Things to Consider when Choosing a Bank For My Interior Design Company

With fraud so rampant, we see clients changing banks frequently, but many times the banks with the lowest fees are missing some of the most basic functionalities. In addition to the standard considerations, I list for you some basic requirements that you/we really need a bank to have. Many of these seem like they should be offered automatically, but I assure you, if it’s here, it’s because we’ve seen banks that don’t offer it.

Make sure they have the tools you need to help you control access:

• It must be easy to give a separate login to each team member that may need access and to specify what they get access to. Don’t ever share your own login. As your accountant, it saves us both a lot of time if we can get access to download statements and activity, but we do not want access to funds.

• All electronic withdrawals need to show who they went to—both on the statement and when viewing history online. If you have to pay to look at an electronic copy of a deposit slip or check, or can’t see who an ACH payment was paid to, this is not the bank for a designer.

• Truncated checks included in the statement are a huge bonus. If your employees know that the checks will be right there with the statement, it will be a huge deterrent to check fraud.

• Credit Card Accounts with Sub Accounts for employees. This is not the same as having separate employee credit card accounts which takes extra time to reconcile.

• Transaction approval. This can be painful, but necessary. If you’ve had repeated bank fraud, this can be a life saver.

• Statement periods that start on the 1^st of the month and end on the last day of the month.

Always:

• Have all bank and credit card statements delivered either electronically to you directly or, if you like paper, delivered to your home address.

• Provide bank and credit card statements to your accounting firm consistently. A bookkeeper who is constantly behind should raise a red flag.

Understand your business needs:

• Banking Habits: Analyze how frequently you make transactions, use cash, make deposits, or require wire transfers.

• Future Growth: Consider your short and long-term financial forecasts, and select a bank that can support your scaling needs.

• Financial Protection: Ensure the bank offers FDIC insurance, according to the U.S. Chamber of Commerce. 

• Fraud Prevention: Ensure the bank has robust fraud prevention measures in place. 

The right bank can simplify finances and strengthen your business. Combined with smart interior design bookkeeping, it sets the foundation for growth and peace of mind.