No business can scale to new heights without adopting the fast-paced and cutting-edge technology of modern times. From accounting integration to expense management, every fast-growing business these days has to opt for the latest solutions to build a strong foundation of management where the saved energy can be refocused on the further development of the business.
One such area of focus for growing businesses is the upcoming features of a business account. No determined business can or should operate without a business account. However, which business account to choose and which features to look for is something every organization should consider first. In present times, one can find many modern financial institutions offering all those features in a business account that will support organizations in their rapid growth and development.
Top Features of an Ideal Business Account:
1. Easy Account Opening Process
An ideal business account provides all the tools and services you need to run your business from day one. The account opening process should be extremely simple and easy to set up. If you open a business account with a trusted financial institution, you’ll come across this process:
- Firstly, it will be a fully digital process. You can open a business account anytime, anywhere.
- You will have to visit the service provider’s website and register online. For example, to open an Aspire business account, you will need to visit the official website of Aspire.
- You will be required to give business and director details.
- Lastly, you will be asked to verify your identity, and once that is confirmed, you can start using your business account right away!
Simple as that. The world is progressing at a rapid speed, so there is no chance for you to be stuck in a loop of long approvals and administrative delays. A reputable financial institution makes business account opening smooth and fast, saving your organization precious time and energy.
2. Affordable Fees & Costs
Most business accounts come with a lot of costs, fees and prerequisites that businesses need to adhere to. They can act as blockers for organizations and discourage them from opening a business account. It is never advisable to operate an organization with a personal account as it can create serious problems for the company later.
This is why many banks or financial institutions offer an affordable and even irresistible deal for organizations to open a business account with them. Some may even allow you to open a business account with little to know initial deposit or minimum balance requirement.
Businesses can save big with an affordable business account option like this, where they can divert the budget towards other important business needs. Just make sure to choose a plan where all the costs are upfront, so there is no need to be worried about any surprise payments later.
3. Multicurrency Support
For businesses that are already operating or soon planning to scale their business internationally, it is very important that their business account supports multiple currencies. Every growing business needs to have a strong and reliable multicurrency system that helps in sending, receiving and holding money in various currencies and helps in smooth overseas business operations.
See also: Thinking About Buying a Business? Here’s How to Make It Happen
Choose a business account that offers the following multicurrency features:
- Fast and transparent international payments.
- Feature to send and receive international payments in multiple currencies.
- Market-leading FX rates that are ideally cheaper than banks.
- All the charges and FX rates always shown upfront.
- FX calculator to see the difference in savings.
The smoothness, quickness and quality of international payments are major factors that determine the successful business operations of an organization. Another important factor is the transparency in FX rates. Foreign exchange rates are volatile and some financial institutions, like Aspire, guide your organization to get the most favourable rates. Use the FX calculator to check how a multicurrency business account is a cheaper, faster and more transparent alternative to sending money abroad.
Once you have successfully opened a business account for your fast-growing business that includes all the latest features, you should also focus on adopting other systems for the holistic development of your organization. Some institutions also provide corporate virtual cards with unlimited cashback and accounting integration solutions that will make your accountants close books faster.
Every business has to make important decisions with careful consideration from time to time. To keep up with the changing times, it is essential that no matter what the scale of a business is, it adopts modern technology and solutions to empower its organization and team. Make wise decisions and take your business to the next level with an all-in-one business account today!
