A business bank account is the most basic financial product you need for your company. Despite its basic nature, it is vital for your company’s long-term success. A business bank account has many benefits, such as: Professionalism: Your credibility instantly increases when you issue invoices with an “ABC Pty Ltd” tag instead of an invoice with “David Smith” as the beneficiary. Your suppliers might also take you more seriously when you operate through a business account instead of your personal account. Your enhanced image might help you secure better discounts and/or longer payment terms from your suppliers. Tailored to your needs: Choosing the right account can save you money. Some companies only need an account that allows them to conduct a few transactions. These accounts are typically free, but you must pay a fee for each additional transaction. Most banks also offer business accounts with more perks, such as unlimited transactions, digital banking capabilities, higher daily payment limits, optional overdraft facilities, and co-signatory authorizations. These accounts carry a monthly or annual subscription fee. Access to the broader banking system: A business account connects you with the banking system. It may allow you to deposit and withdraw money, deposit or write cheques, apply for loans or trade finance products. Time- and cost-saving integrations: Some banks allow for easy integration with ERP systems (Zoho, Deskera) or accounting software (Xero, Quickbooks). Being able to integrate your bank account directly with these systems or export your transactions can save your accountant a lot of time when they reconcile your transactions with the movements on your bank account. This will not only save them time, but also save you money. Some banks also provide access to an invoicing software tool.