If you're a freelance architect or are running your own architecture firm, you know how important it is to have a firm grip on your business finances. You are wasting your time and business resources if you're still mailing invoices, writing checks, and collecting payments with paper statements. You need to make some changes, and a great place to start is by getting an online business checking account that puts an efficient solution to all of your architect banking needs at your fingertips.
Mobile banking services provide quick access, safe transactions, and 24-hour financial service anywhere, anytime. To help you make the transactions, we'll go over the main benefits of managing your finances online and discuss the best option in the market to get you started.
Note: Try Bonsai Cash if you want to open the best business bank account services available to architecture professionals. It's a simple setup process and a terrific tool for managing your company's finances. Get started today!
How you handle money matters more than you may realize. It might make the difference between your company surviving or not. The digital age has dramatically impacted the banking industry, and migrating to an online/digital banking platform is good common sense. It is a more effective, convenient, and affordable, creating value and saving time and resources.
Here are some of the benefits it will bring to your architecture firm.
Aside from skipping the usual long lines at the bank, you can check your balance, accept and send payments, transfer money between accounts, and more. Your online banking system would be genuinely global since you can use it at any time from anywhere in the world through a variety of gadgets at your disposal without needing to wait for a teller's assistance.
You'll be free to handle your money any way you see fit. Additionally, platforms for online banking, also known as e-banking, are usually very simple to use and navigate.
Using an online banking system, you can send and receive payments instantly, eliminating the need for you to write cheques, purchase stamps at the post office, and mail bills, all while worrying about whether they will reach in time to avoid incurring late fines.
Online banking makes it simple to transfer money across your accounts, such as from checking to savings, plus, your account balance is always accessible with a few clicks. Additionally, you may verify that a transaction has cleared and keep an eye out for unlawful transactions so that you can instantly dispute them.
Finding as many ways as possible to save money is crucial for your architecture firm. Fortunately, since banking prices are frequently based on resource requirements, online banking minimizes banking charges and corporate overhead. Additionally, it allows you to take advantage of automated systems like Electronic Fund Transfers (EFT), which enables you to make/receive your payments swiftly and without incurring additional fees. Automating your finances can save you both time and money by improving financial management and helping you avoid unnecessary late penalties.
Since both your company and the bank use less paper when you bank online, being green is simple. Given the rise of environmental concerns, this is a small but significant way to contribute to the cause. Managing your business finances online is an eco-friendly approach to eliminating the environmentally harmful paper checks, statements, and bills.
Bonsai Cash is the business checking account that is currently booming in the market of banking products. We make it super simple for freelancers and small business owners to handle money by keeping everything in one place. Here's why Bonsai Cash is the way to go for your architecture firm.
Note: If you sign up for Bonsai Cash, you'll also get access to our full suite of freelancer tools. You'll also get free architect invoice template, proposal software, and legally reviewed contracts. Try Bonsai for 14-days at no cost.
Since Bonsai is free to use, it is a beautiful choice for small enterprises that are just starting out and have limited resources. There are no transaction fees, monthly service charges, minimum balance limitations, or opening requirements.
Bonsai Cash also allows you to receive payments directly into your checking account by integrating the account with any payment software you use, which can significantly lower payment fees.
Many financial institutions offer an online banking experience. However, not everyone will give you a fully-online banking service. At some point, especially when opening the account, many banks will require you to visit a physical branch, and there may be some core banking transactions that cannot be completed without visiting your bank.
But with Bonsai Cash, you can forget all about brick-and-mortar banking, manage your business finances, and get online support. It's a hassle-free solution. If you would like the ability to withdraw money with a physical debit card, Bonsai gives you that option too at no cost.
The Bonsai Cash business checking connects you with multiple business tools to help you manage your finances efficiently, save on taxes, and get paid faster. For example, our architect invoicing software allows you to link your checking account to all your invoices and seamlessly receive online payments with instant fund access enhancing your customer experience. You can also link it to our accounting software to track your expenses and calculate tax write-offs.
A stand-out feature of your Bonsai Cash checking account is the "envelopes" function which makes managing your money incredibly easy. You can create distinct savings sub-accounts for retirement, taxes, or even vacations and set up your checking account so that a portion of every payment you get is automatically transferred to a particular envelope.
So, everytime you receive a payment from clients, you could automatically save for taxes, retirement, or vacations.
Additionally, you will have access to a virtual and physical debit card that you could use to make purchases for your architecture firm and link it with Apple Pay or Google Pay for mobile payments.
Starting your Bonsai Cash account is extremely easy, sign up today and see for yourself! Download core banking account information in a matter of seconds.
A verbal contract (formally called an oral contract) refers to an agreement between two parties that's made —you guessed it— verbally.
Formal contracts, like those between an employee and an employer, are typically written down. However, some professional transactions take place based on verbally agreed terms.
Freelancers are a good example of this. Often, freelancers will take on projects having agreed on the terms and payment via the phone, or an email. Unfortunately, sometimes clients don't pull through on their agreements, and hardworking freelancers can find themselves out of pocket and wondering whether a legal battle is worth all the hassle.
The main differences between written and oral contracts are that the former is signed and documented, whereas the latter is solely attributed to verbal communication.
Verbal contracts are a bit of a gray area for most people unfamiliar with contract law —which is most of us, right?— due to the fact that there's no physical evidence to support the claims made by the implemented parties.
For any contract (written or verbal) to be binding, there are four major elements which need to be in place. The crucial elements of a contract are as follows:
Therefore, an oral agreement has legal validity if all of these elements are present. However, verbal contracts can be difficult to enforce in a court of law. In the next section, we take a look at how oral agreements hold up in court.
Most business professionals are wary of entering into contracts orally because they can difficult to enforce in the face of the law.
If an oral contract is brought in front of a court of law, there is increased risk of one party (or both!) lying about the initial terms of the agreement. This is problematic for the court, as there's no unbiased way to conclude the case; often, this will result in the case being disregarded. Moreover, it can be difficult to outline contract defects if it's not in writing.
That being said, there are plenty of situations where enforceable contracts do not need to be written or spoken, they're simply implied. For instance, when you buy milk from a store, you give something in exchange for something else and enter into an implied contract, in this case - money is exchanged for goods.
There are some types of contracts which must be in writing.
The Statute of Frauds is a legal statute which states that certain kinds of contracts must be executed in writing and signed by the parties involved. The Statute of Frauds has been adopted in almost all U.S states, and requires a written contract for the following purposes:
Typically, a court of law won't enforce an oral agreement in any of these circumstances under the statute. Instead, a written document is required to make the contract enforceable.
Contract law is generally doesn't favor contracts agreed upon verbally. A verbal agreement is difficult to prove, and can be used by those intent on committing fraud. For that reason, it's always best to put any agreements in writing and ensure all parties have fully understood and consented to signing.
Verbal agreements can be proven with actions in the absence of physical documentation. Any oral promise to provide the sale of goods or perform a service that you agreed to counts as a valid contract. So, when facing a court of law, what evidence can you provide to enforce a verbal agreement?
Unfortunately, without solid proof, it may be difficult to convince a court of the legality of an oral contract. Without witnesses to testify to the oral agreement taking place or other forms of evidence, oral contracts won't stand up in court. Instead, it becomes a matter of "he-said-she-said" - which legal professionals definitely don't have time for!
If you were to enter into a verbal contract, it's recommended to follow up with an email or a letter confirming the offer, the terms of the agreement , and payment conditions. The more you can document the elements of a contract, the better your chances of legally enforcing a oral contract.
Another option is to make a recording of the conversation where the agreement is verbalized. This can be used to support your claims in the absence of a written agreement. However, it's always best to gain the permission of the other involved parties before hitting record.
Fundamentally, most verbal agreements are legally valid as long as they meet all the requirements for a contract. However, if you were to go to court over one party not fulfilling the terms of the contract, proving that the interaction took place can be extremely taxing.
So, ultimately, the question is: written or verbal agreements?
Any good lawyer, contract law firm, or legal professional would advise you to make sure you formalize any professional agreement with a written agreement. Written contracts provide a secure testament to the conditions that were agreed and signed by the two parties involved. If it comes to it, a physical contract is much easier to eviden in legal circumstances.
Freelancers, in particular, should be aware of the extra security that digital contracts may provide. Many people choose to stick to executing contracts verbally because they're not sure how to write a contract, or they think writing out the contract terms is too complicated or requires expensive legal advice. However, this is no longer the case.
Today, we have a world of resources available at our fingertips. The internet is a treasure trove of invaluable information, platforms, and software that simplifies our lives. Creating, signing, and sending contracts has never been easier. What's more, you don't have to rely on a hiring a lawyer to explain all that legal jargon anymore.
There are plenty of tools available online for freelancers to use for guidance when drafting digital contracts. Tools like Bonsai provide a range of customizable, vetted contract templates for all kinds of freelance professionals. No matter what industry you're operating in, Bonsai has a professional template to offer.
A written contract makes the agreement much easier to prove the terms of the agreement in case something were to go awry. The two parties involved can rest assured that they're legal rights are protected, and the terms of the contract are sufficiently documented. Plus, it provides both parties with peace of mind to focus on the tasks at hand.
Bonsai's product suite for freelancers allows users to make contracts from scratch, or using professional templates, and sign them using an online signature maker.
With Bonsai, you can streamline and automate all of the boring back-office tasks that come with being a freelancer. From creating proposals that clients can't say no to, to sealing the deal with a professional contract - Bonsai will revolutionize the way you do business as a freelancer.
Why not secure your business today and sign up for a free trial?