UK banking for a small business

Discussion in 'Accounts & Finance' started by Lara15, Jan 25, 2019.

  1. Lara15

    Lara15 UKBF Newcomer Free Member

    14 0
    I'm seeking advice on a good bank to choose to open a business account with, also any good accounting software that can be used insted of employing an accountant to begin with.

    Any advise is greately appreciated.
     
    Posted: Jan 25, 2019 By: Lara15 Member since: Dec 4, 2018
    #1
  2. paulears

    paulears UKBF Big Shot Full Member

    3,831 952
    Software is simple - the accountant tells you how best to structure what you do? Anyone can buy software and get operating quickly - the accountant is the one who tells you NOT to put X down as a certain category and enter them as something else. As in when you purchase expensive items. Capital items or consumable ones? Important differences depending on what you do? Software can't make these kinds of choices. However - my recent switch to Freeagent is going really well - and recommended by my accountant. It works with my Santander business account which has worked very well for me for quite a while now.
     
    Posted: Jan 25, 2019 By: paulears Member since: Jan 7, 2015
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  3. Somos Accounting

    Somos Accounting UKBF Contributor Free Member

    39 10
    I work alongside FreeAgent and can vouch that it is a great option for a small business. Of course, there are many software options and it really depends on your business and needs.

    If you bank with Natwest or RBS the licence is free, so a combination of them both may be a cost efficient solution for you?
     
    Posted: Jan 25, 2019 By: Somos Accounting Member since: Oct 17, 2018
    #3
  4. SYN

    SYN UKBF Newcomer Full Member

    16 4
    What sort of small business? Are you operating in cash or online? Modern day banks like Tide.co are great if your business is online as fees are really low.

    As for accounting software you can usually find some promotions for start ups giving your 3-6 months free trial / large discounts. We love Xero but its been steadily increasing its prices...
     
    Posted: Jan 26, 2019 By: SYN Member since: Jan 21, 2019
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  5. Lara15

    Lara15 UKBF Newcomer Free Member

    14 0
    Thank you, online business, reselling goods purchased from abroad. I'm not familiar with Tide.co, are they UK based?
     
    Posted: Feb 4, 2019 By: Lara15 Member since: Dec 4, 2018
    #5
  6. Lara15

    Lara15 UKBF Newcomer Free Member

    14 0
    Thank you :), could you explain a bit more on the Free Agent and I plan to start an online business reselling goods. Natwest dissappoints me as a bank so I'm looking for alternative one
     
    Posted: Feb 4, 2019 By: Lara15 Member since: Dec 4, 2018
    #6
  7. Lara15

    Lara15 UKBF Newcomer Free Member

    14 0
    Thank you very much for the insight, very helpful. I was thinking of Santander too for business banking.
     
    Posted: Feb 4, 2019 By: Lara15 Member since: Dec 4, 2018
    #7
  8. DontAsk

    DontAsk UKBF Ace Free Member

    1,065 139
    Santander.

    Unless you really know what you are doing, a good accountant should be able to save you more than they charge.
     
    Posted: Feb 5, 2019 By: DontAsk Member since: Jan 7, 2015
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  9. justinaldridge

    justinaldridge UKBF Enthusiast Full Member

    669 252
    You should check out Revolut for Business and Transferwise for business if you are dealing in foreign currencies as they offer the absolute best possible exchange rates (interbank rates). Can save a lot of money on current exchange. Revolut in particular is free for most transfers and for all currency exchanges.
     
    Posted: Feb 5, 2019 By: justinaldridge Member since: Sep 26, 2013
    #9
  10. SYN

    SYN UKBF Newcomer Full Member

    16 4
    Yes I believe so, we use them as secondary account. No issues.
     
    Posted: Feb 9, 2019 By: SYN Member since: Jan 21, 2019
    #10
  11. TheCyclingProgrammer

    TheCyclingProgrammer UKBF Regular Free Member

    1,060 218
    Give Starling a look. I used to use Revolut personally when I went abroad but knowing more about their business and toxic work culture I wouldn’t touch them with a barge pole now.
     
    Posted: Feb 9, 2019 By: TheCyclingProgrammer Member since: Jul 15, 2014
    #11