The best accounts for new businesses: A guide for UK entrepreneurs
Article
Euan Robb
Introduction
Starting a business in the UK is an exhilarating journey, filled with decisions that can shape the future of your venture. One such crucial decision is selecting the right business account.
A well-chosen business account not only streamlines financial management but also provides stability and growth opportunities. In this post, we will explore the best accounts for new businesses and why Card One Money’s business account, coupled with their prepaid company cards, is an excellent choice for your business’s financial needs.
Before diving into the options, it's essential to understand what a business account offers. Unlike personal accounts, business accounts are tailored to handle the unique needs of businesses, such as higher transaction volumes, invoicing, and payroll services.
Why choose a business account for your startup?
Professionalism: A business account separates personal and business finances, enhancing your business’s credibility.
Efficiency: Streamline your accounting processes and easily track business expenses.
Team access: A business account allows other key individuals in your business to access daily finances, separate from any personal spending and supports future business expansion and growth.
The best accounts for new businesses in the UK
High street banks: Traditional banks offer the reliability of physical branches, ideal for businesses requiring frequent face-to-face banking.
Online-only banks: For tech-savvy entrepreneurs, online-only banks offer convenient, 24/7 digital banking solutions.
Specialist business account providers: These cater to specific business needs like international transactions or sector-specific services.
Spotlight: Card One Money’s business account
Among the various options, Card One Money stands out, especially for new businesses. Here’s why:
No credit checks: Easy and quick account opening process without the need for credit checks, making it accessible for newly established business yet to trade.1 Most accounts are then opened within 3 hours.
Efficient expense management: With prepaid company cards, managing business expenses becomes more straightforward and centralised.
Easy account management: Manage your finances when it suits your schedule, 24/7. Make payments and instantly check your balance through the Card One money online account or mobile app.
Simplified business payments: Access instant domestic payments as well as international payments in a range of currencies, so you can pay staff, partners and suppliers, wherever they are.2
Statement export: Tie all your business spending together by using Card One Money data alongside your existing accounting software.
Safeguarded funds: Protection of your finances is paramount. Card One Money protects customer funds via safeguarding, holding them in specially designated safeguarded bank accounts, separate from their other assets.3
Prepaid company cards: A game changer
Card One Money’s prepaid company cards offer a modern solution to expense management. They allow businesses to: .
Track expenses in real time: Monitor spending with real-time transaction data for better financial oversight.
Reduce admin burden: Simplify expense reporting and reduce paperwork.
Empower team spending: Order cards for up to four other people within your business and assign different levels of access based on their roles and responsibilities.
How Card One Money supports your business journey
Comprehensive financial solutions: From business accounts to expense management, Card One Money provides a one-stop solution.
UK-based customer support: Expert support team to assist with any queries.
Adaptability: Services that can grow and adapt with your business.
Conclusion
Choosing the right business account is a pivotal step for any new business in the UK, Card One Money’s business account and prepaid company cards emerge as prime choices for startups looking for efficient and effective financial management solutions.
