The financial component is very important for an efficient and well-organized business. The less confusion you have in finances, the more efficiently you spend money and the fewer problems you have with government agencies and financial organizations.
Before you embark on the process to open a Business Account in Estonia, familiarise yourself with the LLC services available that can immensely simplify the establishment and running of your business.
If you need to open a business account to transfer money in EUR and USD, use the services of Genome financial services provider https://genome.eu/business-account/.
Working with well-established financial mechanisms of Genome account, you will immediately see their positive impact on the affairs of the company as a whole.
Why Open Business Account to Transfer Money
The task of opening a business account is determined by both internal and external reasons. Moreover, even if there were no external ones, the internal necessity would push the business to such a decision.
Internal reasons to open a business account
Systematization of Expenses and Incomes
- Your business will be more organized. Payments to the employees in the form of wages and cash receipts from consumers, as well as dealing with partners, etc., will be systematized with a business account.
- You will not look with horror at a bank statement in an attempt to understand where and for what this money came from and whether you paid partners for the services rendered.
- Your online account will be transparent. You will always see what assets you currently have and whether you have paid everything that you should have.
Separation of Personal Funds from Business Funds
- To protect personal funds from possible misunderstandings with government agencies such as the tax office, it is best to keep this money separate on a business account and a personal online account. Otherwise, later, when paying taxes, you will have to prove for a very long time that this or that amount was received as a gift from a rich aunt and is not a payment for services rendered.
- If things go wrong for your firm, at least your personal funds will be protected. Otherwise, there will be a temptation to spend personal funds to save the state of affairs in the company.
- Moreover, if these accounts are not separated and the bank freezes the online account for some reason, then your personal money will also be frozen.
External Reasons to Open Business Account
There can be no less external reasons to open a business account than internal ones:
- Requirements of state authorities and banks
- The need to receive loans that are not issued without a business account
- The need to accept cash receipts from customers to a business account
- Possibility of obtaining subsidies for business
Therefore, if you are going to do business in Europe seriously and not just try yourself as a businessman, you need to open a business account. Read Blog Genome to find out more details about the reasons to do that.
Where is the Best Place to Open Business Account in Estonia
Open a business account at the Genome platform https://genome.eu/ not only to transfer money safely in EUR and USD but to get multiple other advantages from the Genome business + merchant accounts.
| Service Speed | Possibility to Get Multiple IBANs | Possibility of Integration | Possibility of Teamwork | Safety and Analytics |
| A business can transfer money 72 hours after applying to open a business account | You can open a business wallet with 15 accounts in different currencies | Genome API to send mass transfers from your Genome account | Up to 20 people can manage an online account. You can assign different business roles to them | Availability of advanced anti-fraud software and regular in-depth analytics with multiple indicators |
To securely transfer money to your partners in Europe and beyond, as well as quickly accept payments from your customers, open business and merchant accounts with Genome. This will make your business successful and open up new prospects for its development.
