This article first appeared in the June 2024 edition of the Business Examiner. Read the online edition here.

Are you thinking of launching or expanding a business? No matter the size of your organization, there are some questions to consider to help you choose the right business account and services for you.

Start by determining what your business needs are around things like payments. Ask yourself:

• What are my payroll needs?
• Am I confident in understanding all the payroll rules and requirements?
• If my business is growing, do I need help with easily paying both employees and vendors?

You can also consider what banking channels you are comfortable using, and what types and quantities of transactions will go through your accounts monthly.

Once you have a good grasp of your needs, the next step is to have a deep conversation with your financial expert to reveal your full financial picture. Check to see if your financial institution has a business services team that will meet with you to help set up a modern customized program that suits your business.

To prepare for a meeting, think about what you’d like to customize. Do you want different levels of access for your accountant or bookkeeper so they can see, initiate, and complete transactions? Or do you want the ability to send wire transfers from home? These are the kinds of questions your financial expert may ask to ensure you get the perfect solution for your business. You should also check to see if the business services team will do a regular review of your products and services to help future proof your organization. The result is more time for you to concentrate on running your business.

There are some great business solutions out there to help with payroll, HR management, time and labour management, tax filing and reporting. For example, ADP Canada offers a range of scalable traditional and internet-based options. And if your company is growing, Automated Funds Transfer for payments may be the right option to keep your employees and vendors happy. The benefits include saving time and money, while reducing the risk of lost, stolen, or forged cheques.

If you have any questions about how Coastal Community Credit Union can help set up your banking to best suit your business needs, don’t hesitate to contact me.