Many business owners focus on growth, sales, and service – but overlook one critical area: banking. While most people shop around for the best personal finance deals, business banking often gets left behind. This can mean paying unnecessary fees, missing out on interest, and even exposing your company to avoidable risks.
Some businesses are still paying monthly fees for their bank accounts, even though free alternatives exist. Reviewing your banking arrangements could save hundreds of pounds each year – money that could be reinvested into your business.
Another common oversight is failing to earn interest on surplus funds. While personal savings accounts often generate returns, business deposits frequently sit idle. With interest rates higher than in recent years, this is a missed opportunity. Exploring business savings accounts or sweep facilities can ensure your cash works harder for you.
Risk management is another area where awareness is key. The Financial Services Compensation Scheme (FSCS) protects eligible deposits up to £120K per institution, yet many business owners are unaware of this. Without a strategy to diversify deposits, businesses could be exposed to unnecessary risk.
Finally, banking efficiency matters. Modern tools can transform cash flow and reduce admin. Accepting online payments helps you get paid faster, while third-party apps streamline supplier payments and expense management. Automating reconciliations saves time and reduces errors – freeing you to focus on growth.
How Burgis & Bullock Can Help
At Burgis & Bullock, we work with businesses to optimise financial processes, improve cash flow, and manage risk. From reviewing your banking arrangements to implementing efficient payment systems, our team can help you make smarter decisions.
Ready to make your banking work harder?
Contact us today to discuss how we can support your business https://www.burgisbullock.com/contact-us/
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