24
Feb

Company account – how to choose?

Running a business should be supported by the ability to manage finances. It is necessary for each company to have a bank account. Choosing a bank to entrust its money to it and to make settlements with its contractors, the Social Insurance Institution or the Tax Office through it, should not rely solely on checking the amount of monthly fees. When deciding to set up a company account, it is worth paying attention to a number of additional factors.

From the very beginning of the business, the entrepreneur should introduce a division between personal and corporate finance. Separation of private and business transactions guarantees a transparent picture of the company’s finances and the control of received revenues and costs incurred. It can also ease the assessment of the efficiency of operations. We have also a greater sense of privacy without the insight into the private transactions of the company’s owner in the case of fiscal control. We are as well able to determine all the expenses related to running the account to the costs of obtaining income. Therefore, it is a good idea for the company to have its own bank account.

Before signing the contract, it is worth considering how to use the account to select the most convenient type of account service – traditional in a bank branch or independent via the Internet or telephone. To save money, pay attention to the various fees charged by the bank. Such fees are charged for example for account management, basic operations like commissions for transfers at home and abroad, deposits and withdrawals at a bank branch, standing orders, paper statements. The important cost is also the card service, the cost of its issue, use and the amount of the commission for withdrawing money from an ATM.

To find the right company account, it is important to analyze the offers available on the banking market. Some of them also contain other useful products and services in the package. In the bonus, for example, you can get a free antivirus program, a savings account, an overnight deposit and even legal support. The knowledge about the reliability of the bank’s transaction system and the possibilities of its integration with the company’s accounting and financial system may also be very important.

Additional pluses are worth assigning when a given bank is characterized by a large number of both outlets and free ATMs, a short distance of the branch from the place of residence, flexible bank opening hours and fast customer service. In addition, an interesting bonus is the ability to use a company account via a mobile application via smartphone or tablet and exchange information via telephone, via email and chat.

 

 

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