Guide to choosing the best online business account to simplify your association's accounting

Efficient financial management is essential to ensure the long-term viability of your association, whether or not it is subject to accounting obligations. With a financial management solution adapted to the associative environment, you can meet your management's expectations of transparency towards members and administrative requirements. Technological advances in the banking sector are opening up a host of new opportunities, thanks to the digitization of services.

But before you decide, you may be wondering how to choose the best online business account for your foundation's accounting. We answer this important question in this guide.

Take stock of your association's accounting obligations and financial flows

Not all associations are subject to the same accountingcompliance rules. Some structures are not required todraw up a chart of accounts. Similarly, some organizations are under no legal obligation to open a business bank account.

In practice, however, and depending on your association's bylaws, the Board of Directors or Executive Committee may opt for cash or commitment accounting. Adopting a chart of accounts meets the need for financial transparency, which is in the democratic, economic and legal interests of your foundation. Tracking operations also helps to ensure your organization's long-term viability by keeping your budget under control through the use of quantified indicators.

In this respect, opening a pro association account will help ensure the smooth running of your association, whatever its field of activity. Before making your choice, take stock of your recurring financial operations and associated accounting needs.

For example:

  • Do you only collect membership fees?
  • Will you be receiving public donations and subsidies?
  • Do you only pay fixed charges to your suppliers?
  • Do you need to allocate occasional expenses to your teams?

These financial movements will define the functionalities required for your account: number of payment cards, number of user accesses, payment methods, additional services...

Why choose an online pro account for your foundation?

The professional account dedicated to your association offers enhanced security for your financial transactions, while eliminating the use of cash, which exposes you to the risk of fraud.

The difference between personal and business accounts

To open a business account for your foundation, you need to register it with the prefecture. This establishes your association as a legal entity, giving it separate legal liability.

On the other hand, if your association is not registered with the prefecture, the account is opened on a personal basis. In this case, as an individual, you assume responsibility for any debts. It is important to note that there is a risk of confusion between assets in this situation.

The advantages of an online business account

Most traditional banks offer specific accounts for foundations, but they do have a few drawbacks. Although they have physical branches, their basic services are often costly, with high banking fees and additional charges for services such as bank cards or payment terminal rental. What's more, their customer interfaces are not always user-friendly or intuitive from an accounting point of view.

Digital advances have given rise to more innovative financial management solutions, offering CFOs considerable advantages. Online business accounts stand out for their competitive rates and low fees. At Anytime, for example, our account solution is combined with an intuitive management interface, enabling real-time tracking of transactions, easy integration of receipts with secure storage, and accounting export functionality.

In addition to classic banking services such as multiple transfers, direct debits and payment cards, our dashboard provides complete visibility of income and expenditure, guaranteeing full traceability of your association's financial operations.

5 criteria to consider when choosing the best association pro account 

1. Monthly package

Each association has its own specific needs, depending on its field of activity, its mode of operation and its target audience. For example, a small cultural or sports organization will not have the same constraints as a foundation in the medical-social sector, which employs staff and serves a particular public. That's why online pro association account solutions offer essential flexibility, with scalable packages designed to adapt to the changing needs of each associative structure.

2. Bank charges

At traditional banks, fees are generally based on a percentage of transactions carried out on your business account, with a minimum monthly threshold.

With online pro accounts, the operating model is different: fees are included in a monthly package that includes a defined number of direct debits and outgoing transfers. This means you don't have to worry about additional charges, making it easier to manage your budget.

3. Bank card type, options and annual fee

For your association, a bank card is essential, whether Mastercard, Visa or Gold Business. However, what's most important is its annual cost, as many traditional business accounts charge for it.

Some financial service providers, such as Anytime online, offer all-inclusive packages. You can get a customizable Mastercard and a set of virtual cards, all included in the package.

4. Payment methods

Cashing cash and cheques is a common but time-consuming practice, exposing you to the risks of theft and fraud. To simplify cash management, a payment terminal is an advantageous solution. Digitizing transactions ensures speed and security of cash flow.

5. Customer service and ancillary services

Technological advances mean that you can quickly get answers to your questions via chat. However, if you prefer telephone contact, make sure this option is available before you commit.

In addition to basic services, digitalization offers a whole range of additional features to simplify the day-to-day management of your business: invoicing tools, piggy bank sub-accounts, legal protection pack...