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Old 12-05-2006, 05:28 AM
lukas
 
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Default Multiple Bank Accounts

I own a small construction company and I need my project manager to be able to write checks. I wanted to know if anyone had any ideas on how to keep multiple jobs and consequently draws straight and seperate from each other. Should I open a seperate account for each job I do? Should I open seperate ones for him and move the money into it as he needs it? I am new to this and appreciate any advice given.
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Old 12-05-2006, 05:30 AM
maxon
 
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Hi and welcome!

I would definitely not open multiple business accounts for that purpose. I would also strongly consider retaining full authority over check signing. No matter how much you trust your people, only one--maybe 2--people should have check signing authority and that person or people should always be the principal(s).

One of the most important aspects of running an effective operation is knowing exactly where your cashflow is at all times.

My husband runs a consulting firm where he has a full time General Manager and a large team of consultants working in the field all the time. But no matter how busy he is, he always has time to sign company cheques and review outgoing cashflow.
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Old 12-05-2006, 05:33 AM
doctor
 
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Thanks for the reply..Well that seems like good advice....Its really not feasible though because I am in college about 4 hrs away from my job site. I think I will just open one and get the Quickbooks Premier Contractor to help me mange this. Any other ideas about multiple check writers?
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