How Is Banking For Businesses Different From Personal Banking?

By Author: Aspire
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To make smart decisions in business, we recommend owners keep their business and personal finance separate. Here comes the need to know: how banking for businesses
is different from personal banking.

Difference between personal and business accounts.

Business accounts help startups or small business owners to manage and keep track of their money made within the business. Whereas, personal accounts are for personal funds and they're not used for business expenses. If you have completed company incorporation in Singapore , it's time to get a business account. The reason is, separating business expenses from personal savings.

Such a bank account generally consists of a checking account and a savings account. A checking account allows you to write and deposit checks, electronically transfer money, and use a corporate card. Whereas a ...
... saving account separates your savings from working capital and you get an opportunity to earn interest on the funds you saved.

Fees?

Most common service fees for these accounts may include transaction fees, deposit fees, and maintenance fees. But, if you are getting a virtual business account in Aspire, we assure you no minimum deposit, no fall below fees, minimum transaction fees, and save up with cashback and rewards.

Do I really need it?

No matter how organized or perfect your personal bank account is, it is important for your business to have a dedicated business bank account. Banking for businesses safeguards business funds and helps owners to keep track of their spending so that they can create a realistic budget.

You may choose the same bank for both business and personal accounts if they provide you with a better deal. If keeping separate accounts is necessary as it will save you during the income tax file. Your business expenses from personal funds may leave you bankrupt or pay hefty fines and taxes.

How is getting a digital business account easy and convenient?

Aspire helps you to get a commercial bank account opening at your convenience. This is our all-in-one business account with a unique business account number. You can share this unique ID with customers for payments. You can open an account with minimum documents virtually in 5 minutes. No paperwork or physical presence is required. It is that easy!

What do we provide?

After you get a business account, we allow you to issue numerous corporate cards for employees.

Track your business expenses, and limit their credit spending.

Send and receive money from any local bank account using FAST and GIRO.

Make international payments with 50+ currencies with low transaction fees.

You can onboard your finance team in less than a minute and give them the right level of access to business accounts, credit cards, and so on.

Make automatic bill payments with Bill Pay, which is much easier than sending a mail, and let us complete payments on your behalf.

Keep your account books clean and close them faster by integrating accounting software with your business account.

Schedule your payments, manage invoices, and keep track of business expenses. Save yourself from late payments and charges.

Get financial aid with corporate credit cards and pay for the amount used by you. Also, you get an opportunity to increase your credit score. No more worries of cash during an emergency, and mixing up business and personal expenses.

When spending money on a finance team or separate software becomes difficult, we are here with our Aspire mobile banking app. It not only manages your cash flow, but our team helps you with finance strategies.

You get cashback and rewards. We provide 1% cashback on every digital payment you make. Also, there are 50,000+ rewards from our platform partners. Save money and time, while driving all your focus on business development.

Wrap up!

Have you ever thought managing finances would be so easy? Most of us would say, no. Standing in a long queue at one of the branches and getting your work done is hectic, and time-consuming.

Though this virtual bank doesn't replace our traditional banking system, isn't it convenient and easy to use? Online banking for businesses has made owners focus on ideas and business development, instead of worrying about managing finance or looking for a small business loan.

Aspire is the all-in-one finance operating system for growing businesses. Visit https://aspireapp.com/