Whether you’ve recently started a company or you’re not getting the right amount of support from your existing accounts, finding the best business account is an excellent step forward. At Prospa, we understand small business and have created a business account that offers all the solutions most small business owners are looking for. Our team has provided small business loans to newly established small businesses and established companies for many years. And many small buisnesses tell us their existing accounts aren’t helping them manage their cash flow properly.
When you’re looking for the best accounts to help you run your business, you should look for a financial institution that consistently offers helpful tips on topics such as savings and how to handle repayments. At Prospa, you can find an extensive list of articles covering the most common concerns small business owners face. With this in mind, our monthly fee-free business account offers excellent value.
A small business account should provide the right benefits without the high monthly fees. This is a part of why we have created what we feel is the best business account in Australia. A business account is a great way to keep an eye on your current financial position. Ideally, your business account should be kept separate from existing personal accounts. With our small business account, you can use the Prospa card at any location that accepts Visa, with Apple Pay and Google Pay coming soon. Using this card is an ideal way to account for all your business-related expenses when settling your tax accounts.
Why is it important to have a business account?
A separate business account is an important tool for any Australian registered business as it makes it easier for you to differentiate between which expenses are business and which are personal. All transactions for your business should be on a business account, as this can provide all your financial information in one view and makes your tax accounting easier.
When you’re looking for the best business account for your business, try to find one that offers features that will help your business. At Prospa, our online business account has no monthly fees or a minimum balance requirement. When applying for our no-fee business account, you’ll need your ABN or ACN along with suitable proof of identity. The directors or the owners of your business can only open the Prospa business account, and you’ll need to supply supporting identification documents such as your driver’s licence.
At Prospa, in addition to providing one of the best business accounts for small businesses, we can also support small businesses with flexible funding options – so talk to us today about how we can help your business.
How to choose the best business account for your business?
The best account for your business could also generally be the cheapest business account for many newly established small businesses. When deciding on who to partner with, consider the benefits of having a no-fee business account to offer you the best value, and additional offerings (such as no-fee international money transfers) to support your business venture. The best business account for your business should work with your business as a partnership. Some business accounts may offer interest, but these may have a minimum balance requirement and may not be the most suitable solution for you.
If you need a basic business account to help you manage your business finances, then consider the benefits of a business account with no fees. At Prospa, we offer a monthly fee-free online account with a Visa debit card so you can keep all of your business transactions in one place.
When deciding on the best business account for your business, ensure you check on the fees and charges associated with having the account open. Some financial institutions offer a corporate account without any fees, but this can be tied to a minimum balance. At Prospa, we are upfront about our business account features, which can be found on our website for you to read before setting up a business account.
How long does it take to open a business account?
If you’ve decided to open a business account through Prospa, then it’ll only take a few minutes to get your account ready. When you open a business account online, you may need to electronically supply some of your identification documents. You can have these ready when you’re filling out the forms or have them prepared before submitting your application. Scanned documents are preferred, but photo images may also be accepted provided all the key details and information are clear and easily readable.
Opening a business account for your company must be completed by the directors or the owner. You’ll need your ABN/ACN and the details of your business (address, phone number, etc.). We’ll notify you as soon as your account is ready and provide the details for how you can access your new account.
After you get your account details, it is best to log in and familiarise yourself with the layout of your account. Our support staff are only a phone call away if you need any assistance with your new accounts.