Business Expenses Easy with Transaction Accounts... Marriages too!

24 August 2011 - Which Way to Pay

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Business Expenses Easy with Transaction Accounts... Marriages too!

A transaction account is a safe and easy way for contract and freelance workers as well as small businesses to create an account specifically for employee wages, inventory purchases, office equipment and other business related expenses.

For example, a freelance professional can use a transaction account to receive payments for goods and/or services without ever blending a primary checking account with the business venture. After all, businesses operating under an employer identification number must create a separate account for business transactions. Not only does this protect the assets of the contract or freelance employer, but it also allows the accounting department to better organize business receipts and employee salaries.

Most transaction accounts are low to no fee-based accounts that are set up and used for daily banking transactions. Unlike a saving account that draws an annual percentage rate for the monthly balance held in the account, a transaction account does not draw interest.

Although transaction accounts are intended for day-to-day business transactions, in some cases they are an effective ways to manage money in a partnership because transaction accounts simplify the banking process for the account holder in several ways. A husband and a wife can set up a transaction account and then use it for bill paying and other household expenses. As such, neither will need to guess or question the other about miscellaneous or unexpected purchases, thereby avoiding confusion and making record keeping simple and easy.

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