Are you writing checks for your small business with your personal checkbook? Or, are you not writing any checks at all? While a majority of your monetary exchanges might be done digitally, there are still some great reasons for having a designated checking account with actual checks for your business. You might not use checks because they seem old-fashioned. While they might seem unnecessary for personal checking, they can serve a great purpose when it comes to legitimizing your businesses. Here are 4 reasons why your business needs checks.
An Extra Sense of Professionalism
Business checks can definitely make your company look and feel more professional. Even if it is just a matter of perception, a business check can impress potential clients and business associates. That is, think of the impression you can make when you hand a business associate a check. First of all, with your company name, address, and logo proudly printed on the check, clients will know that you are serious about your business. At the same time, your logo and vital info turn the check into a simple but effective marketing tool that helps establish your brand. A paper check portrays a sense of permanence.
You also need to think about what you are saying when you hand a client a check with your personal name and address on it. This info, particularly the address, might be incorrect and confusing. A personal check could raise questions. Later, when that client is balancing books, he might ask, “Where did this check come from?” These are issues that you simply won’t have a business check.
Know Who You Are Dealing With
While many business accounts and possible clients will be more than happy to only conduct digital transactions, you might have some older customers or clients that aren’t as technologically adept. That is, if your business deals with customers who are likely to deal in checks, you would do well to also have paper checks. Establish trust with certain customers by offering the ability to issue payment with paper checks.
Business checks also make your end of the bookkeeping much easier. You can immediately separate your business and personal expenses. This not only speeds up your own bookkeeping, it also makes it so much easier when tax season comes around. If you (or your business) are unfortunate enough to get audited, having separate business and personal accounts can make it much less of a headache.
Checks Are Easily Integrated with Your Accounting Software
Business checks are great if you use an accounting program like Intuit’s QuickBooks. In fact, you can even order personalized checks, deposit slips, and much more through Quickbooks. Checks can be easily scanned with their values automatically filled into the invoice. You can easily print checks in bulk with Quickbooks, so you don’t have to sit down and hand writes a bunch of personalized payments.
As you can see, business checks might seem old-fashioned, but they can still give your small business a cutting edge.