Anyone who is operating via a Ltd company is required to have a bank account set up attributed to their business. Having one of these in place is very important in operating successfully, and at QAccounting we want to ensure that you understand the why’s and how’s of setting up a business bank account and want to make sure you choose a banking provider that is compatible to your business requirements.
1. Choose a bank that knows contracting
Having a service provider in place that understands the contracting industry is vital. Like taking out a mortgage, setting up business insurance or choosing a contractor accountant, when appointing a business banking provider make sure you choose one that specialises in contractors. Contractors work differently compared to SMEs and large businesses, and a contractor’s needs are also different. Having a business banking provider that understands that a contractor’s requirements may be unique can prove to be very important.
2. Choose a bank that values you
Appointing a business banking provider is very important for your business, so make sure your banking provider values your decision to use their services. Despite operating remotely, customer service is still as essential as ever, so your bank should actively appreciate your custom. Rewards and incentive schemes can also be a great way of enhancing your experience with a banking provider, so make sure you are acknowledged for referring friends and colleagues.
3. Choose a bank that supports online banking
Being a contractor doesn’t always afford you the luxury of spare time, so being able to manage company finances on the go is essential in maintaining a demanding lifestyle. When choosing the right business bank account, make sure it is compatible on your smartphone and has accessible online banking.
4. Choose a bank with an excellent reputation
In a market dominated by promises of low prices, quality services and unrivalled expertise, make sure that you choose a provider with a strong reputation. Looking at online reviews and reading up on industry forums can be a great way of getting a feel for a company’s reputation. When choosing a business bank account, you should always do some basic market research to ensure that the provider you have selected is well received and well regarded by their current clients.
5. Choose a bank that works for your business
Many contractors choose a business banking provider based on personal experience with their banking provider or friend recommendations. When deciding on which provider to choose for your Ltd company, bear in mind that you will be required to provide business bank statements for bookkeeping purposes, and perhaps for expense claims as well. Ensure that the account you choose works for your business and that your accountant can work with your bank seamlessly.
Metro Bank
QAccounting work alongside Metro Bank to ensure that clients receive a quality business bank account with a swift and effortless setup. If you have any questions about setting up a business bank account or would like more information about Metro Bank, please call our team of business advisors on 01162437868 or email enquiries@qaccounting.com.
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