Carry out the banking for your business

This standard is for entrepreneurs who carry out the banking for their business. Money is the lifeblood any business. Spending time at the outset organising finances, and gaining professional help, especially investments in your business, is vital. One of the first steps is to open a bank account. It is important that you spend time to research which is the best bank account for you and which financial products meet your business needs. Banking is an important decision to make. Using professional expert advisers can save time, money and wasted energy. Carrying out the banking involves choosing a suitable bank and the type of account, the options for banking and asking for professional help when you need it.

You might need to do this if you:

1. starting a business;

2. reviewing your business processes and banking;

3. considering changing your bank accounts or banks.

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1. identify what banking facilities are important for your business
2. specify and prioritise the banking services you require
3. research different banks, types of banking and business accounts
4. research and collate benefits, financial products the banks offer, their services and all associated costs
5. consult with relevant financial advisors and banking experts
6. choose the bank and the account type that meets the specified needs of your business
7. identify the processes and paperwork required for opening the bank account
8. provide a bank with the documents, information and signatory identification to open an account
9. obtain debit or credit cards, if required
10. appoint the staff responsible for dealing with account administration, if required
11. set up online and mobile banking, if required
12. decide who will have access to the accounts and signatory processes
13. arrange security settings for online banking and account management
14. follow the banks procedures for paying in receipts, cash and cheques
15. get appropriate receipts from the bank
16. check the bank statements against your accounts on a regular basis 
17. store banking records securely
18. review your bank accounts and how you are operating them
19. research how to switch to a different type of account or a different bank, if required

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1. your business requirements in relation to banking
2. the banking facilities and variety of options that are important for your business
3. how to specify and prioritise your business banking needs
4. the sources of information for choosing a suitable bank
5. the different banks and different types of banking
6. the different types of accounts for your business
7. the benefits and disadvantages are of different types of bank accounts
8. the legal requirements for opening and operating a business account
9. who is responsible for administration of the account and who will have access to it
10. the process by which you deposit money in the bank
11. the process for withdrawals, including ordering change, if required
12. how to reconcile bank statements with your accounting records
13. the relevant financial advisors and banking experts to consult with on the banking options
14. how to protect the security of your account information and online banking
15. why it is important to store banking records securely
16. the importance of reviewing your banking arrangements
17. how to switch to a different type of account or a different bank

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1

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01 Mar 2027

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Current

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Original

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Instructus

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CFAMN9

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Business, Administration and Law, Managers and Senior Officials

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2441

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success, business, idea, social, enterprise, customers, products, service, support, creative, idea, skills, needs, suppliers, cash, flow, legislation, marketing, market, trends, competitors, health and safety, VAT, equipment, costs, profit, staff, product

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