Bank account for professionals: essential to start your business

Distinguishing between personal and professional finances is necessary to correctly start a business. Ideally, one should have a professional bank account to facilitate business management. Having a separate personal and professional account allows for distinguishing personal transactions from business ones. A professional bank account offers the possibility of benefiting from oversight by a business advisor capable of managing your issues. 

This is, moreover, unavoidable to enjoy certain services, such as an electronic payment terminal (EPT) which is exclusively for professionals. The same applies to subscribing to certain privileges such as a professional bank card, a dedicated application… Here, we will see, among other things, the importance and advantages of a professional account, for whom it is an obligation, the ideal time to open one, and how banks like Qonto manage to provide solutions tailored to the needs of freelancers and companies…

The importance of professional accounts

The professional account or current account, beyond separating professional and commercial operations from those that one carries out as an individual, will encompass all commercial transactions conducted by its owner. This is why it is essential for certain professions. Moreover, opening one is a legal requirement if one’s turnover exceeds €10,000 for 2 consecutive calendar years. It is even mandatory when creating a SAS, EURL, SARL company… to make the deposit of a share capital. However, sole proprietorships or self-employed persons can choose not to have one if they do not exceed the turnover of €10,000.

A professional account allows for naming agents and co-holders different from a personal account. It should be known that the agents and co-holders of an account can be distinct between a private account and a professional account. Additionally, the best time to open a pro account is during the early stages of a business. This allows for solid foundations, even in the context of an individual business. Moreover, this way, one can be more at ease and not have disruptions when passing the threshold of the turnover indicated by law. 

Pro account with Qonto for freelancers and companies

The bank Qonto is a perfect example. This one, like many others, is a relevant solution for freelancers and companies with multiple persons (micro-enterprises, EURL, SASU, SAS, SARL…). Qonto is an online bank accessible on the Web, but also via mobile applications. This type of financial management service offers multiple features such as free instant transfers. More advanced options can also be mentioned such as invoicing software, or even multiple accounts with dedicated IBANs. 

Moreover, the reconciliation of invoices to match received supplier invoices with purchase orders or delivery notes is very effective for certain activities. One can also mention the accessibility (24/7 for online pro accounts), or the possibility of accessing a dashboard allowing for a comprehensive view of one’s activity. This type of service makes using a professional account very practical for freelancers or companies. Of course, all this varies depending on the plan and agency chosen.

Benefits of using a pro account

A personal account should therefore not be used for a company or any other business exceeding a turnover of €10,000 for 2 consecutive calendar years. But why open one if you are sure that you will stay below this value? 

To subscribe to specific insurances

One can access professional insurances through a pro bank account, which can prove beneficial for certain activities. This is particularly the case for insurances for business trips, theft, breakage of computer equipment, fraudulent use of the bank card, illnesses, deaths, accidents… One can obtain these with banks like Qonto just as with many others that offer this type of insurance with their bank card. 

To separate personal operations from professional ones

A professional account allows for differentiating expenditures and income from personal accounts. The account owner can then define a clear line between their personal expenses and business revenues. The risk of confusion and errors will be minimal here during accounting. More importantly, it is the best way to alleviate issues for those who are subject to tax audits.

To have a more convenient business card

A business card will provide better protection for a professional activity thanks to included insurances. But in addition, it offers other essential benefits such as management of spending limits/payments, no matter where one is, making transfers and withdrawals, and setting up the card according to your convenience…

To enjoy various services dedicated to professionals

Apart from everything that has been mentioned earlier, a professional account allows for the aggregation of accounts in a single application to have a good overview. One can also obtain tools for accounting, specialized advisors for professionals…