Bank charges should be reviewed at least annually with your Relationship Manager to ensure you are operating in the most cost-effective way. As a general rule, automated transactions are the most efficient way to operate. Avoid paying in or taking out cash from your business account if you can. Utilise online banking wherever possible for ease of use and great value.

Also, make sure you are paid by customers in the best way – that means try and convert customers to pay by ‘Faster Payment’ or BACS, which will save costs for you, rather than cheques. If you accept card payments, review your machine provider annually as you may find a cheaper alternative – always challenge for a better deal. Finally, if you haven’t already, make an appointment with your Relationship Manager to review how your charges accrue, and seek input as to how you can reduce them using some of the ideas above.