Corporate accounts are associated with the company or business name. They are bank entity that enable business owners to collect payment with their company name. So, in this post are 5 reasons why entrepreneurs must collect payment with their company corporate account.
IT SHOWS SERIOUSNESS AND BUSINESS READY
Business is all about organisation which financial management and incorporation with banking system is part. So, having a corporate account which serves as a place for business transaction shows how serious the business is.
When an invoice is sent to a client with the company corporate account, it shows the integrity, genuineness and ready for business of the company.
IT MAKES FINANCIAL MANAGEMENT EASY
Having a corporate account makes the company financial management easy. Some banks have different packages for businesses or corporate accounts to ease financial and record management.
Apart from financial management, corporate account makes it easy to receive payment online using payment gateway. Paystack payment gateway and other fintech use corporate account to validate business registration and give the business lot of features to use.
ACCESS TO FUND, GRANT OR LOAN MADE EASY
Before grants or loans can be awarded to businesses, corporate account is one of the requirements. A well structured financial analysis will be carried out on the corporate account before a loan can given.
Tony Elumelu Foundation (TEF) beneficiaries for example are mandated to register their company and open a corporate account where their grant will be paid into.
IT SEPARATES BUSINESS AND PERSONAL FUND
Yes, fund inside corporate account are meant for the business. Personal money are not meant to be in the corporate account. The company can easily account for income, expenses and other financial obligation without inference with personal account.
ARE READY TO GROW
Growth in business is in stages. When a business owner still uses personal account for business transaction, that means the business has not grown up.
Registering a company name and opening a corporate account is another growth stage. This means, the business is ready to be run corporately indeed and with transparency. This means the company is set for big things, big contracts and ready to compete in the industry where it belongs.
So, dear entrepreneurs, it is very important you take the bull by the horn and open a corporate account for your business.
Registering your business with corporate affairs is a prerequisite to opening a corporate account. CAC Business registration with N5,000
is still going on, grab it now.