The benefits of having a business account for cash management




The benefits of having a business account for cash management

Summary of the article

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Efficient cash management is vital for the survival and smooth operation of any business. By opening a business account, you will gain a host of advantages and features that will optimise the management of your finances.

Opening a business account is mandatory for companies with share capital, such as SASs, SAs, and EURLs. For sole proprietorships and self-employed businesses, this requirement is waived as long as the turnover does not exceed €10,000 for two consecutive years.

However, the truth is that a business account is essential for all companies. Sogexia, an independent financial organisation, outlines the advantages of a business account for cash management.

How can a business account help with cash management?

Opening an online business account provides a range of benefits and features specifically designed to meet the needs of entrepreneurs.

Separating business and personal finances

One of the primary advantages of a business account is the clear distinction it creates between business and personal finances. This separation simplifies the organisation of the company's financial transactions and prevents confusion.

Having a dedicated business account facilitates the tracking of income and expenditure related to your business activities. Establishing a business account will streamline cash management and simplify bookkeeping.

By segregating your personal and business finances, you also enhance data transparency and simplify administrative procedures. This is particularly beneficial in scenarios such as tax audits, where tax authorities can examine your company's transactions more easily without the clutter of personal transactions.

Features available with a business account

Besides keeping your finances separate, opening a business account with a trusted partner like Sogexia provides access to numerous features essential for the smooth running of your business. You'll benefit from enhanced cash management, access to your account online at any time, and real-time transfers both domestically and internationally.

The SASU business account we offer is designed to simplify day-to-day operations and equip you with the tools needed for business growth. Members also benefit from 20% off promotions available in over 1,200 Sogexia Club partner stores (such as Fnac, Amazon, Zalando, SFR, etc.).

Opening a Sogexia business account takes just a few minutes and will save you valuable time in the future!

Expense tracking and categorisation tools

Creating a professional account for your business provides access to tools for tracking expenses and categorising them more efficiently. These tools help you better control your costs and optimise your cash management.

At Sogexia, all your expenses are directly categorised and presented clearly so that you can quickly identify your most significant costs. Recording and categorising business expenses are crucial for analysing financial flows, identifying key areas of expenditure, and making informed decisions to reduce costs.

Anticipating due dates and avoiding overdrafts

Cash flow management and due date notifications

For effective cash management, anticipating cash inflows and outflows is essential. With a business account, you have the necessary tools to regularly monitor your cash flow. These tools enable you to view upcoming financial movements, identify due dates, and receive notifications to avoid late payments.

With Sogexia's bankless professional account, you can manage cash flow efficiently and anticipate due dates thanks to features such as real-time viewing of transactions and balances. Additionally, notifications can be set up to alert you as a due date approaches.

Making financial forecasts

Financial forecasting is another crucial aspect of cash management. Creating a cash flow forecast over a specified period is an effective way to:

  • Anticipate cash flow fluctuations;
  • Identify potential liquidity issues;
  • Take preventive measures accordingly.

This proactive approach enhances your visibility of future financial conditions, enabling better planning and informed decision-making to ensure your business's financial stability.

To support this approach, Sogexia integrates expense and income tracking functionalities into the business account, providing a clear view of the company's past and current cash flows and simplifying the forecasting of deadlines and financial decisions.

What to Look for When Choosing a Business Account

When selecting a business account, several criteria should be considered to ensure the account meets your company's specific needs, including:

  • Fees and pricing;
  • Features and services available;
  • Customer support;
  • Security and confidentiality.

Fees and pricing 

One of the first factors to consider is the structure of fees and pricing of the business account. Before signing up, you should evaluate the monthly management fees, transaction fees, transfer fees, and any other financial charges associated with using the account. Comparing offers from different providers can help you find the most cost-effective solution.

Features and services 

The features and services included in the business account are crucial. Consider how easy it is to access the account online, manage cash flows, make transfers, and receive payments. Also, check whether the business account offers features like due date notifications, expense tracking tools, and financial forecasting options.

Customer service

The availability and quality of customer support are crucial factors when choosing a business account. Ensure that the provider offers responsive and efficient support, available via telephone, email, or online chat. It's vital that you can contact your financial institution 24/7, whether it's for a personal or business account.

Security and privacy

The security of financial transactions and data is paramount. The financial institution where you create your business account must implement strict security measures. Ensure that:

  • Data is well protected;
  • Two-factor authentication is available;
  • Sensitive information is encrypted.

Also, consider the confidentiality of your company data. Review the GDPR policies and confirm that your business account provider adheres to confidentiality and data protection standards.

Selecting the institution to manage your account is a decision not to be taken lightly. You need a trustworthy partner. Sogexia serves over 500,000 customers across 31 countries and is transparent about its pricing, ensuring you face no hidden fees or surcharges.

In addition to the numerous features we offer to optimise your cash management, we have a responsive customer service team. You can reach us by phone or email from Monday to Saturday, 8am to 6pm, and our online help centre is available to answer all your queries at any time, every day.

Sogexia prioritises the security of your funds. We do not speculate with the deposits in your personal or business accounts and conduct several audits annually to ensure data security.

Choose Sogexia for your business account! Open your account in just a few clicks. For more information, please contact one of our advisers.