The Supervision Exchange

& Supervisors' Guild

Your Bank

Where you bank affects your ability to accept certain payment methods and issue payments to other companies. Your physical location also affects your choice of bank. Having a branch office nearby can be convenient for non-mobile deposits and meetings related to lines of credit. Don’t overthink where you bank, and ask yourself the following questions. 

  • What kind of fee, if any, is charged for a business account?
  • Can ACH wire transfers be made for a low or no cost?
  • Can paper checks be sent from the bank’s online platform?
  • Are business credit cards offered?
    • Can employee cards be issued?
  • Where is the closest branch office and where is the closest ATM?

If you are looking for a business bank or re-evaluating the one you have, below are some helpful places to start.

  • Check accounts offered by your local credit unions
  • Azlo®1 provides options for free and paid premium online business checking accounts, no branch offices. This is a modern option that provides some integrations not offered by traditional business banking accounts. 
  • Chase®2 provides a wide variety of business financial solutions, including checking accounts, credit cards, and lines of credit. 

If you need to send or receive an international wire transfer, below are two options to consider:

Over-all, evaluate whether your banking solution offers the tools and methods of making and receiving payments that best support your organization. Make a list of instances where you were not able to meet a need, fulfill a request, or accomplish a task due to bank system limitations. Sort the list in order of importance and work toward supplementing or changing your banking systems to better align with those needs. 

Your Bookkeeping

In Part 1.1 we covered payment methods, focusing on how clients can make payments to your organization. Now that we’ve reviewed banking, how are you keeping track of these moving pieces? 

We’ve used Zoho Books, QuickBooks, and Xero before and have settled on Xero as our preferred solution, due to its extensive list of integrations, easy workflow, and powerful standard features. Regardless of which solution you choose, consider the following.

  • Does your bookkeeping software:
    • Connect with your bank account(s) and provide auto reconciliation?
    • Allow you to send digital invoices that can be paid directly online through the invoice?
    • Integrate with your payroll service, software, or platform?
    • Integrate with your e-commerce system?
    • Synchronize with your customer relationship management (CRM) platform or contact list?
    • Integrate with business automation tools, such as Zapier®9 or Integromat®10?
    • Allow you to send digital invoices that can be paid directly online through the invoice?
    • Allow you to create purchase orders and credit notes?

The point is that your bookkeeping method should include as many integrations with your banking, payment, and business tools as possible. In efforts to keep an accurate record of each and every transaction, ideally, each system should connect with your bookkeeping system. Every “in” and every “out” for money should share records with your bookkeeping method. There should also be documentation records to support the cash or accrual accounting methods for each transaction. The more these moving pieces are connected, the less time you must spend bookkeeping. If bookkeeping is your primary job, then implementing integrations can free up time for extra reporting and planning for the organization, even issuing more frequent internal audits. If bookkeeping is not your primary job function or an obligatory job function, focusing on integrations and automation will return great dividends over time: reducing data entry, reducing errors, and freeing you to focus on the mission of your organization. 

Cash vs. Accrual 

Choose carefully which accounting method you will use, cash or accrual. Cash accounting recognizes revenue when payment is received, while accrual accounting recognizes revenue when an invoice is issued. Keep in mind that financial institutions often prefer the accrual accounting method and like to see a few years of audited financial statements recorded this way. If you do not plan on applying for business lines of credit or business mortgages for real estate, cash accounting may be simpler for you overall. However, starting to shift your methods towards accrual practices will help you develop as an organization and be prepared for future growth. Consult your accountant for guidance and choosing the best method for your organization. Each of the bookkeeping tools mentioned above can be set for cash or accrual methods. 


The overlying theme of payment methods, banking systems, and bookkeeping is integration, connection. These 3 topics make up a significant portion of the business system framework described in this series. They lay a foundation of enablement, empowering you to expand the theme of connection throughout your organization. Coupling these business systems helps grow your financial capacity, even if they don’t contribute directly towards revenue. These systems also increase your operational efficiency and allow you to focus energy toward fulfilling your organization’s mission, growing your impact.

Core business systems usually don’t change overnight, and what is not broken does not need immediate fixing. Therefore, take the above information and resources in stride. Look into the future 3-5 years from now, where would you like to be as an organization? Start making small adjustments over time to help reach your next destination.

Written by Evan Gress, CIO & CTO of KovirPage LLC, Founder of Virtual Senior Center Solutions


This blog post makes reference to trademarks, registered trademarks, and other protected names and/or symbols of third-party companies not related in any way to WizeCove. Where they occur these references are for illustrative purposes only and do not represent an endorsement of a product or service by WizeCove, or an endorsement of the product(s) to which this website applies by the third-party company in question. Regardless of any direct acknowledgment elsewhere in the body of this document, WizeCove hereby acknowledges that all trademarks, registered trademarks, service marks, and other protected names and/or symbols contained in this website and related documents are the property of their respective holders.

1) Azlo is a registered trademark of Azlo Business, Inc. CORPORATION DELAWARE 201 Mission Street, Suite 2400 San Francisco CALIFORNIA 94105

2) Chase is a registered trademark of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.

3) Transferwise is a registered trademark of Transferwise Ltd. limited company (ltd.) UNITED KINGDOM 6th Floor, Tea Building 56 Shoreditch High Street London UNITED KINGDOM E16JJ

4) Veem is a registered trademark of Veem Inc. CORPORATION DELAWARE 50 Osgood Place San Francisco CALIFORNIA 94133

5) Xero is a registered trademark of XERO LIMITED Registered New Zealand Company NEW ZEALAND PO Box 24-537 Wellington NEW ZEALAND 6011

6) Quickbooks is a registered trademark of Intuit Inc. CORPORATION DELAWARE 2535 Garcia Avenue Mountain View CALIFORNIA 94043

7) FreshBooks is a registered trademark of FreshBooks 2ndSite Inc. CORPORATION CANADA 1655 Dupont St. Suite 250 Toronto, Ontario CANADA M6P 3T1

8) Zoho is a registered trademark of AdventNet, Inc CORPORATION CALIFORNIA 4900 Hopyard Road Suite 310 Pleasanton CALIFORNIA 94588

    – (previous owner) Zoho Corporation Pvt. Ltd. CORPORATION INDIA Estancia IT Park, Plot No. 140, 151 Vallancheri village, Guduvanchery Kancheepuram INDIA 603202

9) Zapier is a registered trademark of Zapier, Inc. CORPORATION DELAWARE 243 Buena Vista Ave #508 Sunnyvale CALIFORNIA 94086

10) Integromat, s.r.o. spolecnost s rucenim omezenym (spol s.r.o.) CZECH REPUBLIC Novákovych 1954/20a Praha CZECH REPUBLIC 18000

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