Business Financial Accounts Guide
Record and manage financial accounts held by your businesses, including bank accounts, merchant accounts, and investment accounts.
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What are Business Financial Accounts?
Business financial accounts are bank accounts, investment accounts, merchant accounts, and other financial instruments held in the name of a business entity you own or control. These differ from personal financial accounts because they are linked to a specific business and may have multiple authorised signatories, different regulatory requirements, and distinct tax treatment.
Types of Business Financial Accounts
Business Bank Accounts
Current accounts, savings accounts, and deposit accounts held in your business’s name. These come in country-specific forms such as UK business current accounts, US business checking accounts, or Australian business transaction accounts.
Merchant Accounts
Payment processing accounts used to accept card payments and electronic transactions. These hold funds temporarily before settlement to your business bank account and are essential for businesses that accept customer payments.
Trust & Escrow Accounts
Accounts held in trust for specific purposes, such as client money accounts for professional services firms, or escrow accounts for property transactions. These have specific regulatory obligations.
Investment & Treasury Accounts
Business investment accounts, money market accounts, and treasury management accounts used to manage surplus cash and short-term investments. These may include fixed deposits, certificates of deposit, or managed investment portfolios.
Country-Specific Account Types
When you select a country, the account type list automatically filters to show types relevant to that jurisdiction. For example, selecting the United Kingdom shows UK-specific types like UK Business Current Account, while selecting the United States shows US-specific types like US Business Checking.
Global account types (such as Merchant Account or Foreign Currency Account) are always available regardless of the country selected.
Key Terminology
Understanding these terms will help you manage your business financial account records effectively.
Signing Authority
Who can authorise transactions on the account. The options are sole signatory, dual signatures required, multiple signatures required, or board approval required.
Authorised Signatories
The named individuals who are authorised to sign cheques, approve transfers, and conduct transactions on behalf of the business.
Account Statement
A periodic summary of transactions and balances. You can upload recent statements to keep your records current.
Branch Address
The address of the physical branch where the account is held. Useful for account identification and correspondence.
Balance Date
The date when the recorded balance was last verified. This helps track how current your balance information is.
Estimated Value
A broader estimate of the account’s value, which may differ from the current balance if the account has pending transactions or holds.
How to Add a Business Financial Account
Recording your business financial accounts ensures these assets are included in your estate plan and can be properly managed by your executors.
- Go to Asset Management → Business Asset Tracker → Financial Accounts
- Click "Add Account"
- Select the business entity the account belongs to
- Enter the account name and select the account type
- Optionally select the country to see country-specific account types
- Enter the current balance, currency, and balance date
- Add the branch address and signing authority information
- Upload account statements or agreements
- Save the record to your portfolio
Document Checklist
Keep these documents accessible for each business financial account:
- Recent bank or account statement
- Account agreement or terms of service
- Signing authority documentation or board resolutions
- Mandate forms listing authorised signatories
- Any standing orders or direct debit arrangements
Upload Documents
Signing Authority & Will Planning
Business financial accounts often have specific access controls and signing requirements that your executors will need to understand. Recording these details simplifies the estate administration process.
- Document who has signing authority and whether dual signatures are required
- Note if the bank requires a board resolution to change signatories
- Record online banking access details in the access and security section
- Consider what happens to the account if the business continues after your death
Seek Professional Advice
Frequently Asked Questions
What is the difference between personal and business financial accounts?
Personal financial accounts are held in your name as an individual. Business financial accounts are held in the name of a business entity you own or control. Business accounts must be linked to a business entity in your portfolio, and they may have different signing authority requirements and regulatory obligations.
Why do I need to select a business entity?
Business financial accounts are always associated with a specific business entity. This linkage ensures your executors know which business owns each account and can manage the accounts according to the business’s governance rules. If you haven’t added the business yet, add it under Business Entities first.
What if my account type isn’t listed?
The account type list is maintained centrally and covers multiple jurisdictions. Try selecting the country where the account is held to see country-specific types. If your specific type still isn’t available, select the closest equivalent and describe the details in the notes field.
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