027 Rachael Ela- Keeping Track of All Your Business’ Financial Moving Parts

In this episode, KT and Rachael Ela discuss:

  • Steps that you shouldn’t skip
  • Types of accounts to open for your business
  • Understanding your bank’s funds availability policy
  • The expense of going too fast

Key Takeaways:

  • Find an attorney, find an accountant so that you give your business a strong financial foundation
  • Most banks will allow you to start out with a simple account and upgrade it as your business grows
  • When you write a check, you’ve got to have those funds ready and available in your account at the time you cut the check
  • When you’re considering a business line of credit, your bank will ask you questions like “Why do you need this line of credit and when will you draw on it?”

“Just like personal accounts, there are a huge amount of options out there for businesses.” Rachael Ela

 

About Rachael Ela:  Rachael Ela is the Vice President and Branch Manager of Optima Bank & Trust, working in the Stratham, NH market. She has over 18 years of banking experience and has spent the last seven in the New Hampshire market working with local business owners, municipalities, and nonprofits. Rachael currently serves as Chairwoman of the Exeter Area Chamber of Commerce, a board member of the Exeter Society of St. Vincent de Paul Community Assistance Center and is a Past President and Paul Harris Fellow of the Exeter Rotary Club. She is a graduate of the New England School of Financial Studies at Babson College and resides in Exeter.

 

 

Reach Rachael Ela:

Business: Optima Bank & Trust

Website: www.optimabank.com

 

Reach KT Thomas:

Website: https://ktsmoneymatters.com/

Purchase KT’s book- The Hardworking Woman’s Guide to Money

 

Show notes by show producer: Anna Nygren

Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it.

About the author, Kathleen

Kathleen Thomas, who often goes by KT, has over 25 years of experience in the financial services industry and understands the need for women to take control of their financial lives.

A Certified Investment Management Analyst, Chartered Life Underwriter, and Certified Financial Planner™ practitioner, Thomas earned her degrees in Finance and Political Science from Salem College.

Prior to founding NewDay Solutions, an independent Registered Advisor Firm, Thomas spent 20 years as a private wealth advisor for Ameriprise Financial Services. Many of her earliest clients continue to work with her.

Thomas is an avid long-distance runner and triathlon participant. She has completed the Boston Marathon seven times and the Ironman Distance Triathlon three times. She has volunteered as coach and mentor for Girls on the Run New Hampshire and Team in Training.

Raised in Newton, Massachusetts, Thomas now lives in Seabrook, New Hampshire, with her husband, John. They have one daughter.

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