Company account - how to choose so as not to lose?

Service Business

Running a business should be supported by financial management skills. For this, it is necessary for each, even one-person company, to have a bank account. Choosing a bank to entrust it with your money and through it to make settlements with contractors, the Social Insurance Institution or the Tax Office should not only consist in 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 to choose a company account.

Income and costs - a business account will allow you to control them

At the very beginning of running a business, an entrepreneur should introduce a division between personal and corporate finances. The separation of private and business transactions guarantees:

  • a clear picture of the company's finances;
  • control of received revenues and incurred costs;
  • easy evaluation of the effectiveness of the conducted activity;
  • lack of access to private transactions of the company owner in the case of tax inspection;
  • recognition of all expenses related to running the account as tax deductible costs.

Therefore, it is a good solution for the company to have its own bank account.

A business account is more expensive?

Entrepreneurs who use a private account for corporate settlements often argue their choice with high fees that increase the total costs of running a business. Currently, however, banks propose solutions that are beneficial even for the biggest skaters, and there are more and more offers of free accounts for companies. In addition, when the entrepreneur has a separate company account - it will be much easier for him not to confuse corporate and private expenses. A business account is also needed when dealing with banks - some of them stipulate in the regulations that the entrepreneur should use a bank account when contacting them.

Company account - how to choose?

Before signing the contract, it is worth considering how to use the account in order to choose the most convenient type of account service - traditional at the bank's outlet or independent (via the Internet, telephone). In order to save, pay attention to the fees charged for:

  • account management;
  • basic operations such as commissions for domestic and foreign transfers, deposits and withdrawals at a bank branch, standing orders, paper statements;
  • card service, i.e. the cost of issuing it, using it and the amount of commission for withdrawing money from an ATM (not only your own bank, but also foreign ones).

In order to find the right company account, it is important to analyze the offers available in the banking market. Some of them additionally include other useful products and services in the package. In the bonus, for example, you can get a free antivirus program, savings account, overnight deposit, website builder, and even legal support. Knowledge about the reliability of the bank's transaction system and the possibility of its integration with the company's accounting and financial system may also be quite important. It is worth assigning additional advantages when a given bank is characterized by a large number of both branches and free ATMs, a short distance from the branch to the place of residence, flexible bank opening hours and fast customer service. In addition, the possibility of using a company account via a mobile application (smartphone or tablet) and the exchange of information by phone, e-mail and chat are an interesting bonus.

Among the types of bank accounts, the following can be distinguished:

  • current account - used for current settlements in business activities,
  • escrow account - to collect funds only from the indicated (entrusting) person indicated in the (escrow) agreement,
  • auxiliary account - for collecting and managing funds for a specific purpose,
  • foreign currency account - a current or auxiliary account kept in a currency other than PLN,
  • payroll account - a form of an auxiliary account, it is used for settlements on account of employee remuneration,
  • sum account of deposits - supports the management of sums deposited (e.g. deposit, security, surety for property).