Do you open a café, set up a car repair shop, or maybe you will run a small shop with hand-made articles? No matter what kind of business you open, you will have to complete many formalities. On the list of things to do, it is necessary to enter your company account as well!
An account for companies is essential to run a business. Even a small company employing several people should use it. Only those who run a sole proprietorship are exempt from this obligation. But also in their case it is worth to consider having such an account. Why? The most important benefits are presented below.
Proof of professionalism
The corporate account offered by banks is assigned to the name of the company and its NIP number, as opposed to the personal account, which is associated with the name and surname of a private person. This is particularly important for settlements with the Social Insurance Institution (ZUS) and the Tax Office. After all, it is not us personally, but our company pays contributions or taxes. In addition, the company's account will also testify to the professionalism of the company in the eyes of the client.
Order in the company's financial transactions is a very important issue. Having two accounts, personal and corporate, allows you to separate your own private funds and conducted financial operations from all activities related to our business. Such financial transparency will help us to maintain order and manage capital more easily. It will be much simpler to control incomes and expenditures, and thus also to assess the financial situation of the company on an ongoing basis. Separate accounts, corporate and private, will also facilitate all accounting work, and in addition, such readability in finance will also be useful, for example, in the case of an inspection from the Tax Office.
Certificate of income
Even if we are setting up a really small business, it is worth thinking about the future. Maybe in some time we will want to expand our business and we will need a loan for this purpose. A company account will then be useful for the bank (and often even required in this situation) in determining the creditworthiness of the company. The history of the transaction will be information about revenues and monthly expenses. In addition, the bank will be able to check the reliability of the company by determining whether compulsory contributions and taxes are paid on time. An additional advantage is also the fact that if we apply for a loan at the same bank where we have a company account, the formalities will be reduced to a minimum.
Free account and other facilities
A company account is usually not, as some people think, another big expense. An account for companies can be found in the offer of almost all banks, and in most of them it will be free of charge. As with individual accounts, we can find not only those for the opening of which we will not pay, but also we will not be obliged to pay a monthly fee for its maintenance. Often, however, in order for a company account to be free of charge, the bank requires that the ZUS contribution be paid from this account. Otherwise the bank will deduct the monthly account management fee.
Free transfers from the company account to ZUS and the Tax Office have already become a standard in most banks. The situation is slightly different in the case of external transfers. Most banks offer a package of free transfers to other banks or, if you choose a more extensive account management offer (usually already paid), you will not charge any commission at all. It is worth remembering, however, that all the costs that we incur while running a company bank account may be settled as tax deductible costs.
Having a company account also involves, of course, having a debit card to it, usually a debit card. Here you will most often find a limit of non-cash card transactions, which we have to make monthly in order for the card to be free of charge. Banks, like individual customers, offer companies free use of ATMs and deposits.