What should I expect from a good business bank account?

Finding the right bank account for your business is crucial to keeping on top of your finances. A lot of banks have excellent introductory offers that can provide real value for your business. However, it is essential to consider the needs of your business in the long-term. This will help you to accurately determine which account will most benefit your business and help you to push towards growth.

Here we take a more in-depth look at the features and functionality you can expect from a business bank account.

Quick and easy switch

It’s essential to have the ability to change business bank accounts to suit the business’ needs, quickly and easily. For startups and SMEs, there is usually a small amount of staff running the entire company. Therefore, it’s crucial to ensure the company can be fully operational as soon as possible and with minimum hassle.

Flexible, easy access

As modern technologies now facilitate a variety of ways in which to conduct business banking, it is vital to understand how you want to access your account. If you wish to conduct most of your banking in-person or would prefer to access your account online, it is essential to select an account that will let you bank in a way that best suits you and your unique business needs. Most banks will be able to cater to your specific business needs; it’s just a matter of finding the right one.

Simple banking systems

As a business owner, your time is precious. To help save time, choose a bank that has the functionality to gather business financial data quickly and efficiently. Business banking doesn’t need to be complicated, so make sure your account comes with intuitive features that help rather than hinder your accounting process.

Low fees

Before opening a business account, it is important to be aware of the different fees that may apply. This information will help you to effectively compare the various accounts that are available and determine which one offers the best value for money for you and your business.

For many businesses, selecting an account with zero charges will provide an optimal banking experience. Many business bank accounts come with an introductory period during which fees are excluded.

Overdraft facility

Having a business account with an affordable overdraft could help your business get out of a tricky financial spot should you experience any cash flow issues. Your preferred account may not have this facility available immediately upon opening. However, it could be worthwhile discussing this with your bank to see whether it’s an option that could be added at a later date.

No minimum or maximum opening deposit

Many business accounts will stipulate a strict minimum and maximum opening deposits. A good bank account will offer a degree of flexibility in regards to opening deposits, allowing you to continue to make the best financial decisions for your business.

Accountancy integration

Many businesses want an account that will allow them to feed key financial information through to their accountant or finance team. There are a variety of advantages to this, mainly as accountants can use this information to provide real-time advice using up-to-date figures. They can also flag any possible financial warning signs and suggest a range of potential refinements as to how your business handles certain transactions.

Accountancy integration also means eliminating the need to take the paperwork to your accountant when the time comes to complete your annual tax return, saving both time and stress during an already busy time of year.

In-branch support

Many business bank accounts offer access to a personal advisor who will have an understanding as to the intricacies, goals and objectives of your business. This means that they will be able to deliver personalised advice when discussing your banking requirements and ensure that your company is getting the most from its bank account.

Online banking portal

Access to an online portal means that you will always have real-time access to your business finances. The ability to access this information 24 hours a day, seven days a week will ensure that informed and carefully considered financial decisions are made that will benefit your business. 

You might also want to look for an account that can be seamlessly synchronised with your accounting software as this will allow the firm to keep a close eye on the overall financial health of the business.

Foreign transactions

As marketplaces become increasingly global, ensuring your bank account can handle and efficiently process foreign currency transactions might be essential for your business. Even if you don’t need this feature immediately, you might need it in the future. 

Marketplaces are competitive and ensuring that your business is open to and able to do business with a variety of customers and clients regardless as to their geographical location could give you the leading edge over your competitors.

The best business bank accounts will offer a wide variety of features, functionality and tools that will simplify your banking process and help you to maintain the financial integrity of your business. It is important to spend some time researching your options before making a decision, and don’t forget to check the small print to ensure you are aware of what you can expect from your chosen account.

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