When you are running a company, managing your finances is one of the most critical aspects of your operations. From monitoring revenue and making payments to staff and suppliers on time, there are many important aspects of business management that rest on your financial infrastructure.
While it can be tempting to rely on a personal account to manage a company’s finances, business bank accounts are designed to meet the needs of a company. What’s more – a business bank account can provide access to additional features that enable you to grow your enterprise.
To find out why your business needs a dedicated company account, take a look at some of the benefits a business bank account can offer:
1. Separate Your Personal Finances
First and foremost, a business bank account allows you to separate your personal funds from the company’s assets. Not only does this provide greater visibility over your company’s financial operations, but it also helps to protect your own personal finances from being used for business expenditure.
While incorporating a limited company provides legal protection of your personal assets, keeping your company’s funds separate in a dedicated business bank account delivers the practical segmentation you need to make a clear division between private and commercial funds.
2. Enhanced Transparency
Financial visibility is extremely important when it comes to managing your business and, with a business bank account, you can monitor incoming and outgoing funds on a real-time basis. However, the benefits don’t stop there.
As business bank accounts are designed to meet commercial needs, they often come with a variety of reporting and accounting tools. If you need to search for a specific payment or segment transactions, for example, your online platform may enable you to do just that.
Similarly, having a dedicated business bank account ensures you can export financial business data quickly and easily. If you’re reviewing your company’s financial performance or preparing end-of-year accounts, this level of transparency increases efficiency and allows you to meet your financial obligations quickly and easily.
3. Brand Reputation
Using a personal bank account for business transactions may be viable in the very early days of launching a new enterprise, but it won’t generate confidence amongst your target audiences or potential partners and investors.
Your commercial success is highly dependent on your company’s reputation and strengthening your brand should always be a top priority. Using a business bank account indicates that your organisation is professional, reputable and well-established. In turn, this reassures potential customers, clients and stakeholders and helps to enhance your corporate image.
4. Reduced Costs
Although some business accounts are available free of charge, others charge a monthly or yearly fee for their service. Despite this, opening a business bank account can still enable you to reduce your expenditure in the long term.
This is because the fees associated with certain transactions can be lower when they’re made from a business account. If you’re transferring funds overseas, for example, you may find your preferred business account offers reduced fees for business customers. Similarly, if you’re making regular international payments, the frequency of the transactions could enable you to access more favourable fees.
5. Access to Additional Services
When you’re choosing a business bank account provider, be sure to check what additional services will be available to you. Being able to access a wide range of services means you can manage your company’s finances with a single provider, which streamlines your financial management and saves you time.
At PayAlly, for example, we offer a full financial ecosystem that’s designed for all types of businesses. As well as having access to a wide range of features via your account, you’ll also be able to use additional services, such as our white label card issuing and/or payment gateways.
6. Multicurrency Functionality
When you open a business bank account, it can certainly be advantageous to choose an account that offers multicurrency functionality. Essentially, a multicurrency account allows you to hold, send and receive funds in more currencies than just GBP.
In today’s digital environment, even smaller businesses can operate globally. Whether you’re selling products to customers worldwide via an eCommerce site, launching an innovative FinTech start-up or expanding a thriving enterprise, a multicurrency business bank account gives you the scope to send and receive international payments with ease.
Remember – not all multicurrency accounts offer the same range of currencies, so be sure to check which currencies are available before you sign up. At PayAlly, our multicurrency business account empowers you to send, receive and hold funds in 39 currencies, so cross-border transactions are easier than ever.
7. Dedicated Business Support
Having a business bank account doesn’t just allow you to access specialist commercial financial tools; it can also provide access to a team of business finance experts. Whatever stage you’re at, having access to experienced professionals can provide you with useful guidance as you grow your business.
Again, this isn’t something that’s available from every provider, so you’ll want to do some research before you decide where to open a business bank account. At PayAlly, every client benefits from a dedicated Relationship Manager who provides 1:1 support as required. Enabling you to meet your commercial objectives via a flexible financial infrastructure, we’re committed to helping you succeed.
8. Realise Your Growth Strategies
Having the right financial ecosystem around you can accelerate your company’s success. By having access to the right tools and support, you can grow your organisation more quickly and even reduce your expenditure at the same time. Of course, having the right business bank account is critical to success, which is why it’s vital to choose a provider that can offer the custom solutions you need.
Open a Business Bank Account with PayAlly Now
Whether you’re a new business owner or an experienced business manager, our business bank account can transform your financial management and simplify your company’s operations. To learn more or to apply for a PayAlly business bank account now, contact our expert team today.