Greater Cincinnati – in Ohio and in Northern Kentucky – offer great freelancing opportunities for people looking for flexibility and the pride of owning a business. However, freelancers also face unique financial challenges, from managing irregular incomes to tracking expenses. For millennials and other newly minted freelancers and independent consultants, choosing the right bank is an early but critical business decision.
Heritage Bank, with its strong community ties and commitment to personalized service, offers banking solutions that cater to the needs of freelancers. Explore the features that make Heritage Bank the best bank for freelancers looking to manage their finances effectively.
Managing Cashflow
Freelancers deal with financial hurdles that set them apart from traditional employees. A major issue is the unpredictable nature of their income. Without a regular paycheck, earnings can swing wildly each month, making budgeting a real challenge.
Walk through your options with a Heritage Banker. We offer a range of business checking accounts to suit small businesses of every stripe, including sole proprietorships.
Open the Right Business Bank Accounts
First, be sure to set up a separate business checking account. And don’t make the mistake many small businesses make when starting out – assuming the bank they use for their personal banking is the right choice for their business. Do a little research. Ask around. Consider a community bank, institutions uniquely suited to small business owners.
Ask a local banker to walk you through your options. They work with business owners of every kind week in and week out. The banker can explain their business checking options and help you understand which one is the best fit. Heritage Bank offer checking accounts for businesses with high volumes of transactions and for businesses who need access to limited Treasury Management Services. They can also customize solutions, when necessary.
Speak with a Heritage Banker for help reviewing your expenses from a quarterly or annual perspective. Note when large ticket items like your mortgage or insurance premiums are due so you aren’t caught off guard. Most freelancers need a standard savings account in addition to a checking account to easily move money back and forth as well as some sort of savings vehicle that allows them to earn more interest yet access in an emergency. Ask about money market accounts and CDs. Successful freelancers learn how to make hay while the sun is shining and keep enough hay in the barn for slower times or when you need to spend more time on personal matters.
To expedite payment, you might explore Automated Clearing House (ACH) for monthly retainers or other forms of electronic payment, like incoming wires, to encourage prompt payment. Our Treasury Management Department can recommend solutions to move money safely, simply and quickly. And if you are collecting checks, be sure you can deposit those checks through mobile deposit rather than scheduling a run to the branch.
Tracking expenses is another critical task. Two mistakes many independent consultants and freelancers make:
1) Combining personal and business expenses on one card.
Keep your business expenses separate from personal charges to simplify accounting and tax filings. In addition, a good business credit card can help with cashflow. Running a little tight one month while you are waiting for a client to pay? Using your card to pay expenses can give you some breathing room. Whether you need a low interest card, a rewards card or both, contact Heritage Bank to explore your options.
2) Use accounting software.
Software solutions like Intuit are simple to use and take many of the headaches out of accounting. Best of all, you can generally integrate Intuit and other major software programs into your business banking. Ask our Treasury Management Department how to make the most of our digital banking integrations with Intuit.
Banking On the Move & On Your Schedule
Freelancers often work irregular hours and even travel for assignments. So, you need a bank whose digital banking is equal to the live, in-person experience. Look for a lap and smart device experience that allows you to manipulate the dashboard to fit your viewing preferences, transfer funds easily, access and monitor Treasury Management Services, set up alerts to monitor suspicious activity on your accounts and track expenses, withdrawals and deposits in real time.
Also, look for savings tools, like the tools Heritage Bank offers through digital banking. We enable you to review categories of expenses, monitor increases and decreases in spending and check on the progress of your savings goals.
Leaning On Our Experienced Bankers & Their Relationships
Heritage Bankers have worked with many solo-entrepreneurs. So, dip into that experience for advice on a range of business issues. One of the advantages of a community bank is our extensive local network.
- Interested in asking questions of a fellow freelancer who does not compete with you? Our bankers can recommend someone.
- Need a good accountant to ensure you are ready to file taxes and that you enjoy all the tax breaks you have coming (that’s a rhetorical question)? Ask your banker who their other customers use and what questions you should ask when evaluating accountants.
- Need some legal advice? What entrepreneur does not! Your banker knows local attorneys who work with small businesses, including sole proprietors.
- In addition, our bankers can often point you to free or cost-effective local resources and suggest memberships and events you should plan to attend.
Financing
Many freelancers do not need business financing beyond a business credit card. Others need to purchase expensive equipment or order materials upfront to generate income over key periods. Heritage Bank offers a range of small business financing options, including SBA experts, lines of credit and a range of conventional lending for property, equipment, supplies and other business needs. Just reach out to a commercial loan officer.
Managing Long-Term Savings Priorities
Many entrepreneurs need help saving toward long-term life milestones. Heritage Bankers can walk you through options managed locally or in partnership with some of the world’s leading financial institutions known for their market analysis and offerings. Don’t hesitate to ask your Heritage Banker to run through the options we offer or to refer you to someone at the bank fully equipped to help build a roadmap for your financial goals.
Select for Service
There are likely a slew of freelancers or consultants who generally offer the same services you are marketing. However, you know your talent and commitment to customer satisfaction sets you apart. Heritage Bank knows exactly where you’re coming from.
Banking is highly regulated, and there are many banks offering small business banking. It’s tempting to opt for the bank with a branch down the street or use the same bank you rely on for personal banking. However, some banks stand out – particularly when serving small business owners.
Community banks handle more than one-third of all financing for small businesses in the U.S. Almost 60 percent of sole proprietor companies who seek financing find it through a community bank. Community banks are a small segment of the banking system with an outsized share of the small business market.
Why Freelancers Should Consider Heritage Bank
Our reputation is everything, so Heritage Bank strives to offer the best community banking experience in our region. In addition to financing options and great products, we offer hard-to-match talent and service.
We also come highly recommended by our current business customers. Our business customers are more than five times more likely to recommend us than the average business customer nationwide. What better reason do you need to consider Heritage Bank for your business banking needs?
