For years, small craft businesses were faced with limited choice when it came to banking services, often forced to turn to traditional banks. But with the rise of digital technology and the digital transformation of banking services, new opportunities are emerging. A plethora of remote financial management solutions is now available, perfectly suited to the needs of small craft businesses.
We'll give you essential advice on selecting the ideal online business account to simplify the day-to-day management of your craft business.
When do tradespeople need to open a business account?
To exercise your professional activity, you need to register your craft business. When you set up your business, you can choose from several legal forms.
Cases where opening a dedicated account is optional
Would you like to run your craft business as a sole proprietorship (EI) under the micro-enterprise scheme?
If your annual sales are less than €10,000, you are not required to open a dedicated account. Likewise, craftsmen who carry on a non-commercial activity are not subject to these regulations either, and can therefore be satisfied with a simple current account dedicated to their activity.
In practice, however, using a business account is highly recommended, and has many advantages. The separation of business and personal finances is an essential component of the financial transparency of your craft business.
Cases where opening a business account is mandatory
Would you like to set up a company? For statutes such as SAS, SARL, SASU or EURL, registration is conditional on the deposit of share capital. Opening a business account is a matter of regulatory compliance. In fact, it is a requirement for obtaining a certificate of deposit of funds.
If you are a sole trader, you will be required toopen a business account if your sales exceed €10,000 for two consecutive years, or if you carry on a commercial activity.
How do you define your banking needs as a craftsman?
The financial management of your small craft business requires specific banking services. You should therefore take stock and choose the best business account formula.
Ideally, you need to determine :
- The number of accesses: how many people need to consult the bank account? Just management, one or more employees, a chartered accountant?
- Your revenue: will you be collecting bank transfers only, or do you need to be able to accept credit card payments?
- Your expenses: do you have to pay your expenses by SEPA transfers, or do you need to be able to make one-off payments by bank card?
- Where are your customers located? In France? Internationally?
- Additional functionalities: would you like to centralize the management of your invoices and expense reports in the same place as your account statements?
- What budget do you plan to dedicate to your business account?
- How do you contact customer service?
All these questions will help you refine your search. You'll choose one package over another according to your expectations.
The cost of a business bank account is considerably higher with a traditional bank. Online banks have no physical branches, so their rates are much lower. This does not prevent you from benefiting from responsive customer service, by chat or telephone.
4 criteria to consider when choosing the ideal online pro account for your craft business
1. Management and transaction fees
From one offer to another, the monthly fee for a business account can vary by as much as double. To compare formulas between several establishments, you can base your comparison on a study of management and transaction fees.
For example, traditional banks charge a percentage on debit transactions. But with an online pro account, you benefit from a set number of direct debits and outgoing transfers included every month. There are no hidden charges, and you stay in control of your budget.
2. Payment methods
It's important that your payment methods are adapted to the way you market the products and/or services of your craft business. Do you want to avoid cash handling and the risk of unpaid cheques? If so, you'll need to be able to offer your private customers fast, easy payment by credit card. Your online business account should provide you with a payment terminal.
If you're targeting a business clientele, the addition of a payment link or the possibility of setting up direct debits should be studied to facilitate transactions.
3. Payment methods
Before choosing a business account, you should also consider the options available for paying your fixed and variable operating expenses.
At Anytime, the creation of sub-accounts allows you to optimize your cash flow. Thanks to these parallel accounts, which function like piggy banks, you can isolate different sums in anticipation of your URSSAF contributions, VAT payments...
For variable expenses, you may need to entrust your employees with a bank card. Online business accounts with configurable cards allow you to keep control by setting ceilings that can be adjusted in real time, blocking cash withdrawals...
4. Additional features
If you want to avoid a proliferation of management tools for your craft business, you need to find out about the additional functions offered by online business accounts.
You can find all the information you need in a single customer area:
- A tax dashboard
- A billing tool
- An expense management interface with digital archiving and probative value
- An accounting pack
- Professional insurance
- A legal protection service...