Banks are the churches of capitalism. We maybe dislike them, but we need them. So use them wisely!
Accounting is not your core business. You are an artist, maker or designer, not an accountant of course. But if you want to make a living with your art, you have to deal with money. And taxes.
Here are some tips to get you started:
"Separate personal and business expenses.
One of the most important tips I can give you is: separate your private bank account from your business account. "If you combine the two, you can waste hours sorting out bank and credit card transactions, spend more money on taxes and accounting fees, and open yourself up to a tax nightmare. I know from experience. You don't want to do that.
If you want to save time, have more money, pay less tax and have less stress, take the time to open business bank accounts and if you want, the corresponding credit cards to keep your personal and business dollars separate".
Which bank is best for creative starters.
There is a lot of choice between large banks (ABN-AMRO, ING, RABOBANK, SNS, ASN, Triodos) and more innovative banks (KNAB and BUNQ).
The KNAB was the business winner in various points of comparison. I use it alone and it is indeed a very convenient and cheap business bank account with many advantages.
It is the cheapest business account with 1000 free transactions per year.
Free unlimited extra bank accounts (you need them, at least one for operations, one for taxes and one for savings), including bank card (free).
Very handy app.
Link with the most important accounting software.
Including cash flow tool.
KNAB Crowdfunding platform (you can reach 10000 investors).
88.9% of freelancers would recommend this bank (it is the highest of all banks) (Source: Bankenevergelijking.nl).
There is an interesting promotion going on. If you open an account before the end of May, you get a 50% discount the first year!
Offer: The first year € 30 instead of € 60 per year!