Getting your banking processes streamlined is serious concern which can drive growth, success and sustainability for your business. As a business owner, you’re probably taking up this responsibility for most parts of your business. One of those responsibilities is opening and operating business accounts. As a startup you may also be warming up with cash flow of your business. A client to a bank could be knitted with may financial pit falls. Below we have written few key points which should help you with your business transactions.
Research For Available Options:
Do not Fall for limited time account opening offers. Many banks offer you free services when you open a bank account but they are meant for limited time. It’s important to look beyond that time when actual fees such as transaction fees, ATM withdrawal fees, or cash deposit fees starts incurring. We have seen many business owners troubled with these. We usually advise our clients to start with the most modest set of options. The best you could do is to have make a comparison sheet with all the account opening offerings available by different banks.
Back Your Account Like A Pro:
Always be sure to add authentic verified information to your bank account. Not a word less not a word more. DO NOT HIDE and DO Not Attach Much. Attach every paper that makes sense. Nothing that can make the bank staff wander for more. Do not give Incorrect or misleading information. Always stick to best banking practices.
Business is Never Personal:
Separate your accounts for both. Does not matters if you are established business or someone with fresh start up, there is one simple rule, Detach your personal and business accounts. If you have not done this till now, take steps, separate your business from your personal finances. Never look at them as one no matter even if you own every penny of your business money.
Bank Like a Pro:
As a result of increasing competition between banks, we see whole lot of additional features and offerings by banks. Dedicated account management, mobile apps, multi-currency accounts and virtual cards are now just every bank’s additional offer.This also includes the ability to provide credit cards or credit, as well as overdraft facilities. Research your options and decide which holds best value for you.
Research on signing authorities:
Make decisions regarding your business use case? How often you would require check signings? If your business may ask for several cheques every day, you may like to use Stamps instead of signatures. Decide every detail beforehand. If your business account should include a partner or staff members sign in order to best keep.
Bank different for personal and professional needs:
Banks love their customers. Right? This doesn’t mean to have all your eggs in one bowl. Keep your personal and business accounts in different with different banks. Banks have their tendencies towards specific client and specific industries so do know which works best for your business needs. In the long run, you may need to change banks so keep researching for better.
Reconcile your bank account:
If your business do many transactions throughout a month you need to reconcile your bank accounts with your staff. Reconciliation software like “QuickBooks” or “Peachtree” could be of great help.
The Writer is a Legal Consultant with a formal background in holding structuring (experience with 23 countries) and Legal due diligence in M&A transactions. She is now offering Business Setup Services in Dubai through her MSK Group. MSK Group provides corporate accounting solutions and management consulting services in Dubai. The company is a leading Ukrainian accounting services company which has started its financial consultancy servi