• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Shuriken Consulting

beyond the numbers

  • Pay your Bill
  • Tax Calculator
  • Contact Us
  • About
    • Privacy
  • Webinars
    • ATO Targets Cash Business
  • Services
    • Setup
    • Company Setup
    • Education
    • Finance
    • Insurance
    • Compliance
    • Bookkeeping
    • Tax and Accounting
    • Cloud Accounting
    • SMSF
    • Growth
    • Advice
    • Business Structure
    • Business Valuations
    • Wealth Team
  • Digital
  • International
  • Locations
    • Sydney CBD
    • Hornsby
    • Dural
    • Manly

Andrew Jeffers CEO / January 29, 2020

Choosing A New Business Bank Account?

A business bank account is an essential requirement for any business. But with so many banking providers out there, how do you know which business account to choose?

The key is to know what you require from a bank account, and to choose a bank that understands the banking, financial and funding needs of your business.

Choosing an account that fits your business needs

Whether you’re a new sole trader or an established limited company, it’s advisable to maintain a clear divide between your personal and business money. So it’s vital to open a business bank account, giving you a separate account to handle your business transactions.

The choice of available accounts can be baffling, with the big corporate banks and high-street providers offering a range of accounts, and new digital challenger banks also adding to the available options for business owners.

When looking for a business account, consider:

  • Bank charges – some banks offer free banking, others will charge you a monthly fee. And most accounts will charge you for things like cash withdrawals, payments in foreign currencies and going into (or over) your agreed overdraft limit.
  • Earning interest – look at the interest rate paid on the balance in your account. The higher the interest percentage, the more money you’ll earn on the cash in your account. The rate is unlikely to be high, but it’s still worth assessing the potential for a return.
  • Overdraft facilities – cashflow can ebb and flow in any business, so an agreed overdraft facility can often be a lifesaver when cash becomes tight. Look at what overdraft is available and what you’ll pay in penalties if you exceed the agreed limit.
  • Access to finance – if working capital gets exceptionally low then you may need to borrow a lump sum of money. If the bank has attractive options for bank loans, invoice financing or asset financing, that gives you and your business more flexibility.
  • Mobile apps and technology – digital is changing the banking sector at an incredible pace, so look at the quality and functionality of the banks internet banking, mobile banking apps and online financial management tools. Many of the emerging challenger banks are digital-only and offer a great online experience for business users.
  • Support and relationship management – the big banks have cut back their bricks and mortar presence on the high street in recent years. Look at whether you’d have access to a business banking adviser, or whether support is all online or done over the phone. A good relationship with your bank is invaluable when cashflow is tight.

Talk to us about selecting your ideal bank account

If you’re in the market for a new business bank account, come and talk to us. We’ll help you understand the key requirements you need from your account, and the banking providers that are most suited to delivering the right flexibility for your business.

Get in touch

Filed Under: Business, Customer Centric, finance Tagged With: Andrew Jeffers, Business, shuriken, shuriken consulting

Primary Sidebar

Recent Posts

  • August 2021 Tax And Accounting News: All You Need To Know
  • Exclusive Probians Offer
  • Tax & Accounting Questions Answered Free for Probians
  • Government support for your business
  • Succession Planning for Small Businesses

B1G1

“Imagine if every time you made a step forward in your business, it had an unimaginable impact on the lives of others…”

Footer

Services

  • Company Setup
  • Education
  • Finance
  • Insurance
  • Bookkeeping
  • Tax and Accounting
  • Cloud Accounting
  • SMSF
  • Advice
  • Business Structure
  • Wealth Management
  • Business Valuations
  • Digital Marketing
  • Shuriken International
  • Events

About

Shuriken is at the forefront of accountancy, providing clients with a broad range of services, coaching and mentoring.

Contact Shuriken if you want to launch or grow a business or if you want to get a clear action plan on how to achieve your financial goals. We can help with benchmarking, cashflow forecasting, payroll and much more.

Learn More

NSW Business Chamber Member

Contact Us

Sydney CBD

T: 1300 886 066 or (02) 9114 8544

Hornsby

T: (02) 9485 3400

Dural

T: (02) 9651 2288

Endorsal

  • News
  • Events
  • FAQs
  • Contact Us
Terms of Use Privacy Policy Disclaimer