The choice of the bank we entrust with trading our company money is one of the first important decisions we make when we enter the labor market with our own enterprise.
Since we want to earn serious money, we can’t store them in a turnkey desk. First of all, it’s not fitting for a business owner, secondly, the cash accumulated in this way will not only hinder the management of the enterprise, but will also not work for itself.
It is true that at the beginning of an entrepreneur’s career it is difficult to determine which banking operations we will perform most often and when. However, each industry has its own specifics and on this basis we can decide where to open an account. Business account at the bank – let’s find out more about it.
How to choose a business account?
The decision in which bank to set up a business account is definitely more difficult than choosing a personal account. This is due not only to the larger amounts of money that will pass through them, but also to the specificity of the services we need. When we decide on a personal account, we know what our monthly revenues and expenses are, and if we do not know, then it is worth thinking about keeping a household budget.
We are also able to specify which functions we use most often and which ones at all. A novice entrepreneur does not yet have such knowledge, which is why it is impossible to clearly identify the company account that would be best for him. In fact, none of it will cause any radical havoc in corporate finances. At most, after a while it will turn out to be mismatched to the owner’s needs or too advanced to fully use its potential.
Company account in the bank and the size of the enterprise
When we are not sure yet what the financial flow will look like in our company, let’s try to choose a company account based on a few simple rules. Let’s start by indicating who we are: a sole proprietorship, a micro enterprise or some larger entity.
The choice on the market is so large that we don’t have to worry that only the worst offers will be available for beginners.
When the stage of institution selection is behind us, let’s define the potential and target group of recipients / clients. If they go outside the country, you should think about using the currency account offer, which avoids high fees for currency conversion and funds transfers. Larger companies should definitely focus on offers that allow you to take a revolving loan at any time, as well as use the factoring service.
What to consider when creating a business account?
You can read more about this in the article FACTORING FOR COMPANIES – OPPORTUNITY FOR ENTREPRENEUR?
The specificity of the industry in which we decided to operate is not without significance. On its basis, we are able to determine how dynamically the company’s financial situation will change on a monthly basis. We can assume that in gastronomy, event organization, interactive agencies and other such areas there is always a lot and often happens. Therefore, the company account at the bank should have an attractive offer regarding express transfers.
Another aspect to take into account is undoubtedly the proximity of the bank branches – whether it suits us or if we need them at all. Perhaps online banking will be a better solution for our company. This option is certainly quick and convenient. In addition, it gives you access to your account at any time. If we care about this, let’s check the offer for access to other people, for example, spouses – not every account has this option.