Summer is here! Time to think about lazy days, fun times, the outdoors and vacations. But if you’re a business owner, taking a vacation may seem like a pipe dream. After all, who’s minding your money when you’re not there? Since taking time away helps us recharge and refuel our emotional, mental and physical well being, we have some suggestions for you to implement so vacation can mean leaving your business worries behind, too.
Unfortunately, bills don’t stop when the boss is away, so consider these options for managing your accounts payable while you’re having fun elsewhere:
- Open a second business checking account. Give one trusted person access to it for signing purposes. Leave only the necessary dollar amount in this account. Creating this second account reduces the potential of someone having access to all of your funds.
- Register for online banking. If you truly can’t get away completely, this will give you remote access for account monitoring and bill paying.
- Obtain overdraft protection on your accounts, just in case.
- Utilize a merchant account. This makes taking payments from customers and clients easier on you and your employees and increases the types of payments you can receive. It also speeds the time from transaction to payment to you. A merchant account can also provide a measure of security, since all transactions are electronic.
- Ask us about remote deposit. This allows you to scan checks at your place of business using a special reader, which then instantly deposits them in your account. No more harried trips to the bank to make the day’s deposit!
If you’re traveling outside of the U.S. you’ll want to inform your credit card companies that you will be making overseas charges. If you don’t, your charges could be denied due to increased security measures at most credit card issuers. Even if you’re staying in the U.S. for your vacation, it’s a good idea to notify your credit card company—especially if credit cards will be your main form of payment on your trip.
Finally, be sure to contact your banker so he knows that you will be away. Your banker can keep tabs on your accounts, giving you another measure of security while you’re away. TPW
