Opening a corporate bank account is very important in financial management for companies. After all, it’s through this type of account where a wide array of services and operations will be carried out. Therefore, the need to learn how to best choose the alternatives for business requirements.
And among these corporate accounts in the market, each will have its distinctive features. Because of this, knowing how to assess and compare services can actually lead you to choose the appropriate one for your company among those available alternatives.
Curious? You’ll see the answer through the continuation of this article and what you learn: what is a bank account for legal persons and 5 tips on the best one for your company.
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What is a bank account for legal entities?
A bank account is an essential part of your daily life as an individual. It is through it that you carry out various financial transactions, such as withdrawals and deposits. In addition, it allows you to manage your funds — monitoring credit card transactions, for example.
The same operating logic exists in the business environment. Thus, corporate bank accounts serve to facilitate operations with the company’s resources and are also instruments to facilitate its financial management .
The main difference between a personal account and a business account is just the type of consumer that each one services.
The responsibility of the resources in the corporate bank account lies with the partners, owners responsible for the organization’s finances, and other authorized persons. So updates can be made based on business needs.
How important is it to create one?
Now that you understand what a corporate bank account is, it’s worth knowing why it’s important to create one for your company. Firstly, it’s a relevant mechanism for facilitating financial organization.
It is common for entrepreneurs, especially in micro and small businesses, to use their personal accounts to move the business’s capital. However, such practices harm financial management by mixing personal and business resources.
Furthermore, a corporate account makes it easier to report accounts. This is because, as a legal entity, there are specific obligations that do not apply to individuals. Therefore, a specific account also optimizes accounting management.
Furthermore, having a PJ account allows your business to access services and alternatives exclusive to legal entities. This group includes, for example, credit lines focused on micro, small and medium-sized companies.
How to choose a business bank account? See 5 tips!
As you have seen, creating a corporate bank account is advantageous for the financial and accounting management of your company. In this sense, the market has several alternatives that you can choose from to open one.
See 5 tips for choosing the right PJ account for your company!
Analyze the services offered
You should start your research with the services that the company offers to legal entities. After all, although the accounts are focused on legal entities, there may be operations that are not available in all alternatives on the market.
Therefore, it is a good idea to list the financial needs of your business. For example, if your company makes regular withdrawals, it would be better to have an account that offers good conditions for these operations.
Once you have listed the necessary points, you can start looking for banks that meet them. During this initial phase, it is worth selecting more account options to have a wide range of alternatives to choose from.
Compare the costs involved
Once you know what your business needs are, you need to know the costs involved in each corporate bank account. This is because, just like the services offered, the fees charged can change according to each bank’s policy.
There are institutions, for example, that charge a fixed fee for account maintenance. Others do not charge this fee. In addition, there are fees that may apply to withdrawals, transfers and issuing of payment slips.
Therefore, you need to know what rates your finances will deal with on a daily basis. However, instead of prioritizing the cheapest account, the decision should be based on the cost-benefit in relation to the business needs.
Value the user experience
Several financial transactions take place digitally in a corporate bank account. Therefore, the bank needs to provide an intuitive platform that delivers on its promises and offers a good user experience.
In view of this, regardless of whether the business account is opened with a digital or traditional bank, you can prioritize the one with better app usability and technological integration. After all, a considerable portion of your transactions will take place via internet banking.
Evaluate security
As technology becomes increasingly present in our daily lives, digital security becomes even more important. This is because many scammers are looking for ways to commit fraudulent activities that can harm your business.
Therefore, it is essential that security is one of the most relevant criteria in your assessment. In this way, you must analyze whether the bank is authorized to operate, what security layers are in place at the time of access and whether your money will be protected in the event of bankruptcy.
Consider the quality of service and credibility
Finally, it is natural that you may need to resolve problems or ask questions about the financial institution’s services from time to time. Therefore, the quality of the service it offers is a point of attention.
It is worth choosing a bank that offers personalized service and is able to resolve adverse situations quickly. To do so, analyze the institution’s credibility in the market — assessing its history and the opinions of other customers.
As you have seen, choosing the right corporate bank account for your company is a relevant process for financial management. So, after learning these 5 tips, you can start evaluating banks to meet your business needs.