Setting up a business bank account will allow you to track and control your business expenses and income.
The fees and conditions attached to business accounts vary between banks, so you may wish to speak to your accountant or business advisor about your needs, then examine the different banks’ offerings to choose which is best for you and your business.
Most businesses include online banking options among the factors that will help them manage their cashflow and operations.
You should consider the best products for you, which may include:
- a business account
- online banking
- credit card
- a cheque book
- payroll processing.
You should also consider how you want your customers to pay you, and set up the processes that will allow this to occur. Your business advisor should be able to help you understand the common practices for your business sector.
You should also arrange to meet a representative of your chosen bank so you have a personal contact who can help you with your business banking needs.