If you’re running your business as a sole trader, you don’t need to have a business bank account. But that’s not to say sticking with your personal account is the right tactic for your finances. So what are the benefits of opening up a business account?
It’s much easier to manage your tax return
If you use a personal account to run your business, you’ll have a big job on your hands when it comes to sorting out your tax return. Instead of spending hours separating out the numbers, a business account makes life much easier. Why? Because you’ll have the right set of figures in front of you, good to go. Let’s face it; tax returns are a big enough headache without complicating matters, and a business account makes it much easier to manage your money.
It will save you money
Yes, many banks charge for business accounts. But when you have tighter control of your finances, your business account will actually save you money in the long run. With your figures all in one, easy-to-read place, you’ll be able to spot opportunities to save. And when you pay for internet, mobile phones and even the office coffee from one account, it’s easier to offset business expenses from your tax bill.
Whether you work alone or head up a small team of staff, professionalism really counts. When you have a business bank account, you appear far more polished, and less like a hobbyist venture. By using your trading name on invoices or including your business account details on a preferred suppliers list, this higher level of professionalism will only help your business to grow. From retaining customers to winning new business, expertise and authority are priceless.
Your business will run more smoothly
With online access to your business account from your computer or mobile phone, it’s much easier to manage your finances and keep your company ticking over from anywhere and at any time. Whether you’re paying a contractor, sorting out payroll or forking out for your tax bill, it’s much quicker and easier to run your business with a dedicated business account. And with extras like your own business debit card, you can pay for items in-store, impress your clients with lunch or buy your hardworking staff a well-earned coffee.
So how should you choose a business bank account? There are lots of options out there, so it’s important to explore them all and opt for the account that’s right for you.
If you’re looking for a quick, hassle-free way to open a business account, it’s time to find out more about Arro. You’ll be able to manage your money online, set up regular payments, and use your business debit card for purchases and cash withdrawals.
So how does it work? Just give us your company name and address and we’ll get you started, with no credit checks and no hidden charges. Unlike regular banks, you won’t even need to meet with a bank manager. Just fill out our quick and easy application form, and we’ll give you instant access to your account. To find out when our business accounts will be available, sign up.