Just like choosing a point-of-sale system, picking a bank is one of the most important decisions when starting a business. It isn’t just the place where you keep your profits and pay staff and suppliers – the best small business bank account can also be a great tool to help you manage financial admin. “The consensus is that [financial admin] is the worst part of running a business,” says Anne Boden, Starling Bank’s CEO and founder. “To be clear, admin is a critical part of any healthy business, but it needs to support and not slow down growth.”
Why choose a banking app?
Your first thought might be one of the big names – but the size and age of these banks makes it hard for them to modernise. Banking apps are built to be agile, so they’re able to move quickly to keep developing the new services and features their users need, like 24/7 customer service or the ability to deposit a cheque into your account straight from a device.
Tech that works together
As an iZettle user, you’ll already know how much easier life is when your business services all work together – so it makes sense to choose an account that can be integrated with your POS system or payment solution. iZettle integrates with Starling Bank, so if you have a business account with them you can connect it with our POS app to get an even more detailed view of your sales. Even better, if you subscribe to Starling’s Business Toolkit, you’ll also have the ability to sync iZettle data straight in, cutting down time spent on bookkeeping. And a dedicated SME bank (that’s a bank devoted to small and medium-sized enterprises), Starling has tailored their services to fit small businesses, keeping things as simple and stress-free as possible – just like us.
Look for tools that track insights
Confidence comes from feeling in control. With a banking app you can closely track your financial data whenever you want, just like you do with iZettle. With deeper insights into how your business is doing, you have the power to make better decisions about everything from staffing to stock. “If I could go back and give myself any advice, I’d put a lot of importance on using digital tools, definitely”, says George Lorimer, owner of mobile pizza van Stubborn Slice in Scotland. “They’re much more modern in the way they run things, they make things much easier.”
Expect more from your bank
In their Make Business Simple report, Starling found that the average small business spends nearly one in every five hours – that’s ten weeks of the year – on financial admin. So when you’re choosing a bank, look for services that do some of the heavy lifting for you, providing easy to use, built-in features that help make admin faster and more streamlined.