An Efficient Guide To Choose The Best Business Bank Account.
People from around the world are setting up their empires. But with running a business comes the responsibilities of management, finance, employees, and achieving specific goals.
One cannot handle everything conveniently alone and need assistance to work fluently, for which they hire employees for different business sections. But coming to finance, the best decision made by an entrepreneur is to choose their bank account wisely. A Businessman must opt for a business account to fluently manage his finance. A business account is a current account that provides numerous added features to its customers to help them manage their finances. Checking, savings, money market accounts, and certificates of deposit come under common types of business bank accounts.
A few advantages of having a bank account are –
- Evidence of eligibility to the IRS – Whenever you are subject to an audit, you need to demonstrate to the IRS that your business is more than just a hobby in the event of an audit. Proper maintenance of your business books and a business bank account go a long way in helping you achieve your goals.
- Relevant bookkeeping- You must maintain the proper records of your business, along with maintaining a business bank account, to be successful in achieving your objectives.
- Showcase Professionalism – While writing cheques for business expenses, the firm’s name on the cheque shows professionalism.
- Maintaining relationships with banks- The first step to a good relationship is opening a business account, followed by higher chances of getting a better credit line by keeping good terms with the bank.
A few steps to opening a business bank account include:
- Selecting the most suitable bank according to the facility and comforts provided.
- Carefully going through the guidelines and features of the bank.
- Gathering all the necessary documentation with the correct information.
Once an individual is ready with these things, they can easily step towards opening a business account. Let’s go through the top banks providing the best features for a business bank account.
- Wise business account- Available globally, Wise is not a bank but a fintech company. It processes multi-currency banking without a bank. Wise specializes in currency conversion and borderless transactions. One does not need a Singapore business to access a wise business account. A wise account can be opened online and or in a wise app to exchange currencies more than 50. Wise lets you make transactions with more than 80 + countries. Business-friendly perks offered by Wise include batch payments and cloud accounting integrations.
- Aspire business account- Aspire account enables customers to pay bills, manage money, issue corporate expense cards and earn cashback on digital spend. Other benefits provided include zero monthly service fee, minimum balance, and no-cost sending a receiving transaction locally.
- DBC business account- It offers multi-currency business accounts. It gives easy access to online transactions and mobile banking. The quick service of DBS offers next-day bank transactions from the account opening date. However, they charge an extra fee for in-branch services.
- OCBC business account- The OCBC business bank accounts aim at new business products, entrepreneurs, and larger businesses with special needs. It provides the benefit of no fall below fee and or minimum balance relatively a low monthly charge.