Ask the Expert – How do I make sure I have the best account for my business needs?
The first step is to recognise the importance of separating your personal and business finances and open a business bank account. Key reasons for doing so are to:
- Ensure clean and accurate bookkeeping;
- Protect yourself legally, because the courts consider the business and the individual to be two separate entities;
- Provide tax advantages as you are required to file your business income and expenses separately from your personal transactions;
- Enhance your credibility and professional image by showing customers and suppliers that you are serious about your business.
When choosing a business banking account, you must consider the needs of your business. It is, however, recommended that you choose a bank account that offers you:
- Bundled pricing or a fixed monthly bank fee with no hidden costs, and incorporates:
- The maximum number of transactions at no additional cost.
- Key value-added benefits at no cost, such as:
- Access to all banking channels;
- Advice and support from a Business Banker;
- Ability to apply for an overdraft facility when opening your account;
- Business registration services;
- Assistance with your business plan.
- Other value-added benefits at reduced costs, such as:
- Access to an accounting package;
- Discounted business training;
- Affordable business insurance;
- Point of sale devices at reduced rates.