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  • Writer's pictureBERLIN STARTUP SCHOOL

Digital business banking with Integrated finance Management: 6 advantages over Traditional banks


One in every two people in Germany now does their banking online. It’s no surprise because digital financial management offers numerous advantages over traditional banks, benefiting private individuals and business customers. Together with our partner Qonto, We want to tell you about these advantages.


Fast and unbureaucratic account opening


Are you passionate about your business idea and don't want to deal with the bureaucratic processes of traditional banks when opening an account?


With digital business accounts, you won’t waste time visiting a bank branch in person. You open your business account online.


At Qonto, it takes just a few minutes for self-employed people and SMEs to complete the registration process for the all-in-one business account with integrated financial management tools. Entering the required data, verifying your identity, and opening your account can all be done online. You’ll then have access to your new account in a few days.


Fast account opening already in the foundation process


Once you’ve established your business, you don’t want to wait around to start. Digital financial management solutions often allow you to open an account easily while you are still in the middle of setting up your business. With Qonto, you're usually ready to enter the commercial register within 72 hours with the business account in formation.


Not only this, but digital business account providers offer practical support for your startup - for example, in the form of templates and guides – and smart tools tailored to founders' needs.


Comprehensive finance dashboard


When you open a business account with a traditional bank, that’s all you usually get. But other providers can offer you so much more to manage your finances.


Digital financial management tools, for example, have a clear finance dashboard where you can always keep an eye on deposits, withdrawals, and cash flow.


Speaking of keeping an eye on things: financial service providers like Qonto allow you to open separate sub-accounts with your own IBAN in just a few clicks, so you can build up budgets for projects or create tax reserves.


Teamwork through smart spending management


It’s not uncommon for a startup to outgrow its initial financial solution. In addition, as teams grow, spend management can quickly take up time that could be better spent growing your enterprise.


With digital business accounts, you can provide selected team members with their cards, set individual spending limits, and apply for permissions so they can make or approve purchases independently.


Simplified invoicing and accounting


The best financial management solution optimises business customers' needs - including accounting and invoicing.


Thanks to the accounting integrations of DATEV, lexoffice & Co., Qonto provides you with, for example, a direct connection between your business account and chosen accounting software.


Your team members can upload receipts in compliance with GoBD, archiving them online so that you can manage the preparatory accounting in one digital place.


You can create, send and track outgoing invoices directly in your digital financial solution and automate invoice processes with just a few clicks. This saves you time and effort in the future and avoids errors.


Integration with business tools for the everyday entrepreneurial life


But beyond accounting and invoicing, digital business accounts can also offer integrated financial solutions for effective day-to-day work.


For example, you can set up interfaces to digital tools directly connected to the business account. These integrations range from accounting, cash flow management, payment acceptance and financing to productivity and insurance.


The most popular business tools that startups connect to Qonto include:

  • DATEV - digital accounting and taxes

  • lexoffice - digital accounting and taxes

  • Google Sheets - calculations and KPI management

  • Agicap - cash flow management

  • SumUp - cash acceptance

  • iwoca - corporate loans and financing

  • Slack - productivity and communication

  • insureQ - insurances


One platform for all your financial needs

As you can see, digital financial management tools offer much more than just a standard business account. They also make your business life much easier, thanks to numerous features and additional integrations you don't get with traditional banks.


Financial solutions like Qonto can also be extended or upgraded as your business grows to meet new requirements. This is possible thanks to flexible pricing plans, covering expense management, accounting and invoicing, and professional financial management.


Qonto is teaming up with Berlin Startup School to host a webinar for entrepreneurs. Join now to learn more about efficient financial management for startups. Make your journey to financial security simple and stress-free.

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