Right Start Go
  • Automotive
  • Business
    • Manufacturing
    • Marketing
  • Finance
    • Loans
    • Insurance
    • Investment
    • Trading
  • Health
  • Home
  • News
    • Law
    • Learning
    • Property
    • Entertainment
    • Event
    • Travel
  • Shopping
  • Technology
    • Tech
    • Seo
No Result
View All Result
  • Automotive
  • Business
    • Manufacturing
    • Marketing
  • Finance
    • Loans
    • Insurance
    • Investment
    • Trading
  • Health
  • Home
  • News
    • Law
    • Learning
    • Property
    • Entertainment
    • Event
    • Travel
  • Shopping
  • Technology
    • Tech
    • Seo
No Result
View All Result
Right Start Go
No Result
View All Result
Home Business

5 Mistakes To Avoid When Opening a Business Bank Account

Acker Palma by Acker Palma
April 26, 2021
in Business
0 0
0
5 Mistakes To Avoid When Opening a Business Bank Account
0
SHARES
22
VIEWS
Share on FacebookShare on Twitter
0
SHARES
ShareTweet

If you are an entrepreneur, it is essential that you open a business bank account to carry out business transactions smoothly and keep your finances organised. A business bank account, also known as a current account, can make your business look more professional and allow you to keep a track of your business cashflow in a much better way. However, with so many banks offering different features, it can often be confusing for new entrepreneurs to choose the right business current account for their business. To help you make a well-informed decision, we have enlisted a few common mistakes that you must avoid while opening a business bank account. Read on to learn more about the same.

Choosing the wrong bank

Opening a business bank account with a less-established financial institution can put your business finances at risk and cost you dearly in the long run. Therefore, it is advisable to opt for a traditional and well-known bank to open a business bank account. You can check the credibility of the bank by going through its existing customer reviews online.

Incorrect or incomplete information at account setup

While filling the account opening form, ensure to provide accurate personal as well as business details. Incorrect or incomplete information may prove to be a roadblock in your business account setup. Also, keep all the required documents handy before you begin with your account setup. This will help avoid any inconvenience and you will be able to open your business bank account smoothly.

Not planning cheque-signing access

Entrepreneurs often forget to plan for business cheque-signing access. If you’ve got a business partner, ensure to provide him/her with cheque-signing access. If you forget to do so, your partner won’t be able to deposit cheques. Therefore, while opening a business current account, make sure that the right people have the authority to sign cheques.

Not understanding the fee structure

Business bank accounts usually offer fee waivers to account-holders who are able to maintain the account balance above a specified minimum amount each month. On the other hand, banks may levy some penalty charges if the account balance falls below the minimum monthly balance. Therefore, before opening a business bank account for your company, make a note of the minimum monthly balance and determine whether you will be able to maintain it on a monthly basis. Also, do not forget to read the fine print as it will help avoid any inconvenience later.

Mixing personal and business expenses

You must never use your business bank account for your personal expenses as it can make it difficult for you to evaluate the position of your business. Additionally, it can also cause accounting and tax reporting challenges. To avoid this, it’s best to maintain separate accounts for your business and personal needs.

Now that you are well aware of some common mistakes made while opening a business bank account, ensure to avoid these to open your bank account in a smooth and hassle-free way. Avoiding these mistakes will also save your valuable time and effort required in correcting them.

Previous Post

Detailed Study Of Tax Accountants

Next Post

Top 3 Secrets for Selling Your Home at Your Price

Acker Palma

Acker Palma

Next Post
Top 3 Secrets for Selling Your Home at Your Price

Top 3 Secrets for Selling Your Home at Your Price

  • Trending
  • Comments
  • Latest
Creating the Best and Reliable Sheep Shed Design 

Creating the Best and Reliable Sheep Shed Design 

February 12, 2018
Five Fine Features of Sliding Gates for Houses

Five Fine Features of Sliding Gates for Houses

August 29, 2018
Five ways to take your weed

Five ways to take your weed

May 17, 2019
Best Information on Kids Dance Class

Best Information on Kids Dance Class

February 12, 2018
How can an SIP help you to save on your income?

How can an SIP help you to save on your income?

0

Important Tips When Renting A Vehicle

0

What Personal Vehicle Leasing Is

0

The Intricacies Of Invoice Finance

0
How can an SIP help you to save on your income?

How can an SIP help you to save on your income?

March 29, 2023

Kickstart Your Idea With Private Label Manufacturing

March 23, 2023
Where to Take Your Kids for Fun When You Live in Baltimore

Where to Take Your Kids for Fun When You Live in Baltimore

March 21, 2023
How to Update Your Contact Details in Your Demat Account?

How to Update Your Contact Details in Your Demat Account?

March 11, 2023

Recent Posts

  • How can an SIP help you to save on your income? March 29, 2023
  • Kickstart Your Idea With Private Label Manufacturing March 23, 2023
  • Where to Take Your Kids for Fun When You Live in Baltimore March 21, 2023
  • How to Update Your Contact Details in Your Demat Account? March 11, 2023
  • A Beginner’s Guide to Making the Perfect Voice Over Reel February 21, 2023
  • All You Need to Know About Bakersfield CA: Highlights, Restaurants, Landmarks & More February 2, 2023

2023

  • + March (4)
  • + February (2)
  • + January (6)

2022

  • + December (3)
  • + November (8)
  • + October (3)
  • + September (1)
  • + August (3)
  • + July (3)
  • + June (1)
  • + May (7)
  • + April (3)
  • + March (2)
  • + February (5)
  • + January (6)

2021

  • + December (3)
  • + November (4)
  • + October (12)
  • + September (10)
  • + August (5)
  • + July (4)
  • + June (5)
  • + May (4)
  • + April (6)
  • + March (7)
  • + February (9)

2020

  • + December (1)
  • + April (1)
  • + March (2)
  • + February (1)
  • + January (1)

2019

  • + December (2)
  • + November (2)
  • + October (1)
  • + September (4)
  • + August (4)
  • + July (2)
  • + June (6)
  • + May (4)
  • + April (4)
  • + March (10)
  • + February (7)
  • + January (11)

2018

  • + December (15)
  • + November (26)
  • + October (20)
  • + September (16)
  • + August (29)
  • + July (31)
  • + June (24)
  • + May (19)
  • + April (13)
  • + March (16)
  • + February (24)
  • + January (37)

2017

  • + December (2)
  • + October (1)
  • + September (6)
  • + August (8)
  • + July (7)
  • + June (7)
  • + May (3)
  • + April (3)
  • + March (2)
  • + February (4)
  • + January (3)

2016

  • + December (5)
  • + November (3)
  • + October (1)
  • + September (8)
  • + August (2)
  • + July (5)
  • + June (4)
  • + May (6)
  • + April (1)
  • Write To Us

© 2020 Right Start Go- All Rights Reserved.

No Result
View All Result
  • Automotive
  • Business
    • Manufacturing
    • Marketing
  • Finance
    • Loans
    • Insurance
    • Investment
    • Trading
  • Health
  • Home
  • News
    • Law
    • Learning
    • Property
    • Entertainment
    • Event
    • Travel
  • Shopping
  • Technology
    • Tech
    • Seo

© 2020 Right Start Go- All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In