Ask the Expert – How do I make sure I have the best account for my business needs?

How do I make sure I have the best account for my business needs?

Answer:

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.

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