Are you looking to manage your new business’ finances in order now that you have started? The first step in doing this is to open a new business current account. It’s one of the first tasks that any new business should make sure to accomplish.
Keeping your corporate records separate from your personal accounts is very important and it alleviates the issue of mixing them up. You’ll be better able to track your business’ cash inflows and outflows. At the end of the fiscal year, taxes will be even easier to do with a separate business account. Budgets will be easier to manage when you have a way of tracking your expenses and spending.
Don’t forget to keep all your invoices and receipts so that they match all the entries in your bank statement. Brass has made this easier and you can simply upload the attachments to each payable or receivable.
Another reason to get an account for your business is that when you are seeking to secure a loan, no matter the business type, you need one. Wherever you will be getting the loan from, a business account statement will be a mandatory requirement.
Businesses always seek to maintain professionalism. Keeping your finances in a separate business bank account communicates that you are dedicated to being professional and organizes. It will help in your reputation with suppliers and customers. Finally, if you don’t separate your business’ finances from personal ones, you will become personally responsible for the actions of the business, and this doesn’t apply to only financial transactions.
What to look for when opening an account for your business
When looking for a business current account, keep these questions top of mind:
- Will I be charged a monthly fee plus transaction fees?
- How fast and easily will I be able to open the account?
- Will each transaction require wasting valuable time waiting for approval or can things be set up online?
- Do I have to be interviewed to open the account?
- How much physical paperwork do I need to sign in order to open one?
There is a myriad of financial institutions that provide different types of services. Some may charge monthly fees either for a limited time or a lifetime. Ideally, you should find a financial institution or provider that doesn’t make you jump over too many hurdles to open one and is transparent about their fees.
Brass charges no fees on Overdrafts, transfers between Brass accounts, cash withdrawals, or debit cards. You can find out all the prerequisite information you need to open a Brass account here. Once you are qualified to open a Brass account and have the requisite scanned documents, request access to an account here.
It is a sensible business move to open a business account, for a variety of reasons, it’s safer, more efficient, can be easy to open, and can still be cheap in terms of no monthly fees, and will help in building your business’ reputation.
With an account like Brass, for example, you’ll be up and running the same week. There are no monthly fees, and the features make accounting and bookkeeping a breeze. Whichever solution you choose, make sure it helps you take your money further and allow you to focus on what you do best: running your business and making it a roaring success.