Published on : 13 April 20203 min reading time
Entrepreneurs must have a business bank account. This type of bank account has specific features that allow for proper financial management, precise monitoring of accounting and facilitates tax auditing. With the widespread use of the web and the many advantages it offers, more and more entrepreneurs are opting to open an account with a professional online bank.
The usefulness of a professional bank account
The entrepreneur must open a business bank account when the business is set up. The entrepreneur pays into it his share capital, in exchange for which the bank provides him with a certificate of deposit of funds. This document is required to obtain registration in the RCS (Trade and Companies Register). The entrepreneur has the possibility to close his pro current account as soon as his company has been legally established. However, this option is not recommended as the business bank account is of great use to both the entrepreneur and the tax authorities.
The existence of a business bank account is a real advantage for the internal organization of the company but also and above all for tax operations. Indeed, the opening and use of a professional current account allows a better management of the company’s finances and a separation of the personal and professional assets of the entrepreneur. Visit bank4pro.co.uk/ and learn more about opening a business bank account. By owning two separate accounts for these personal deposits and his cash receipts from his professional activity, the entrepreneur will never see his taxes increase. Entrepreneurs who use a single current account run the risk of a higher assessment of their turnover due to a confusion between personal deposits and deposits made in the course of carrying on the company’s business.
The specific features of a business bank account
The business bank account differs from the individual current account in terms of operating costs. The account maintenance fee amounts to approximately €30 per month and the commission on transactions carried out on the bank account is €10 for banks that apply a flat rate and 0.10% of the amount for banks that charge their commission as a percentage. More and more entrepreneurs are choosing pro online banks. These innovative banks offer lower fees and more profitable conditions for companies compared to traditional banks.
The banks offer additional services to companies for an additional fee, amounting to almost €40. These offers are included in the professional packages and are available as soon as the professional bank account is opened. The basic services include the provision of a professional bank card and insurance against loss and theft of means of payment.