One of the main points of setting up your own business is opening a bank account for it. Depending on the circumstances, you may sometimes be able to use your own personal banking account for that purpose. But that’s rarely a good option, especially if you want to achieve proper separation of your assets. It’s important to open a proper business account as early as possible, and to pick the right one for your specific business too.
What Type of Account Do You Need?
Banks tend to offer different options for business bank accounts, so you’ll have to make your choice carefully and ensure that it matches your required parameters. You might be able to get away with using just one account for all your needs – a good contas digitais will address most of your concerns – but as your business grows, you’ll likely want to start separating things into different compartments to improve your ability to manage the situation. For example, it’s not uncommon to have a separate account for tax purposes entirely, which can significantly simplify that part of your financial flow.
Choosing the Right Bank
It should go without saying that your choice of bank will be one of the most important ones in this ordeal. You should ensure that the bank is able to meet all your requirements in terms of features and service quality, as well as availability. If you’re going to be making transfers frequently, ensure that you’ll be able to do that with minimal hassle and that you won’t have to go through any complex ordeals. Some banks may still require you to visit them in person for something like that, for example, which is obviously not ideal if you’re dealing with lots of transactions on a regular basis.
Sorting Out the Legal Details Ahead of Time
There will be various legal issues along the way, and it’s a good idea to get ahead of them and sort out as much as you can on that front early on. Talk to an attorney if you’re not sure what problems you’re likely to face here, and make sure that you have a good accountant as well. Don’t expect the bank itself to be very helpful in addressing these points. They might not have the full capacity to provide you with adequate information on how to proceed. Plus, sometimes it’s not even in their best interest to do so, like when they want to get you to open a more expensive type of account.
Preparing to Work with Clients
Make sure that you’re actually able to work with your bank account – in both directions – before you even start working with any clients. This will be critical in your first few rounds, because those can make or break the impression your clients have about you. You have to make sure that nothing will come up along the way that could prevent you from receiving money from your clients, or, on the other hand, from paying your suppliers when necessary. This will be a critical period in the development of your business, so treat it the right way.
These are some of the most important points that you’ll have to address in the early stages of your business and its existence on the market. There will be various problems along the way, but as long as you stay on top of these issues, you should be able to start reaping the benefits of your new account relatively fast. After that, it’s just a matter of maintaining the momentum and ensuring that you don’t miss any important details related to operating your business bank account properly and working with your clients.
Disclaimer: This content does not necessarily represent the views of IWB.