Business accounts are a type of bank account specially designed to meet the financial needs of companies and, in some cases, also self-employed. These accounts include some specific services and in turn, they require requirements adapted to their activity. On this page, we explain the characteristics of business accounts and review some of the best accounts of the moment.
How are business accounts?
The business accounts are like a current account for individuals but designed especially to cover the services of companies and freelancers. These accounts usually allow for an operation similar to that of accounts for individuals, such as the receipt and withdrawal of cash, domicile receipts, and payments, issue transfers, have associated cards … In addition, they are added other services such as issuing transfers payroll type to pay the salary to workers, issuing remittances of receipts, having TVP or a physical and virtual dataphone to charge in shops or on web pages.
On the other hand, there are banks that also allow access to lines of credit, loans and credit policies, that is, money available in case it is necessary. These loans directly on the internet tend to have better conditions.
Who can open a company account?
As its name suggests, these accounts are aimed at businesses, that is, both self-employed and companies, whether large companies or SMEs. On the other hand, there are some banks that allow the owner to be a community of assets. There are others that allow you to create user profiles so that you can access them with different roles and permissions from different departments of the company (accounting, billing, sales …), in this way, each one accesses exactly what corresponds.
The best thing in these cases is always to talk to the bank, sometimes offering some flexibility when opening these types of accounts, not as standardized as personal ones.
What do the best self-employed accounts offer?
As always explained from HelpMyCash.com there is no best banking product, but the best offer will be the one that best suits the profile of the owner and offers the services he was looking for, as well as additional benefits. That said, some of the additional advantages that business accounts usually offer are:
- Some banks make available to some professionals and employees who travel a lot for work cards linked to the business account with special conditions and which offer discounts on airline tickets, train tickets, restaurants when refueling or even in shops.
- On the other hand, there are entities that offer a maximum limit of indebtedness. In this way, the workers can face the expenses that derive from their professional activity.
- The vast majority admit all kinds of direct debits, as well as the payment of taxes or the main banking operations.
- That they have credit lines with very good conditions, in this way, the companies can face the expenses and ask for financing whenever it is necessary.
Advantages of having a business account
A business account has as main objective to offer financial services to a company or self-employed so that it can be separated from our personal account. Opening a specific account to manage the business will help us because:
- It will be easier to keep track of all the expenses of the company for tax purposes so that we can save many hours of preparation every three months.
- By having all the income ordered we will have facilities to manage the business accounts.
Knowing what qualities we look for in a business account will help us make sure we get the most out of our money.
What do you need to open a business account?
Having a good autonomous account is almost indispensable since it will be a great tool to manage the payments and collections of this. In addition, it is necessary that this account is separated from the personal account. To open a business account we only have to provide the following information and documentation:
The identification number of the company as an employer.
Give the legal name and location address of the company, as well as a description of all business activities.
Present the corresponding documentation to the formation of the company.
In the case of companies, they must present a copy of the association agreement of the company so that they can verify its existence.
In the case of limited companies and limited liability companies, they must present a copy of the document that was presented before the State delegation.
Depending on the bank, we may additionally request a certificate stating that the company is up to date with all its payments and obligations to the State.