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Balancing your personal and business income

This information is provided by:Netherlands Chamber of Commerce, KVKNetherlands Chamber of Commerce, KVKNederlandse versie

Do you want to strike a balance between income from your business and personal income? These tips and tools will help you stay in control of your financial records.

Be money wise

Are you looking for the best way to keep good records? The Money Wise platform (Wijzer in Geldzaken) can help you gain or regain control of your financial situation. The checklist Geldzaken op orde (Mastering money matters, in Dutch) is very useful.

Finances: business and personal

You want to have full control of your personal and business finances. The KVK Book of Finance money guide for entrepreneurs has useful information on your financial rights and obligations, and will help you identify and solve any financial problems. The guide covers everything from “How much money do you need to meet your basic needs?” to “Which tax benefits are you entitled to?”

Why open a business bank account?

New business owners and self-employed professionals (zzp'ers) are not required to set up a business bank account, but doing so has its advantages. So, why would you pay extra to open a business account?

Insight into your business finances

The most obvious benefit is that a separate account provides clear insight into your company’s financial situation. It lets you keep a close eye on your income and expenses, which is especially important for new business owners.

Your personal finances remain personal

People often outsource their financial records to an accountant. You do not have to give them insight into your personal finances as well. Besides, having a business bank account makes your business look more professional.

No 2 accounts are the same – take your time to choose!

Now that you know the benefits of a business bank account, it is time to choose a bank.

Comparison sites for business banking are a valuable tool. You will notice straight away that no 2 banks are the same and that there are big differences between the prices and services they offer. Decide which account is the best match for your company. Take the time to choose and do not just sign up for the business package offered by the bank you use for your private accounts.

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