Now that you have forayed into the world of entrepreneurship, it is time to pay attention to the minute details of running a successful business. Alongside pushing your boundaries to leverage business growth and driving sales, you also need to get yourself a well-sought business bank account. In fact, opening a current account should actually be one of the first tasks in your checklist while setting up a business. Not only does it help you segregate your business finances from your personal savings and expenses, but also helps you get a wholesome grip on your business health in the longer run. Moreover, the Income-tax Act allows certain specific deductions of business expenses while computing business income. The same is not the case for your personal expenditures. So, maintaining a separate entity of business transactions is pivotal.
Let us now look at the most underrated secrets of a current account that helps your business flourish, and why you should open a current account onlinewithout any further delay!
- Clear Records and Bookkeeping – Imagine messing up your personal finances with your business finances in the same cheque book! It is going to be a cumbersome segregating the two in times when you are to pay your income tax. Moreover, you would never have a clear insight of your business revenue at the very first sight! But, if you open a current account online, you will be able to a clean record of your business transactions without any scope of confusion.
- Business Professionalism – Having a current account for your business indicates higher levels of professionalism in your business, especially when dealing with cross-border clients. Using your online current account to execute business transactions shall speak for your business in a good light.
- Unlimited Transactions – With a current account in place, you never really run out of cash in hand during times of emergency. A current account helps you make unlimited business transactions unlike your personal savings account.
- Online Banking – Some banks offer you easy accessibility to all your current account records, right at the tip of your fingers! Their current account schemes are packed with perks that help you organize and monitor your business transactions and increase the efficiency of your business. For instance, there is no need to visit the bank to issue cheques or release payment to your suppliers. Simply use their online banking services, i.e., NEFT, RTGS, IMPS and much more, and cater to all your payment releases at one go!
- Overdraft Facility – It may happen sometimes that your payments have not reached your bank account yet. In times as such, you can use your current account to get an overdraft of cash so as to meet your immediate expenses, such as buying raw materials, paying your employees, etc.
Apart from these focal benefits of a current account, there are also a host of other value added perks that come along with current account schemes. You are offered added facilities of withdrawal and deposit at multiple locations, 24/7 phone banking, mobile alert services, interest on business account balances, free issue of cheques and demand drafts, dedicated relationship manager and much more, right when you need it! Open a current account online today and unleash a world of limitless possibilities.