The firm is known for selling products like office furniture, advanced and reliable technology, software, and other office supplies. At present, the headquarters of the firm is in Boca Raton, Florida. The commercial account of the Office Depot Corporation deals with the company’s money transactions, money deposits, savings, loans, debt, debit and credit cards, etc.
What is a Commercial Account?
A commercial account refers to a type of bank account. The commercial accounts are best suited for medium and large size businesses. The commercial accounts make it easier for the companies to handle bank transactions, savings, and deposits that can not be as effectively handled or maintained as compared to the personal accounts of the employees. It also keeps the commercial business transaction open to all the people working in that firm or corporation. Commercial accounts are also called corporate banking. It is because all the functions and features of the Commercial Account are similar to the banking system of the corporate office.
Features of Office Depot Commercial Account
The working of commercial accounts is similar to the working of any person’s bank account. The company can perform functions like depositing cash, savings, money transaction, online or internet banking, money withdrawal from the existing savings, taking or granting loans, etc. Some of the features of the Office Depot Commercial Account are given below-
1. DEPOSITS AND WITHDRAWALS– deposits refers to the money deposited by the corporation into the bank account. And withdrawal means withdrawing the previously deposited money for various purposes.
2. STANDING ORDERS AND DIRECT DEBITS– the standing order is a form of instruction or prescription given by the customer to the bank holder. A standing order freezes all the upcoming orders regarding the person’s bank account till the date mentioned in the instruction letter. Moreover, direct debits are the instructions exchanged between the bank and the bank holder regarding the debt, rent, payment, etc.
3. BANK TRANSFERS– bank transfers are the same as the money transactions between two or more people, companies, or corporations where their bank accounts act as a bridge between the receiver and the supplier.
4. OVERDRAFT FACILITY– it is a type of allowance given from the bank to the account holder. Through an overdraft facility, the bank holder can withdraw more money deposited by him.
5. ACCESS TO DEBIT AND CREDIT CARDS– similar to the personal bank account, the companies also have access to the debit and credit cards in the commercial account.
6. ONLINE BANKING– online banking is a common form of an internet banking system. The commercial accounts are also handled and maintained with the help of the internet. It allows easy access to banks account and transactions to all the people in the corporate office.
7. TELEPHONE BANKING– telephone banking is same as the online banking, although in telephone banking the transactions are done via phone calls instead of the internet. Telephone banking is the most widely used form of bank transactions in commercial accounts of any company.
8. ACCOUNTING TOOLS- accounting tools mean keeping track of all the transactions, deposits, liabilities, or assets, and storing copies of receipts and documents, etc. This is stored by the account of the company if the commercial account.
Benefits of Commercial Account to the office Depot Corporation
• A commercial account helps in limiting the personal liability of the owner.
• It creates an openness in the ways the company is a ran by the parties. Since maximum members are accessible to the commercial account, the risk of fraud or bankruptcy by any person is lower.
• A proper track of deposits, savings, loans, etc. is handled by the company in the commercial account.
• Business spending and savings are known by all the employees in a commercial account.
Conclsusion
The Office Depot Corporation is an office product and items supplier based in America. The form was started two years back and is known for the high-quality and efficient office furniture, software, and technology. Similar to many medium and large businesses and other companies, the Office Depot Corporation also has a commercial account. It is often termed business banking. The commercial account of a company or corporation performs the same work as any person’s bank account. It deals with the company’s banking activities like money transactions, deposits, savings, etc., and keeps a record of past activities. This account is open and accessible by the accounting department and managers of that firm.
