The benefits of having a business account if you’re self-employed




The benefits of having a business account if you’re self-employed

Summary of the article

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All types of businesses benefit from having a business account. While not all businesses in France are legally required to have one, a business account provides significant financial advantages. As a self-employed individual, you'll find this an effective tool for managing your cash flow and accessing a broad range of features.

Sogexia, an independent financial organisation, can assist you in setting up your business account and explain the financial benefits available to self-employed individuals.

What is a business account?

A business account is a bank or payment account tailored specifically to meet the needs of businesses and self-employed workers, helping to keep personal finances separate from professional finances.

Opening such an account may be obligatory for certain types of businesses, such as those with share capital (SARL, EURL, SA, SAS, etc.), as it allows them to deposit their capital and obtain a certificate of deposit necessary for company registration.

For sole proprietorships and auto-entrepreneurs, creating a business account is not compulsory if the annual turnover remains below €10,000 for two consecutive years. However, even for the self-employed, a professional account offers numerous advantages.

In 2020, the total assets held in business accounts amounted to €381.6 billion (source: Banque de France), underscoring their importance in the French economic landscape. Regardless of your business type, it is essential to open a business account online to better manage your cash flow and enjoy numerous tax advantages.

With Sogexia, you can open a bankless business account within minutes on our online platform. We provide effective and innovative tools to optimise your company's financial management, simplify your accounting, and help you enjoy tax benefits.

What are the advantages of having a business account when you’re self-employed?

Opening a business account with a trusted partner like Sogexia brings many financial benefits, including:

Deducting professional expenses

By using a professional bank or payment account, you can easily identify and justify expenses incurred within a professional context. This type of account allows you to deduct these expenses from your professional income, thus reducing your taxable income and tax burden—a significant advantage!
Deductible professional expenses can include transport costs, meal expenses, training costs, premises expenses, professional equipment costs, and more.

Simplifying the tracking of professional transactions

By keeping a separate professional account from your personal one, you can easily track and identify transactions related to your professional activity. This is crucial for optimising your financial management and segregating personal and professional expenses. This separation is particularly valuable for many self-employed individuals who otherwise find managing centralized expenses in a single account challenging.
Moreover, clear tracking of your professional transactions facilitates access to bank statements or payment reports necessary for filing your income tax return or undergoing an accounting audit.
It also simplifies compliance with tax obligations. By quickly identifying your professional income and expenses, you can accurately calculate the amounts to be declared and apply the appropriate tax regimes to your activity. This setup helps eliminate declaration errors, making meeting tax deadlines straightforward.

Other benefits having a business account

A business account is indispensable for all types of businesses. It offers:

  • Simplified financial management: Having a clear view of your professional income and expenses greatly facilitates cash flow management and accounting.
  • Access to banking services tailored to professionals: The business account provides features and services specifically designed to meet the needs of self-employed workers. At Sogexia, for example, you can benefit from multiple Business MasterCard cards for your associates or collaborators, transfer funds internationally in real time, or make bulk transfers to pay your service providers. These services simplify the daily management of your professional activities, saving you time and money.
  • Enhanced professional image: Using a business account enhances your image as a professional. It demonstrates to clients, suppliers, and business partners that you take your activity seriously and manage your finances professionally. This tool helps establish trust and strengthens your credibility as a self-employed worker.

With Sogexia, a self-employed individual can enjoy all these advantages in just a few minutes. It's simple to open a business account online on our platform. By submitting an ID and some business-related documents, a self-employed worker can access an IBAN (French or Luxembourgish).

Over 500,000 clients have already opened an account with us. Our 100% online solution adapts to all needs and types of businesses. We emphasize quality customer service that supports you daily and responds promptly to your requests. Sogexia, an independent financial institution, keeps your money safe at the best price with fair and transparent rates.

For more information, please feel free to contact one of our advisors.