Proper Credit and Accounting

Credit unions are financial cooperatives that are created for and by its members. Its members are depositors, borrowers and shareholders. Credit unions are operated on a non-profit basis and provide many banking services such as commercial and consumer loans, time deposits, credit cards and guaranties. Accountants at your local credit union provide the help you need, especially come tax-time.

Extra information about Accountants

How can businesses use credit unions?

Businesses, especially small businesses, can use a credit union in a variety of ways such as establishing a small business checking account. A small business checking account can help your business manage your finances. Most credit unions provide several hundred free transactions each month, along with a free Visa debit card, same-day credit and various checking account options.

Other small business services from credit unions

Additional ways a credit union can help is with a small business loan. For example, if you are thinking about expanding your current location or building a new facility, a small business loan can help get you going. Commercial real estate loans, credit options and car and equipment loans can make small business dreams come true. In addition, most credit unions can help you streamline your payroll system and process customer payments. Employee members are able to access many benefits, benefits that are only available at a credit union.

Benefits of joining a credit union

When you join a credit union, there are many benefits that you can enjoy such as belonging to a credit union that is involved in the community. When a credit union helps to finance your business, your business adds to the local economy and that helps you, the credit union and your city or town. In addition, credit unions offer lower fees and rates. Most importantly, because credit unions are owned by their members, personal relationships can be developed. Also, because credit unions want you to succeed, they will show you how to repay the loan. They will also ask for a personal financial statement and will ask for three years of tax returns.

Any disadvantages of a credit union?

Credit unions have only a few disadvantages. One of them is that they have few ATMs. However, credit unions get around this by allowing you to use other ATMs and if an ATM owner charges you a fee, the union will refund that fee on your statement. Another disadvantage is that membership is restricted. Credit unions often focus on certain communities; either a geographic location or a profession. However, just by looking in your area, you can find one and join. All you need to do is fill out an application and pay a small fee.

To conclude, credit unions are financial cooperatives that are created for and by its members. With the many benefits a credit union offers such as lower fees and rates to small businesses and individuals; it makes sense to check them out. Find additional information from a local credit union representative today! Accountants provide invaluable help in a variety of ways.