How to Use Your Business Bank Account :
The Do's & Don'ts
June 26, 2025
A business bank account isn't just a formality, it's actually the foundation for building healthy financial practices from day one.
In the Netherlands, every serious startup, from sole traders to BVs, needs to keep their banking clean, compliant, and seamlessly integrated with their financial operations.
This guide provides clear dos, don'ts, and practical insights to help you use your business account correctly, and avoid costly mistakes down the line. We’ve also attached a useful booklet to keep you on track!
A business bank account isn't just a formality, it's actually the foundation for building healthy financial practices from day one.
In the Netherlands, every serious startup, from sole traders to BVs, needs to keep their banking clean, compliant, and seamlessly integrated with their financial operations.
This guide provides clear dos, don'ts, and practical insights to help you use your business account correctly, and avoid costly mistakes down the line. We’ve also attached a useful booklet to keep you on track!
A Guide for Startups & Scale-Ups in The Netherlands
A Guide for Startups & Scale-Ups in The Netherlands
Why You Need a Business Bank Account
Why You Need a Business Bank Account
Whether you're a freelancer, startup founder, or scale-up:
Freelancers (eenmanszaak) aren't legally required to open a separate business account, but it's highly recommended for VAT tracking and financial clarity.
BVs (Besloten Vennootschap) must, by law, separate personal and business finances to preserve liability protection and accurate corporate governance.
For scale-ups, bank statements are a key component of investor due diligence and financial reporting.
Even if not legally required, a business account helps you:
Track payments & receipts accurately
Prove business expenses during audits
Simplify annual accounts and tax filings
Establish professional credibility with clients, banks, and investors
Whether you're a freelancer, startup founder, or scale-up:
Freelancers (eenmanszaak) aren't legally required to open a separate business account, but it's highly recommended for VAT tracking and financial clarity.
BVs (Besloten Vennootschap) must, by law, separate personal and business finances to preserve liability protection and accurate corporate governance.
For scale-ups, bank statements are a key component of investor due diligence and financial reporting.
Even if not legally required, a business account helps you:
Track VAT inputs and outputs accurately
Prove business expenses during audits
Simplify annual accounts and tax filings
Establish professional credibility with clients, banks, and investors
The Dos
The Dos
The Dont's
The Dont's
Common Mistakes to Avoid
Common Mistakes to Avoid
1. Open a separate business account early
Choose a reputable bank and set it up as soon as you have a KVK registration. Use this account exclusively for business income and expenses.
Even freelancers benefit: it reduces confusion when preparing your VAT aangifte and ensures compliance with the Belastingdienst.
2. Use clear payment references
Use useful and specific descriptions for transfers:
"Salary – April 2025" instead of "Transfer"
"Invoice 302 – ABC Client" instead of "Payment"
"Reimbursement – June Marketing Lunch" for staff expenses
This assists your accountant, streamlines audits, and ensures transparent record-keeping.
3. Record every expense with proof
Every business-related payment should be meticulously matched to:
An invoice
A receipt
A reimbursement claim
Tip: The Belastingdienst requires supporting documentation for each input VAT claim. Store receipts digitally in organised folders or utilise tools like Basecone.
4. Keep your owner transactions clean
If you're paying yourself:
For BVs: Pay via salary (through payroll) or dividend.
For eenmanszaak: Transfer money as an "owner's draw" with a clear label.
Avoid vague, one-off transfers like "€1,000 – Savings." Such transactions muddy your records and complicate tax season.
5. Monitor regularly
Log in weekly to:
Reconcile new transactions
Flag any unclear transactions
Ensure invoices and receipts are properly linked
This habit saves significant time when preparing your VAT return or compiling financial statements.
1. Open a separate business account early
Choose a reputable bank and set it up as soon as you have a KVK registration. Use this account exclusively for business income and expenses.
Even freelancers benefit: it reduces confusion when preparing your VAT aangifte and ensures compliance with the Belastingdienst.
2. Use clear payment references
Use useful and specific descriptions for transfers:
"Salary – April 2025" instead of "Transfer"
"Invoice 302 – ABC Client" instead of "Payment"
"Reimbursement – June Marketing Lunch" for staff expenses
This assists your accountant, streamlines audits, and ensures transparent record-keeping.
3. Record every expense with proof
Every business-related payment should be meticulously matched to:
An invoice
A receipt
A reimbursement claim
Tip: The Belastingdienst requires supporting documentation for each input VAT claim. Store receipts digitally in organised folders or utilise tools like Basecone.
4. Keep your owner transactions clean
If you're paying yourself:
For BVs: Pay via salary (through payroll) or dividend.
For eenmanszaak: Transfer money as an "owner's draw" with a clear label.
Avoid vague, one-off transfers like "€1,000 – Savings." Such transactions muddy your records and complicate tax season.
5. Monitor regularly
Log in weekly to:
Reconcile new transactions
Flag any unclear transactions
Ensure invoices and receipts are properly linked
This habit saves significant time when preparing your VAT return or compiling financial statements.
1. Do not pay for business costs from your personal account
This breaks the clear audit trail required for VAT purposes and creates unnecessary administrative burdens. Likewise do not make personal transactions from your business account. If unavoidable:
Save the receipt
Log the transaction
Reimburse yourself via the business account
2. Do not withdraw cash without documentation
Cash withdrawals should be rare, and always meticulously documented. ATM withdrawals without a receipt or stated purpose are significant red flags for auditors and tax inspectors.
The Belastingdienst may treat undocumented withdrawals as private income, which is taxable.
3. Do not make vague transfers
Transfers labelled "payment", "invoice", or just "John" are not helpful. Be specific. Use transaction descriptions that stand up to audit.
1. Do not pay for business costs from your personal account
This breaks the clear audit trail required for VAT purposes and creates unnecessary administrative burdens.
Likewise do not make personal transactions from your business account. If unavoidable:
Save the receipt
Log the transaction
Reimburse yourself via the business account
2. Do not withdraw cash without documentation
Cash withdrawals should be rare, and always meticulously documented. ATM withdrawals without a receipt or
stated purpose are significant red flags for auditors and tax inspectors.
The Belastingdienst may treat undocumented withdrawals as private income, which is taxable.
3. Do not make vague transfers
Transfers labelled "payment", "invoice", or just "John" are not helpful. Be specific. Use transaction
descriptions that stand up to audit.
Common Mistakes to Avoid
1. Open a separate business account early
Choose a reputable bank and set it up as soon as you have a KVK registration. Use this account exclusively for business income and expenses.
Even freelancers benefit: it reduces confusion when preparing your VAT aangifte and ensures compliance with the Belastingdienst.
2. Use clear payment references
Use useful and specific descriptions for transfers:
"Salary – April 2025" instead of "Transfer"
"Invoice 302 – ABC Client" instead of "Payment"
"Reimbursement – June Marketing Lunch" for staff expenses
This assists your accountant, streamlines audits, and ensures transparent record-keeping.
3. Record every expense with proof
Every business-related payment should be meticulously matched to:
An invoice
A receipt
A reimbursement claim
Tip: The Belastingdienst requires supporting documentation for each input VAT claim. Store receipts digitally in organised folders or utilise tools like Basecone.
4. Keep your owner transactions clean
If you're paying yourself:
For BVs: Pay via salary (through payroll) or dividend
.
For eenmanszaak: Transfer money as an "owner's draw" with a clear label.
Avoid vague, one-off transfers like "€1,000 – Savings." Such transactions muddy your records and complicate tax season.
5. Monitor regularly
Log in weekly to:
Reconcile new transactions
Flag any unclear transactions
Ensure invoices and receipts are properly linked
This habit saves significant time when preparing your VAT return or compiling financial statements.
1. Do not pay for business costs from your personal account
This breaks the clear audit trail required for VAT purposes and creates unnecessary administrative burdens. Likewise do not make personal transactions from your business
account. If unavoidable:
Save the receipt
Log the transaction
Reimburse yourself via the business account
2. Do not withdraw cash without documentation
Cash withdrawals should be rare, and always meticulously documented. ATM withdrawals without a receipt or stated purpose are significant red flags for auditors and tax
inspectors.
The Belastingdienst may treat undocumented withdrawals as private income, which is taxable.
3. Do not make vague transfers
Transfers labelled "payment", "invoice", or just "John" are not helpful. Be specific. Use transaction descriptions that stand up to audit.
1. Open a separate business account early
Choose a reputable bank and set it up as soon as you have a KVK registration. Use this account exclusively for business income and expenses.
Even freelancers benefit: it reduces confusion when preparing your VAT aangifte and ensures compliance with the Belastingdienst.
2. Use clear payment references
Use useful and specific descriptions for transfers:
"Salary – April 2025" instead of "Transfer"
"Invoice 302 – ABC Client" instead of "Payment"
"Reimbursement – June Marketing Lunch" for staff expenses
This assists your accountant, streamlines audits, and ensures transparent record-keeping.
3. Record every expense with proof
Every business-related payment should be meticulously matched to:
An invoice
A receipt
A reimbursement claim
Tip: The Belastingdienst requires supporting documentation for each input VAT claim. Store receipts digitally in organised folders or utilise tools like Basecone.
4. Keep your owner transactions clean
If you're paying yourself:
For BVs: Pay via salary (through payroll) or dividend
.
For eenmanszaak: Transfer money as an "owner's draw" with a clear label.
Avoid vague, one-off transfers like "€1,000 – Savings." Such transactions muddy your records and complicate tax season.
5. Monitor regularly
Log in weekly to:
Reconcile new transactions
Flag any unclear transactions
Ensure invoices and receipts are properly linked
This habit saves significant time when preparing your VAT return or compiling financial statements.
1. Do not pay for business costs from your personal account
This breaks the clear audit trail required for VAT purposes and creates unnecessary administrative burdens. Likewise do not make personal transactions from your business account. If unavoidable:
Save the receipt
Log the transaction
Reimburse yourself via the business account
2. Do not withdraw cash without documentation
Cash withdrawals should be rare, and always meticulously documented. ATM withdrawals without a receipt or stated purpose are significant red flags for auditors and tax
inspectors.
The Belastingdienst may treat undocumented withdrawals as private income, which is taxable.
3. Do not make vague transfers
Transfers labelled "payment", "invoice", or just "John" are not helpful. Be specific. Use transaction descriptions that stand up to audit.
1. Open a separate business account early
Choose a reputable bank and set it up as soon as you have a KVK registration. Use this account exclusively for business income and expenses.
Even freelancers benefit: it reduces confusion when preparing your VAT aangifte and ensures compliance with the Belastingdienst.
2. Use clear payment references
Use useful and specific descriptions for transfers:
"Salary – April 2025" instead of "Transfer"
"Invoice 302 – ABC Client" instead of "Payment"
"Reimbursement – June Marketing Lunch" for staff expenses
This assists your accountant, streamlines audits, and ensures transparent record-keeping.
3. Record every expense with proof
Every business-related payment should be meticulously matched to:
An invoice
A receipt
A reimbursement claim
Tip: The Belastingdienst requires supporting documentation for each input VAT claim. Store receipts digitally in organised folders or utilise tools like Basecone.
4. Keep your owner transactions clean
If you're paying yourself:
For BVs: Pay via salary (through payroll) or dividend
.
For eenmanszaak: Transfer money as an "owner's draw" with a clear label.
Avoid vague, one-off transfers like "€1,000 – Savings." Such transactions muddy your records and complicate tax season.
5. Monitor regularly
Log in weekly to:
Reconcile new transactions
Flag any unclear transactions
Ensure invoices and receipts are properly linked
This habit saves significant time when preparing your VAT return or compiling financial statements.
1. Do not pay for business costs from your personal account
This breaks the clear audit trail required for VAT purposes and creates unnecessary administrative burdens. Likewise do not make personal transactions from your business account.
If unavoidable:
Save the receipt
Log the transaction
Reimburse yourself via the business account
2. Do not withdraw cash without documentation
Cash withdrawals should be rare, and always meticulously documented. ATM withdrawals without a receipt or stated purpose are significant red flags for auditors and tax
inspectors.
The Belastingdienst may treat undocumented withdrawals as private income, which is taxable.
3. Do not make vague transfers
Transfers labelled "payment", "invoice", or just "John" are not helpful. Be specific. Use transaction descriptions that stand up to audit.
1. Open a separate business account early
Choose a reputable bank and set it up as soon as you have a KVK registration. Use this account
exclusively for business income and expenses.
Even freelancers benefit: it reduces confusion when preparing your VAT aangifte and ensures compliance
with the Belastingdienst.
2. Use clear payment references
Use useful and specific descriptions for transfers:
"Salary – April 2025" instead of "Transfer"
"Invoice 302 – ABC Client" instead of "Payment"
"Reimbursement – June Marketing Lunch" for staff expenses
This assists your accountant, streamlines audits, and ensures transparent record-keeping.
3. Record every expense with proof
Every business-related payment should be meticulously matched to:
An invoice
A receipt
A reimbursement claim
Tip: The Belastingdienst requires supporting documentation for each input VAT claim. Store receipts
digitally in organised folders or utilise tools like Basecone.
4. Keep your owner transactions clean
If you're paying yourself:
For BVs: Pay via salary (through payroll) or dividend
.
For eenmanszaak: Transfer money as an "owner's draw" with a clear label.
Avoid vague, one-off transfers like "€1,000 – Savings." Such transactions muddy your records and
complicate tax season.
5. Monitor regularly
Log in weekly to:
Reconcile new transactions
Flag any unclear transactions
Ensure invoices and receipts are properly linked
This habit saves significant time when preparing your VAT return or compiling financial statements.
Accounting That Accelerates Startups.
Accounting That Accelerates Startups.
Accounting That Accelerates Startups.
Not sure if your bank setup is right? You’re not alone.
Most startups don’t realise how much time and money they lose to small banking mistakes.
We’ll help you fix it, fast!
We have created a free downloadable guide, so you always have your Do's & Don'ts on hand!
Meals and Entertaining
Meals with clients can be paid from the business account only if there is a direct business purpose, and the names of the attendees should be documented.
Staff lunches are deductible in some cases, but VAT may be only partially reclaimable.
Personal meals, even while travelling, are not deductible unless tied to a business event.
Train, taxi, or fuel costs for business meetings or events are allowable business expenses.
Commuting between home and a regular workplace is not VAT deductible.
Keep travel receipts and add notes on purpose/location.
Hotel stays are acceptable if they are clearly tied to business trips or events.
Be cautious with extras like room service or spa charges, these are often not deductible.
Always retain the full invoice and log the reason for travel.
Verify the UBO match: The name on your bank account must precisely match the registered entity. Banks often reject transactions if there is a mismatch.
Archive account statements monthly: PDF bank statements should be downloaded and archived, as some banks only keep these accessible for 12–24 months.
Set up automatic alerts: For large payments or when your balance drops below €1,000 a valuable practice for cash flow discipline.
Travel Expenses
Accommodation
Pro Tips for Startups in The NL
Meals and Entertaining
Meals with clients can be paid from the business account only if there is a direct business purpose, and the names of the
attendees should be documented.
Staff lunches are deductible in some cases, but VAT may be only partially reclaimable
.
Personal meals, even while travelling, are not deductible unless tied to a business event.
Train, taxi, or fuel costs for business meetings or events are allowable business expenses.
Commuting between home and a regular workplace is not deductible.
Keep travel receipts and add notes on purpose/location.
Hotel stays are acceptable if they are clearly tied to business trips or events.
Be cautious with extras like room service or spa charges, these are often not deductible.
Always retain the full invoice and log the reason for travel.
Verify the UBO match
The name on your bank account must precisely match the registered entity.
Archive account statements monthly
PDF bank statements should be downloaded and archived, as some banks only keep these accessible for 12–24 months.
Set up automatic alerts: For large payments or when your balance drops below €1,000 a valuable practice for cash flow
discipline.
Travel Expenses
Accommodation
Pro Tips for Startups in The NL
Meals and Entertaining
Meals with clients can be paid from the business account only if there is a direct business purpose, and the names of the
attendees should be documented.
Staff lunches are deductible in some cases, but VAT may be only partially reclaimable
.
Personal meals, even while travelling, are not deductible unless tied to a business event.
Train, taxi, or fuel costs for business meetings or events are allowable business expenses.
Commuting between home and a regular workplace is not deductible.
Keep travel receipts and add notes on purpose/location.
Hotel stays are acceptable if they are clearly tied to business trips or events.
Be cautious with extras like room service or spa charges, these are often not deductible.
Always retain the full invoice and log the reason for travel.
Verify the UBO match
The name on your bank account must precisely match the registered entity.
Archive account statements monthly
PDF bank statements should be downloaded and archived, as some banks only keep these accessible for 12–24 months.
Set up automatic alerts: For large payments or when your balance drops below €1,000 a valuable practice for cash flow
discipline.
Travel Expenses
Accommodation
Pro Tips for Startups in The NL
Meals and Entertaining
Meals with clients can be paid from the business account only if there is a direct business purpose, and the names of the
attendees should be documented.
Staff lunches are deductible in some cases, but VAT may be only partially reclaimable
.
Personal meals, even while travelling, are not deductible unless tied to a business event.
Travel Expenses
Train, taxi, or fuel costs for business meetings or events are allowable business expenses.
Commuting between home and a regular workplace is not deductible.
Keep travel receipts and add notes on purpose/location.
Accommodation
Hotel stays are acceptable if they are clearly tied to business trips or events.
Be cautious with extras like room service or spa charges, these are often not deductible.
Always retain the full invoice and log the reason for travel.
Pro Tips for Startups in The NL
Verify the UBO match
The name on your bank account must precisely match the registered entity.
Archive account statements monthly
PDF bank statements should be downloaded and archived, as some banks only keep these accessible for 12–24 months.
Set up automatic alerts: For large payments or when your balance drops below €1,000 a valuable practice for cash flow
discipline.
Not sure if your bank setup is right? You’re not alone.
Most startups don’t realise how much time and money they lose to small banking mistakes.
We’ll help you fix it, fast!
Meals and Entertaining
Meals with clients can be paid from the business account only if there is a
direct business purpose, and the names of the attendees should be
documented.
Staff lunches are deductible in some cases, but VAT may be only partially reclaimable
.
Personal meals, even while travelling, are not deductible unless tied to a business event.
Travel Expenses
Train, taxi, or fuel costs for business meetings or events are allowable
business expenses.
Commuting between home and a regular workplace is not deductible.
Keep travel receipts and add notes on purpose/location.
Hotel stays are acceptable if they are clearly tied to business trips or events.
Be cautious with extras like room service or spa charges, these are often not deductible.
Always retain the full invoice and log the reason for travel.