It’s important to have your company money and personal banking separate. And the simplest way to do this is to set up a business bank account for your new limited company.
A business account doesn’t just help you distinguish between your own money and the cash in the business. It also brings you the advantages of business facilities on your account, making it easier to agree an overdraft or get a business loan at favourable rates.
Most of the major UK high-street banks will offer business accounts, but it’s worth checking if your bank offers a live Xero bank feed. HSBC and RBS/Nat West already offer a live feed, and Metro Bank and Barclays recently added live feeds too.
Having a live link between your business account and your cloud accounting software has some real advantages, namely that you’ve always got a completely up-to-date view of your balances and transaction – a real bonus when you need to know your current cash situation.
If you’d like to know more about live bank feeds, cloud accounting and the easiest ways to manage your banking, please do give us a call on 01454 300 999 or drop an email to firstname.lastname@example.org