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Some of the Best IT Jobs are in Canada’s Financial Sector

 

Frances McCart By Frances McCart,
Vice-President, Business Development at Eagle

Interested in a Technology Career in the Banking Industry? Get an Exclusive Invitation to an IT Networking & Hiring Event in Toronto

Some of the Best IT Jobs are in Canada's Financial SectorForget everything that you thought you knew about working in a big bank’s Technology Group. The financial world has changed and FinTech is driving the way they do business!

The traditional banking model is undergoing massive change. Banking clients expect more from their banks than ever before so getting the right technology in place is more critical now than ever. Being ahead of the game in technologies including AI, mobile apps, data analytics and cloud computing is a huge differentiator for banks and is essential in gaining an edge over their competitors.

In the past, banks followed and implemented the latest technologies as they were released. Now, Canadian banks are actively involved in building the latest technologies. Rather than sitting on the sidelines and waiting, they’re putting themselves at the forefront of change by getting involved with technology labs like Communitech, MaRS Discover District, OneEleven and DMZ.  Several banks have also launched digital factories and innovation labs of their own to help cultivate ideas that address clients’ needs, as well as streamline processing all with a focus on technology.

Eagle works with all of Canada’s top banks and in the past year, we have seen a massive influx of both contract and permanent opportunities with their technology groups.  The focus has changed from merely acquiring the latest technology to leading technology innovations. Banks offer ambitious techies the opportunity to lead the way with new developments in AI and blockchain, and be part of creating new software.

For instance, many banks are employing an increasing number of software engineers.  The engineers and developers work in an active DevOps environment where code can be deployed in months… and sometimes even weeks.  The technology world, in large part due to FinTech, has changed and the Banks are evolving with it. Teams are agile and work in cross functional groups. The technology environment within today’s banks resembles the environments traditionally associated with Silicon Valley companies such as Google.

There are great career opportunities at all of Canada’s major banks.  Many offer hard core technology resources the chance to be part of a culture shift and take their career to the next level, while being supported by institutions with long histories and sound financial backing.

Eagle is currently working with a major banking client to build an exclusive guest list for an upcoming IT networking and hiring event. As well as the opportunity to meet with the organization’s top hiring executives, attendees will enjoy the opportunity to hear from industry-leading guest speakers and gain preferred access to current full-time job openings in technologies such as quantitative analytics and financial services applications. For the opportunity to attend this event, complete this quick online form.

Exciting times are ahead within the technology groups in all of Canada’s major banks.  When you consider your next job move, take a fresh a look at this exciting industry.  You may find your own little part of Silicon Valley on Bay Street.

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3 Reasons Why You Need a Business Bank Account

This post by Nellie Akalp originally appeared on the Freshbooks Blog in February 2017

Keeping It Professional: 3 Reasons Why You Need a Business Bank AccountAs a small business owner or freelancer, you probably encounter a lot of overlap between your business finances and personal finances. On the surface, it seems simpler to just have one bank account—after all, it’s a centralized place to keep tabs on client payments that come in, and personal and business expenses that go out.

However, there are several reasons why you must separate your business finances from your personal finances. For one, having a business bank account will separate itself from your personal assets, while streamlining your tax records. But that’s not all. Below are the three reasons why opening a business bank account is crucial for your business and your financial sanity.

Reason #1: A Business Bank Account Keeps the “Corporate Veil” Intact to Protect Your Personal Assets

Many small business owners form a limited liability company (LLC) or corporation because it helps shield their personal assets from things that might happen in the business—for instance, if the business is sued or can’t pay its debts. This is known as a “corporate veil” since it forms some separation between the business owner and the business.

In order to keep that personal liability protection, you need to properly maintain your LLC or corporation. This includes drawing a clear line between your business finances and your personal finances. By creating a business bank account, you ensure that your business is its own entity and separate from you as an individual.

In addition, if your business is ever sued, the plaintiff may try to pierce your corporate veil by showing you haven’t maintained the corporation/LLC to the letter of the law. In this case, they can go after your personal assets. In instances like this, that’s why it’s absolutely critical for LLCs and corporations to keep business finances completely separated from personal finances.

Reason #2: A Business Bank Account Helps You Stay Organized Come Tax Time

Combining your personal account and business account is asking for more trouble that you’d think. Ultimately, combined accounts make it harder to stay on top of your books come tax time.

You may find yourself spending countless hours wading through the past year’s transactions—including personal trips to the grocery store—just to find business expenses to write off. Having separate accounts streamlines your recordkeeping which, at the end of the day, saves you time and ensures you won’t miss any legitimate deductions.

Reason #3: A Business Bank Account Gives You More Credibility to Your Paying Clients

When you’re running a business, it can look a tad unprofessional to pay your contractors with a personal check or have your clients write a check to you as an individual. Will this ever be a deal breaker? Probably not. But, having a dedicated business banking account can send the right signals as you scale your operations and evolve from freelancer to business owner.

As a side note, if you’re running your business as a sole proprietorship, you don’t legally need a separate bank account for your business, but it’s still a good idea for the second and third reasons. Having a business bank account can help make your case to the IRS that you are indeed running a business and are entitled to deduct your business expenses should you ever be audited.

You Ready? What You Need to Open Your First Business Bank Account

Opening a business bank account is a relatively simple process. To make things easier, you can open an account at the same bank where you already have a personal account, so you only have to deal with one institution. Alternatively, you may receive reduce banking rates if you belong to a professional group or organization—such as a group for writers, veterans or performers. Check if they offer access to business checking services through a specialized credit union. This can be a great option.

No matter where you choose to open your business account, you’ll need the following documentation:

  • Your company’s EIN (or Federal Tax ID number).If you don’t already have an EIN for your business, you’ll need to get one from the IRS. You shouldn’t use your personal social security number to open a business account.
  • Articles of Organization / Articles of Incorporation.If your business is structured as an LLC or Corporation, then you’ll most likely need your Articles of Organization/Articles of Incorporation that’s signed and stamped from the state. You may also need to show your Operating Agreement.
  • Certificate of Good Standing.In some cases, you may also need to get a certificate of good standing from the state. This documentation essentially says that your business is up to date on its state taxes and other requirements.
  • Tax ID, social security number, DBA.If your business is structured as a sole proprietorship, you’ll need less documentation, since sole proprietors are considered more like consumers than a business. In this case, you’ll most likely need a Tax ID, social security number, as well as a DBA (Doing Business As) registration if you’re using a business name that is different than your personal name.

As your business grows, it’s crucial to build a proper legal and financial foundation. Opening a separate bank account is one small step in that direction, and will help keep your books organized, as well as ensure your business and personal lives remain separated. In addition, opening a bank account will help form your business’ credit history—a big milestone should you ever want to take out a business loan or line of credit in the future.

About the Author: Nellie Akalp is a passionate entrepreneur, small business expert, professional speaker, author and mother of four. She is the Founder and CEO of CorpNet.com, an online legal document filing service and recognized Inc.5000 company. At CorpNet, Nellie assists entrepreneurs across all 50 states to start a businessincorporateform an LLC, and apply for trademarks. She also offers free business compliance tools for any entrepreneur to utilize. Connect with Nellie on LinkedIn.