How do you do your banking?????

Discussion in 'Business Operations' started by wright5223, Mar 24, 2013.

  1. wright5223

    wright5223 LawnSite Senior Member
    Posts: 290

    I was wonder after all these years being in the lawn care game How do you guys handle the checks you get each month or weekly? Do you have just a checking account or savings account also? How offen you depoist your checks and for you people that have a p.o. box how often do you go to it?
     
  2. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    Po box everyday. I live by mine.Bank every other week.
     
  3. grassmasterswilson

    grassmasterswilson LawnSite Platinum Member
    from nc
    Posts: 4,468

    I go to PO box a few times a week. I don't do credit cards so its all checks.

    I have a checking and savings account for my business. I put a little in the savings as an equipment fund.
    Posted via Mobile Device
     
  4. ringahding

    ringahding LawnSite Senior Member
    Posts: 613

    We have both online payment (mostly) & paper.

    3 accounts...
    1) Personal
    2) Business
    3) Sales Tax

    Deposit ~ My wife handles that, I mean my accountant/bookkeeper
     
  5. HDLLandscaping

    HDLLandscaping LawnSite Member
    Posts: 138

    Checking Account
     
  6. Jaybrown

    Jaybrown LawnSite Bronze Member
    Posts: 1,160

    Post dated cheques at the beginning of the season. Just deposit on the date
     
  7. Woody82986

    Woody82986 LawnSite Silver Member
    from DFW, TX
    Posts: 2,128

    Most clients pay by card online and it goes directly to my business account. I have a business savings account as well. I go check the P.O. Box to gather checks that come in maybe once a week and on the due date to make sure I know who has been naughty and who was nice. I haven't actually went to a Chase branch in months and even longer than that for business. I use the remote deposit feature on my android app to deposit checks once a week toward the end of the week. They hit the account the next day like clockwork.
     
  8. Will P.C.

    Will P.C. LawnSite Senior Member
    Posts: 966

    Online banking for just about everything and use of Quicken.

    I have an a physical address at one of the postal stores that accepts USPS/Fed Ex/UPS or whatever. They will sign for your packages and the girl that works there will text me when I get a package in. Many places don't ship to PO boxes, but since these boxes act like physical addys, you have no issues.
     
  9. dllawson

    dllawson LawnSite Member
    Posts: 172

    I would recommend going to the post office, making deposits, doing payroll, and paying bills all at the same time one day of the week. This way you can minimize the time you spend in the office, and maximize the time you spend making sales and managing your business.

    This also gives you a great excuse to use with past due customers, "I am doing payroll today and it would be very helpful if I had your payment." "Would you like to pay by credit card, or would it be more convenient if I met you to pick up a check?"

    You can also save a ton of time by doing a lot of your banking online.
     
  10. Roger

    Roger LawnSite Fanatic
    Posts: 5,916

    I bill at the end of each month for work done during the month. My terms are Net 15. I do not accept cards, so all payments are check or cash (rare). Most checks arrive by the 5th, 7th of the next month. I prepare a deposit and stop at the bank, less than one mile away. I pass it several times each week, so it is not out of the way. I will wait until after the 15th to catch the remainder in another deposit. Also, I have a personal account with money from other sources. These checks need to be deposited as well.

    I have chosen to make deposits in person, so that I know the people in the bank. It is a small bank, a Manager, CS, and 2-4 tellers. They all know me by name. I have made a point to get to know them, so I know them by name.

    Why bother? I've had a few fraud charges against my account (over seas activity). These people have been very quick to act, and very responsive to me in handling the problem. They resolved it all at no cost to me. Would have they acted this way if I did all my deposits by Night Deposit, or electronic deposit? I'm doubting so. This is one of other reasons why I believe it is important to personally know the important people at the bank. Face-to-face is the only way this happens. For me, the time is well-worth it.
     

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