From incorporation and administration to payroll and accounting, we offer a wide range of services to businesses worldwide. One vital aspect of the services we provide involves the setting up and administration of business bank accounts. This, we believe, is so incredibly important for any business, regardless of size. If you’re a startup business, or are simply considering a new business venture, here are some reasons why one of your first steps should be to set up a business bank account. 

It creates a professionalzimpression

Most businesses start out small. Perhaps you’re beginning to monetise a hobby, or you have a minor sideline that you’d like to build up. With hard work, and perhaps a little luck, your business may grow substantially, so it makes sense to set the groundwork now, so everything is in place for when your business expands. A business bank account will ensure that your business looks professional, regardless of its size. 

It keeps your business and personal finances separate 

Many of us start out simply running our business transactions through our personal bank accounts. This soon becomes complicated as the two distinct financial areas become intertwined. Keeping your business finances apart from your personal finances from the start will eliminate problems down the line. Eventually, you could well find that your business has grown to a size where you are legally required to have a business bank account as it is a separate legal entity from yourself. 

Your account will be tailored towards the needs of businesses 

A business bank account is created specifically for business customers and so you’ll have an account that is better suited to your needs than a standard personal bank account. Accounts do differ, so it’s important to understand the differences and make an informed choice, picking out the business bank account that will be best suited to your individual needs. 

It will give you access to further business services 

When you’re a business banking customer, you can then make use of other banking services. For example, with a business bank account, you may then be able to access business loans at favourable rates along with other cash, growth and credit management services. 

It creates a clear audit trail making accounting simpler 

With your business transactions in a designated business bank account, you have a clear audit trail and this will make accounting processes easier. It will also be advantageous should you be required to present your accounts for tax or investment purposes. 

Need help finding the best account for your needs?

Your business is unique, so your requirements will also be highly specific. With our expertise, knowledge and contacts within the banking world, we can help you find the perfect business bank account that will not only provide all the features you require now, but one that will be continually useful to you as your business grows. Please visit our website for more information regarding all the banking services we can offer you.  read more here