Is it Necessary to Open a Business Account?
This is one of the most frequently asked questions we encounter. The answer, as often is the case, is “It depends.”
The law only requires corporate entities to have a business account, while sole proprietorships and freelancers still have the option to choose between business accounts and personal accounts.
However, adopting a business account is often the best solution for all types of businesses for several reasons:
– Facilitates financial management: Helps organize and oversee business finances.
– Distinguishes between personal and business expenses: Aids in keeping finances separate.
– Simplifies tax audits: Makes it easier for tax authorities to verify transactions.
– Reduces the risk of penalties: Minimizes the chance of fines for unjustified transactions.
– Enhances monitoring of income and expenses: Improves financial oversight.
As you can see, if you’re an entrepreneur, opening a business account is (almost) always the best choice. Nowadays, you can also opt for an online business account, which is often more convenient and economical compared to traditional banks.
How Business Accounts Work
A business account functions like any regular account, except it’s registered to a company, sole proprietorship, or other entities with a VAT number.
Even for online business accounts, you’ll receive an IBAN for transactions and can associate it with one or more debit, prepaid, or credit cards.
There are some aspects where a regular account and a business account may differ:
– Tax obligations: Certain aspects, like paying taxes (e.g., F24 forms), can be facilitated with a business account.
– Monthly fees: Business accounts usually include services aimed at simplifying business operations, such as additional credit cards and the ability to make international transfers without extra fees.
How to Choose a Business Account
While we’ve discussed business accounts generally, there are many types that can make the choice challenging. It’s important to select a business account that perfectly meets your needs. Consider the following criteria:
– Costs of the business account: Monthly fees and other charges.
– Operational features: Number of free monthly transfers and direct debit options without additional costs.
– Reliability of the financial institution: Trustworthiness and stability of the bank.
– Extra services and functionalities: Access to business-specific internet, phone, and mobile banking channels.
Opening an online business account is often the best solution in terms of costs, functionality, and reliability.
The Top 5 Business Accounts
If you’ve made it this far and still don’t know which business account is best for your enterprise, don’t worry! After reviewing our list of the top 5 business accounts, you’ll have no trouble finding the right one for you.
So let’s not waste any more time and get right to the point!
1. Conto BancoPostaImpresa Online
The BancoPostaImpresa Online account is the business account offered by Poste Italiane specifically designed for businesses, non-profit organizations, and public administration entities.
This business account rightfully belongs on the list of the best business accounts not only because it is provided by one of the most solid and reliable financial institutions in Italy, but also because:
– It offers a wide range of services and additional features to facilitate the management of your business finances.
– It has relatively low costs compared to other business accounts in the same category.
Features
In addition to the typical functions of all business accounts, such as making transfers, managing utility payments, and settling bills and F24 forms, BancoPostaImpresa also provides some distinctive BancoPosta services, including:
– Home banking for bill payments
– Reporting for bills
– The “Fattura noproblem” invoicing service
Associated Costs
Poste Italiane has created four profiles for the BancoPostaImpresa account, each with different costs and functionalities:
– BPIOL Info: €1/month
– BPIOL Easy: €4/month
– BPIOL Mono: €5/month
– BPIOL Multi: €15/month
As the monthly fee increases, so do the services and dedicated features associated with the account.
Opening an Account
To open a BancoPosta business account online, you can visit the nearest post office or contact the BancoPoste commercial representative in your region.
2. Small Business di Banca Fineco
Fineco’s Small Business account is specifically designed for small businesses.
3. Conto N26 Business Smart
Are you looking for an online business account that doesn’t require a VAT number? It might seem impossible, but it’s not! Introducing N26 Business Smart, the business account from the eponymous German online bank, which primarily caters to freelancers and self-employed professionals.
4. Revolut Business
Do you think online business accounts aren’t suitable for medium and large companies? With Revolut Business, the online account from the London-based financial company, you might change your mind.
5. Conto Impresa Più Intesa Sanpaolo
Let’s now look at an offer for businesses from a major banking group, Intesa Sanpaolo, which has nothing to envy compared to the online business accounts we’ve just discussed.
The Conto Impresa Più business account is designed for entrepreneurs with high annual profitability who need to conduct many transactions both in Italy and abroad.
Among its advantages are:
– A single monthly account that includes all services.
– Personalized service proposals based on your company’s needs.
– Flexible coverage to meet transactional requirements.
– The possibility of obtaining discounted rates based on the number of transactions made.
The monthly fee for the account is €10, but this does not include the credit card, which costs an additional €5 per month.
However, the Conto Impresa Più from Intesa Sanpaolo cannot be opened online; you can use the bank’s website to leave your details and be contacted.
Finally, to open this business account from Intesa, which is aimed at companies with more complex financial needs, you must not only have a VAT number but also demonstrate a turnover of over €2,500,000 from the latest tax returns.
At this point, all that’s left is for you to choose which business account might truly suit your needs.
