In today’s rapidly evolving gig economy, side hustles are no longer just a means to make ends meet; they're a pathway to financial freedom and personal fulfilment. As such, managing the financial aspects with the right tools, like a business account, is crucial.
This blog post explores the significance of having a business account for your side hustle, with a focus on how Card One Money's business account can assist in your side hustle journey.
1. Financial organisation: Separating your personal and business finances is not just good practice; it's essential for clarity. A business account helps you keep track of your earnings and expenses, making tax preparation easier and more accurate.
2. Professionalism: Using a business account lends credibility to your side hustle. It shows your clients that you are serious about your business, enhancing your professional image.
3. Streamlined transactions: A dedicated business account simplifies transactions. Whether it's paying for supplies or receiving payments, having a specific account for business dealings makes the process more efficient.
Understanding the unique needs of the UK’s gig economy, Card One Money's business accounts offer features tailored to local entrepreneurs:
1. User-friendly online banking: The convenience of online banking allows you to manage your finances anywhere, anytime. Card One Money's mobile app makes it easy to track transactions, pay bills, and check balances on the go.
2. No credit checks: Card One Money's business account ensures that your credit history does not impact your ability to open a business account, great for side hustles that are yet to trade or those with poor or no credit history.1
3. Your account, your way: Get text alerts every time you receive payments and when you’ve paid your bills.
4. Cashback rewards: Load your Card One Money prepaid Mastercard and start spending to get up to 3.5% cashback at some of the UK’s most popular retailers.
5. Safeguarded funds: Protection of your finances is important. Card One Money protects customer funds via safeguarding, holding them in specially designated safeguarded bank accounts, separate from their other assets.2
Easy Setup: Managing your Card One Money business account couldn’t be easier, receive funds, make payments and manage company cards simply and securely.
Statement export: Tie all your business spending together by using Card One Money data alongside your existing accounting software.
UK-based customer support: If you have any questions regarding your application or need some more information, don't hesitate to contact our friendly, UK-based team.
Your side hustle is more than just an extra income stream; it's a reflection of your entrepreneurial spirit. A business account, especially one tailored for the UK market like Card One Money's, is an invaluable tool in your gig toolkit. It offers the organisation, professionalism, and efficiency needed to elevate your side hustle into a thriving business.
1Account registration is subject to identification and residency. Cardholder must be at least 18 years of age. See terms and conditions.
2Card One Money accounts don’t fall under FSCS. Please visit the Card One Money website for more details.