How the right business account can help you grow

ANNA bank talks about how choosing the right business bank can help you grow your restaurant.

When you’re starting a new business your head may be full of dreams and your laptop may be full of business plans, but you’ll struggle to grow if you can’t keep on top of your cash flow.  With that in mind, we took a look at which business accounts make it easiest to manage your money and balance your books - and our recommendation is ANNA Money. Here’s why:

Managing your cash flow

When your business is taking its first steps, your priority is keeping on top of your finances and making the most of every penny. You need to be smart and efficient. ANNA gives you all the tools to keep your books balanced without spending all night looking through spreadsheets.

ANNA is powered by a chat AI so it’s almost like having your own business assistant. Want to write and send an invoice? It takes seconds in chat - ANNA will even chase it for you if you want (when you’re getting started it’s vital that your customers pay you promptly). And when your invoice is paid, the AI matches the incoming money to the invoice so everything is neat and tidy. 

Similarly, when you buy something for your business, just snap the receipt in ANNA (or forward it to ANNA if it’s an e-receipt) and the smart AI automatically reads it, attaches it to the corresponding transaction and assigns it an expenses category - so you are automatically doing your expenses as you go, rather than having to scramble around at the last minute.

All this makes a difference: the better you are at keeping track of your finances, the more time you can spend actually growing your business. 

Getting paid quicker

Whatever field your business operates in, you can get paid quicker using a unique ANNA payment link. It’s a link you can share with a customer; they click on it and can pay you directly from their online bank account. So if you’re a tradesperson, rather than writing out an invoice and hoping it’s paid within weeks, you can ping over a payment link and get paid straight away. You can even generate your own QR code that takes customers to your link.

Be aware: cash still matters

We live in an increasingly digital age, but lots of customers still appreciate the option of paying in cash, so the ability to take cash gives your business an advantage.  You can load cash into your account at any PayPoint store (there are over 28,000 across the UK) using the ANNA app. It’s quick and easy and means your cash in on your books straight away.

Be MTD-compliant

It’s not on the radar for some new businesses, but it should be. By April 2022 all VAT-registered businesses will need to sign up to Making Tax Digital (MTD) for VAT. That means they have to keep all their records digitally and also need to file their VAT return using compatible software. Happily ANNA can do both.

Getting help if you need it

This may sound obvious, but it really helps if you can actually get hold of someone when you need them. ANNA has 24/7 customer support based in Cardiff, and you can connect to them (usually in seconds) from the chat facility in the app. When you’re starting a business you usually have gaps in your knowledge and plenty of questions, so it’s incredibly useful being able to get answers quickly.

Easy sign-up

Finally, we’ll add that it’s really quick and easy to sign up for ANNA. When you want to get your business going, the last thing you need is waiting weeks to get a business account. With ANNA, you just need to grab your ID and you can sign up in minutes.