A lot has changed for the business world over the years. Strategizing and clever banking has empowered the businesses to stay afloat in the cut throat competition. It is very crucial to have business accounts in a suitable bank to cater to your business needs. The business account typically suggests that you will be now able for being charged for dealing like withdrawal of funds or even creating a deposit.

The challenge of beginning any business isn’t to be underestimated. It needs sensible management skills, dedication and effective planning to pave the way for a desirable outcome. The ultimate success of any business definitely involves a solid relationship with a suitable bank that understands your needs and provides facilities as per it. This may greatly rely on the support received once you start your business banking. The right bank will have the experience and skill of giving helpful support and recommendation on your specific business.

The bank will be able to advice on ways of financial planning and provide solutions that may assist you in building most of your account, which is able to facilitate with reference to fixing the business. The right bank will guide you in the correct path towards profit and success.

Here are 3 tips to find that bank you have been looking for:

• To stay at the top of your game, you must have the power in your hands; have every facility to handle the account. It is therefore necessary to find a bank with top quality online banking facility. This permits you to bank with convenience which is very imperative if you are too busy to make the trip to your bank.
• You can use a private account if you are the only leader of your business. Fees should be taken into consideration with any checking account together with dealing or order of payment fees. Any offers out there or incentives that are typically offered together with free statements and credit cards needs to be utilized.
• Your time is valuable when you are in competitive business. It is better to check the credentials of the bank. Its history with the clients before doing any type of deals with the bank. You know what they say, its better to be safe than to be sorry.

Managing your finances cleverly is a key purpose in your business and therefore the importance of funding and keeping on your accounts is vital. You would be amazed by the things a right bank can do for your business in achieving the much coveted success.

Business Banking Tips from The Experts

The banking industry has been in a state of turmoil in recent years, so it’s more important than ever to make sure that the money generated by your business is deposited in the right account in the first place. Primarily, you need to know that your money is protected by the Financial Services Compensation Scheme, or a similar scheme, which pays compensation if your bank fails. Compensation schemes vary from country to country, so if you’re considering an offshore business bank account, check that your money is, in fact, protected.

Business Bank Accounts

A business bank account is essentially just a payment system that allows you to manage your business cash flow efficiently. In its simplest form, a business bank account may provide just a cheque book and a paying-in book, but the chances are you’ll need direct debit and standing order facilities, as well as the ability to process transactions electronically. Indeed, if your business makes and receives payments almost exclusively by electronic means, look for a business bank account that offers free electronic transactions.

Shopping Around

If you’re opening a business bank account for the first time, you may be tempted, as a matter of convenience, to open an account with your existing bank. However, if you approach another bank as a new customer, they may offer you an incentive, such as 12 or 18 months’ free banking, to join them. You obviously need to investigate a little further to find out what charges and fees you can expect when the introductory deal expires, but the important point is don’t be afraid to shop around for the business bank account that best suits your needs.

Business Banking Advice

Depending on the nature of your business, you may need business banking advice from time to time. Ideally, this advice will come from a named personal advisor, or relationship manager, with a direct telephone line. If, for example, you run into financial difficulty and enter into a legally binding agreement, such as an Individual Voluntary Agreement, with you creditors, you need to know exactly where you stand. Unlike bankruptcy proceedings, you can usually stay in business and continue to trade normally when you enter an IVA. However, the right bank and more specifically the right relationship manager, may be able to offer you specific advice about re-establishing trust with your creditors.

Relationship Management

Unfortunately, you may only discover the strengths and weaknesses of your relationship manager by trial and error. However, in an ideal world, you’re looking for someone who has intimate knowledge of your type of business and can translate that knowledge into practical, pragmatic strategies that take the business forward. Effective relationship managers are honest, open and responsive. They should acknowledge the limitations, if any, of the bank, but hopefully be able to avoid as much internal bureaucracy, or “red tape”, as possible. Relationship managers who tick all the boxes, no pun intended, are hard to find, so if you find someone who really works for you and your business, stick with them.

List of 10 Top Banks In World

A recent survey conducted worldwide has shortlisted the top 10 banks. The following ranking is based on the report of Bankers Almanac. Several factors go into making the list and two such criteria are yearly revenue and overall performance. Here is a quick summary of the world’s top-tier performers.

· Deutsche Bank AG, Frankfurt am Main, Germany.

· BNP Paribas SA, Paris, France.

· Industrial & Commercial Bank of China Limited, Beijing, China.

· Barclays Bank PLC, London, United Kingdom

· Japan Post Bank Co Ltd, Tokyo, Japan.

· Crédit Agricole SA, Paris, France

· The Royal Bank of Scotland plc, Edinburgh, United Kingdom.

· China Construction Bank Corporation, Beijing, China.

· Bank of China Limited, Beijing, China.

· Agricultural Bank of China Limited, Beijing, China.

One of the most interesting finding is that JP Morgan is missing in the list of top ten star performers. In the year 2010, it ranked 7th in the top ten listing. In 2012, it has slide out of the list and the top rank is occupied by Deutsche Bank AG of Germany. JP Morgan is known as the largest bank of the United States of America. But in world reality show what we see is that it is half in gross annual profit and performance when compared to the top bank of the United Kingdom.

From the above listing, one of the most important points to take good note of is four banks in China have make it to the top-tier list of performers. China is an Asian superpower and its technological endowment is no less supreme as compared to the technologically developed America and European countries. By claiming the four positions among the ten, China banks have proved it in uncertain term that the country is doing well on the finance platform.

Another noteworthy fact is that China and Japan have occupied the five positions out of top ten. Is it a clear indication that East Asian countries are becoming financially supreme not only within the boundary of Asian continent but also on the global market too? Well, let our fingers crossed and wait for the future to witness the real picture.

France and UK banks have appeared twice in the list. The most striking point may be the absence of any USA bank in the list of top ten. Is the post-recession ailment still casting evil shadow on the USA banks? Or there are some other factors behind the not-so-good performance by the US finance houses? Only an in-depth analysis can drill out the truth and unfortunately, this article does not permit to go beyond its focus.