09-05-2013, 08:21 AM
recycledsole recycledsole is offline
LawnSite Bronze Member
 
Join Date: Aug 2012
Location: MD
Posts: 1,983
thanks for everyones input.
Reply With Quote
  #9  
Old 09-05-2013, 02:12 PM
RSK Property Maintenance's Avatar
RSK Property Maintenance RSK Property Maintenance is offline
LawnSite Bronze Member
 
Join Date: Apr 2011
Location: Manchester,CT
Posts: 1,461
Quote:
Originally Posted by cpllawncare View Post
dang RSK i would go crazy keeping up with all that LOL
well I literally only carry the debit card that is attached to the rsk property maintenance checking account. all the other stay at home. as for Rsk Tree service that hasn't be launched yet so, not really much to keep track of and bank of america will eventually be used for my personal account once I get to that level. right now I don't really see enough steady profit to use a personal account.
__________________
fully lic. and ins. 10yrs exp.
Reply With Quote
  #10  
Old 09-06-2013, 09:29 AM
JBNC JBNC is offline
LawnSite Member
 
Join Date: Apr 2010
Posts: 166
Definitely keep them completely separate from personal accounts.

I do lawn care full time, but have a mobile detailing business on the weekends. I opened a FREE business checking account at PNC and have been happy with it. My personal accounts are with the NC credit union but they do not offer accounts for businesses. PNC is the only bank I could find that had a completely free account for small business. Every other bank charges you a monthly fee.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump





Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright ©1998 - 2012, LawnSite.comô - Moose River Media
All times are GMT -4. The time now is 09:56 PM.

Page generated in 0.07132 seconds with 9 queries