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Products for Managing and Tracking Business Expenses

Running a flourishing business means overseeing a constant flow of money. There’s revenue, payroll, suppliers, lease payments, taxes and so much more. It’s a lot to keep track of!  Luckily, though, there are lots of products on the market that can help you cover, manage and track your business expenses effectively and smoothly. Let’s take a look at some of these products and share some tips for choosing those that are the best fit for your business.

Business checking accounts

A designated business checking account makes a company look credible and professional while enabling it to manage and track expenses, taxes and revenue. Separate accounts also protect business owners from losing their personal assets if legal action is taken against the company. Business owners can use their checking accounts to deposit checks made out to their company and to cover business expenses, such as payroll or payments to suppliers.

Here’s what to look for in a business checking account:

  • Generous cash-deposit limit per transaction
  • Generous monthly transaction limit
  • Low or no maintenance fee and other costs
  • Online and mobile banking
  • Possible dividend rate

If you’re looking to open a business checking account, a Patriot Federal, Checking Account can be a great choice. Our business checking account has a low maintenance fee of $5 a month maintenance fees and convenient features like, no minimum opening deposit. Call, visit a branch, or apply online to select the business checking accounts that best fits your needs.

Business savings account

A business savings account is an account designated for funds to be used in cases of emergency or for future business expenses. The money in this account will grow at a greater rate, but access to these funds will be more limited.

Business owners can use a savings account to build a cash cushion for slower seasons, prepare for unexpected expenses or to save up for new equipment, tax payments or an expansion. Many financial institutions also offer rewards and incentives for businesses opening a business savings account, such as cash-back programs, increased dividend rates for larger deposits and reduced fees.

Here’s what to look for in a business savings account:

  • High dividend rates
  • Low fees and a transparent fee structure
  • Rewards and perks
  • Online and mobile banking

Opening a Patriot Savings Account will provide you with a favorable rate, generous terms, and convenient features like great dividend rates, online and mobile banking. If you’re ready to open a business savings account, call Business Services at 717-709-2514, 301 676-1257 or stop by today to learn more.

Business credit card

A business credit card provides small business owners with easy and unsecured access to a revolving line of credit. Business owners can use the credit to withdraw cash as necessary, cover large expenses, make purchases, fund an expansion or meet their monthly bill payments.

In comparison to a business loan, a business credit card is easier to qualify for, but it will nearly always come with a higher interest rate. If business owners are careful only to use the credit card when it is absolutely necessary and pays the bill before it’s due, interest will not accrue. A generous line of credit can be a convenient way to increase a business owner’s purchasing power without risking any assets. Credit debt that is managed well will also build the company’s credit score and may provide the business with rewards and incentives.

Here’s what to look for in a business credit card:

  • A low interest rate
  • Generous perks and rewards
  • A low or no annual fee
  • Interest-free introductory period
  • Purchase protection and insurance

If you’re looking to open a business credit card, look no further than Patriot. Our Business Credit Cards feature a generous credit limit, easy qualifying terms, and great perks. Call Business Services at 717-709-2514, 301 676-1257 or stop by today to learn more.

Tax software

Tracking business expenses and marking which of them can be deducted from a company’s tax liability can be super-challenging. Tax software designed for businesses makes this task easy. Business tax software, like Turbo Tax can track all the expenses of a business and help owners file taxes efficiently and easily. The software allows businesses to upload all relevant tax documents, provides online support from tax specialists and helps the business calculate federal — and sometimes also state — tax liability. Businesses will need to pay a fee to download most tax software programs, but the cost is more than offset by the time and money the software can save a business.

Here’s what to look for in tax software for businesses:

  • Online tax filing
  • Low monthly cost
  • Assistance with filing federal and state taxes
  • Compatibility with your devices
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