Business banking for small businesses in the UK: 5 things you can do right now

Soldo lets you do more with your business bank account. Find out how.

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You don’t need to pass a credit check to get started. Complete an application online then get up and running the same day.

Effortless Expenses

Simplify expenses with the intuitive web and mobile apps. Download as CSVs any time for easy imports into accounting software.

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Soldo is a prepaid solution, so there’s no need for credit checks. You can get up and running in as little as one working day.

Opening an online business banking account

Business accounts come with a variety of benefits that help business owners keep track of key financial indicators, including:

  • Overall balance
  • Outgoing payments
  • Outstanding invoices owed to the company
  • Payroll services

With online business banking, you’re able to:

  • Digitally pay invoices and accept payments
  • Easily keep company costs separate from personal ones
  • Identify deductible expenses and file taxes more easily

You can also order business credit cards or debit cards and allocate them to members of staff or individual departments. This does mean, however, that they’ll have direct access to your bank account – so you’ll need to think carefully before you decide who you want to share cards with.

Which online business bank account is the best?

When trying to find the best online business banking account for your needs, you’ll want to pay attention to which fees and charges you might have to pay, which perks you can get and whether there’s a free introductory period. Most providers offer similar functionality.

Soldo brings extra functionality to your online business bank account that enables you to do more: including real-time tracking, automated expenses and siloed spending.

Switching digital business accounts

You’ll need to apply with a new provider and let them know that you’re moving from an existing business account. Your new and old providers should then communicate and let you choose your switchover date.

If you’re moving because you’re frustrated with your current provider, then you may want to consider enhancing your account with Soldo instead. Learn more about how we can help improve your business banking.

Who can apply for an online business account?

Any company can apply for an online business bank account. You’ll probably need to provide documents such as ID and proof of address for every company director, your Companies House number and possibly proof of your financial situation. If your account includes a credit facility then you may have to pass a credit check.

What are the best business banking apps in the UK?

There’s no doubt that the business banking app that comes with your account is now a key consideration. The app is no longer just a means of checking your account. The best are powerful tools that help you administer your business more efficiently and intelligently.

What features should I expect from a good digital banking app?

Standard features should include the functionality to:

  • Give you real-time updates for instant clarity on the state of your finances
  • Let you freeze and unfreeze company debit cards right from the app.
  • Let you create invoices from the app.
  • Integrate with a host of complementary services, like expense management, accounting, payment service providers and many more.
  • Transfer money between accounts
  • Pay new and existing payees
  • See all your accounts in one place
  • Get instant notifications of payments and other transactions

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Enhanced integrations and dedicated support for larger organisations.
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*No monthly fees for first virtual card for 12 months, standard monthly fees apply to all
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How does Soldo work with business banking apps?

Soldo provides online expense accounts that sit alongside your business bank account, instead of replacing it. You can use your Soldo cards to silo staff spending from your main company funds, as well as accessing powerful new features that aren’t available with any banking provider.

You’ll also be able to track all transactions in real time, with every transaction linked to an account. So you’ll never have to ask around to identify a mystery payment again. And you can take a closer look at outgoings with comprehensive reporting tools.

Supercharge your business bank account

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Control spend on prepaid cards

Empower employees to spend; set budgets and track spending in real time, from anywhere.

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Automate all expense admin

Send transactions, receipts, and other data to accounting software through smart integrations.

Capture receipts and VAT fast

Prompt employees to photograph receipts, add VAT and categories on the Soldo mobile app.

Business Banking Insights