Online current account for a private person – when is it necessary?

How to become an entrepreneur today? What knowledge and skills are required for this? Which niche to choose to make a profit from the first day? These questions are of interest to a large number of modern people, because literally everyone can try themselves as businessmen. Look around, everything around you is entrepreneurship, on a small and large scale, how can you become a part of this process? A fundamental rule for all aspiring businessmen is to become familiar with the aspects of financial literacy. It is not enough to know how to calculate profit, you should learn budgeting, master accounting and regularly monitor changes in legislation. It is equally important to know about the tools that make it easier to run your own business. These include an online current account for a private person.  In this article the experts of the WestStein financial service spoke about when a person needs to open an online account and how to do it.

Tips for Entrepreneurs: Opening a Current Account Online

Not every merchant needs to open a current account online, it would be more correct to say that this procedure is needed only for those who work with non-cash transfers. If you deal only with cash and submit reports to regulatory authorities in a timely manner, then a current account is not really needed. Another situation is that today many business representatives refuse cash in favor of non-cash. Here, the WestStein online account is not just a convenience, but also a necessity, because there are limits on making money transactions on a personal account. In addition, financial institutions offer a democratic cost of servicing accounts for businesses.

How to open a current account for free?

This procedure does not require our service clients to leave their home or office. You just need to fill out the appropriate registration form on our website and pass verification. Further, our competent manager will contact you to agree on all the nuances – and then, you are the owner of an account and prepaid plastic in physical and virtual media. In case of questions, our employees are always ready to help. Customer support is provided by phone, chat, and e-mail. We speak English, Latvian, German, Russian and Polish, therefore we will fully provide you with high-quality advice.

Advantages of a current account

When you know how to open an account online, you should understand its advantages, including:

• there are no restrictions for working with cash;
• providing ample opportunities for the development of your business;
• mobility and versatility – all monetary transactions are carried out quickly with the help of Internet banking;
• rationalization of expenses — the absence of commissions will have a positive impact on the company’s budget;
• business transparency – you do business openly, without hiding anything from partners, clients and contractors, this increases your rating and adds a positive image;
• increasing the possibility of lending – banks are more likely to want to work with you;
• Possibility to receive corporate cards, for example, for salary payments, vacation pay, business trips, etc.;
• providing an opportunity to participate in government tenders.

Undoubtedly, each business model is unique, but the above “pluses” will positively affect literally everyone.

Financial advice for businessmen

Today, even children at a fairly young age are taught financial literacy. This is an extremely important aspect for any participant in market relations, especially when it comes to business representatives. The statistics are disappointing, only half of all entrepreneurs are financially literate, which means that their projects “live” and make a profit for more than three years.

To avoid mistakes and plan your activities correctly, we recommend that you pay attention to the following tips:

1. Formulate a clear business plan, as well as several ways to implement it.
2. Follow the set goals without deviating from the course. The most important thing for any novice businessman is the structuredness of goals, do not allow “idle” actions.
3. Keep records and always improve your financial literacy: understand the system of credit, taxation and accounting. It is the current account that helps to control finances – all receipts will be available through the mobile application.
4. Study your target audience and their requirements. Start not from personal preferences, but from the needs of your customers.
5. Delegate authority to professionals, but without stepping back from doing business, it is best to always “keep abreast” of events. With the WestStein service, it is easy and comfortable to do this – check it out today.