Joint-User Access: Do You Need it for Your Business Account?
Find out what a multi-user business bank account is and how it provides convenience, control, and security.
Managing business finances isn’t a leisurely walk in the park, especially as your company grows and your staff increases. Every decision you make impacts cash flow, and any oversight can ripple through your operations. Imagine a solution that simplifies the complexity of financial management, strengthens control, and allows seamless collaboration among your team. Thankfully, multi-user access is a transformative feature designed to tackle common pain points and help your business thrive. This article explores why multi-user access is crucial to your company and the benefits it brings to the table.
What is a Joint Account for Business?
A joint business account works similarly to a personal bank account. However, it provides access to two or more authorized personnel to manage money or conduct transactions on behalf of other users. Rather than opening separate business bank accounts for each person in your organization, a joint account ensures all stakeholders and business partners can access the company's financial and bank statements.This joint status authorizes all those listed on the account to use it fully. Depending on your model, they may be responsible for payments, monthly account fees, or managing different transaction fees.Here are three kinds of businesses where using this joint bank account is crucial:- Multi-access business account for a partnership
- Joint Access to a Solopreneur’s Bank Account
- Multi-Owner Mobile Business Accounts for Limited Companies
Challenges of Managing Joint Business Accounts: Addressing the Pain Points
For many established businesses, a single administrator manages the business account. While this may look good on paper or for the first few years of operation, it soon leads to inefficiencies and risks. According to the ACFE’s 2020 Report to the Nations, 35% of reported fraud cases arise in organizations that lack internal controls and poor account management. This report reveals that business owners, despite their initial effective management, have increased inefficiencies as the company grows and operations become more complex. Here are a few challenges they may face:1. Centralized ControlWhen only one user can access a business account, bottlenecks could occur. For instance, imagine being in an annual shareholders meeting only to find out the account owner isn’t present. As a result, critical tasks like staff payments or transaction reconciliation would be delayed, which would negatively impact the company’s operations. 2. Increased Security RisksMany believe that sharing login details among team members is a quick fix for accessing a business account. However, this approach risks exposing sensitive data to potential breaches and data hacks.3. Scalability IssuesAs a business grows, so does its cash flow. Having a single point of access becomes impractical, as departments like accounting or compliance will have to rely on manual communication for updates. This definitely slows down decision-making and effective collaboration.These issues are amplified in sectors that require quick financial decisions, such as e-commerce, logistics, or fintech. If left unchecked, they can lead to missed opportunities and potential security breaches. No one wants that for their established businesses. Hence, multi-user access prevents these issues and enhances the firm’s growth.What are the Benefits of a Joint Business Bank Account?
A joint business bank account is a must-have for businesses of all sizes. Rather than create multiple accounts for every stakeholder, this account type allows you to track cash flow without overcomplicating bookkeeping. Let’s discuss some perks of having it in your company.Enhanced Control and DelegationMulti-user access empowers business owners to delegate financial tasks seamlessly to team members without losing overall control. Here are three levels to this feature:- Admins oversee the entire business account and make key decisions.
- Preparers can handle tasks like creating drafts for international payments, tracking expenses, or preparing reports to ensure smooth operations.
- Viewers, which offers read-only access. This is ideal for auditors or compliance officers who need to monitor a company’s financial activities without making any changes.
- Transactions are approved and processed faster.
- There is real-time visibility into where your money flows in or out, which improves decision-making.
- The unavailability of a single account holder causes no delays.
- Offering unique logins for each user.
- Allowing the business's current account admin to monitor, modify, or revoke access instantly.
- Implementing two-factor authentication (2FA) for added security.
Which Bank Has the Best Joint Business Account for Small Businesses?
The simple answer: a digital banking service like Narvi, of course! We’ve designed our multi-user business bank access feature to be intuitive and secure, catering to modern business needs. It can help streamline international payments (especially when foreign currency is involved) and manage business finances. Thus, companies of all sizes can leverage it without a steep learning curve.What Documents do I Need for a Joint Business Bank Account?
Opening a joint Narvi business bank account for your business requires the same documents as an account that you're not planning to share with anybody. When sending an application, submit:- Company details (a fresh extract from the Trade Register (max. 3 months old), Articles of Association, possibly a previous Bank statement).
- Your personal details, such as ID and proof of address.
How To Open a Joint Business Account with Narvi
Narvi is a Finland-regulated neobank that offers faster and more modern online banking solutions perfect for international founders and savvy entrepreneurs. While traditional banks may have stricter rules, especially for Finnish non-residents, we’re more flexible.1. Upload Your Documents and Open a Business AccountTo start, open a business account with us and upload your documents on our secure servers.2. Add Users to The Joint Business Account After opening a new account, it’s time to leverage the multi-user access feature. An admin (usually the business owner) can add other users. Here’s the process:- Log into your new account.
- Click on “Manage Company” at the bottom left of the dashboard.
- Go to “Team Members” and select “+ Invite.”
- Provide the new user’s email or phone number for SMS verification, and assign their access level (either as co-admin, preparer, or viewer).
- Send the invitation. The new user has 72 hours to accept it before it expires.
- Click “Accept Invitation” in the email.
- Complete the SMS verification process.
- Log into the Narvi account. If they don’t have one, they’ll need to create it.
- Depending on their access level, admins may need to complete ID verification for compliance and security purposes.
How to Manage a Shared Access Business Account
Our multi-user access is tailored to meet the demands of modern businesses. Managing a shared access business account is essential for companies looking to grow while maintaining security and efficiency. This procedure is usually handled by the main signatories to the business account, and here’s how to do it.1. Set Individual Access LevelsAdmins own the right to assign different access levels for different users:- Full access for co-founders or top executives can handle everything, from payments to approvals.
- Limited access for teams by assigning them roles like creating invoices and reconciling balances without touching sensitive data balances.
- Read-only for accountants or auditors who need to monitor operations.
- Payment limits: Set maximum amounts for transactions or any credit card linked to current accounts.
- Approval layers: Dual approvals are required for high-value payments for full accountability.
- Spending Categories: Restrict access to a specific expense type like marketing budget.
- Delegate wisely by assigning a staff to handle invoices or credit checks and another for payroll.
- Use accounting software to automate tasks like scheduling staff payments to personal accounts to avoid any delay.
- Keep logs of what every staff does, which is essential for accountability.
- Training your team on how to use the joint business account properly.
- Periodically reviewing access permissions to ensure they’re up-to-date.
- Using multi-factor authentication for added security.
Joint-Access Business Bank Account: Frequently Asked Questions
It allows multiple users to manage company finances together. As a shared hub for all business banking needs, it allows people to send and receive payments, set spending limits, and manage team access.
Look for customizable access levels so team members can have the right permissions, multi-factor authentication, easy payment controls for easy spending, and a user-friendly interface.
You’ll need a joint business account if you have more than one user handling your finances or need multiple accounts to separate company and personal expenses.
Standing orders are regular payment methods that allow you to instruct your bank to send money to specified personal accounts at regular intervals. Standing orders can be used to transfer money from a business current account to another and pay a monthly account fee.
Yes, you can! All you need is to decide how much access you’ll give them and to follow your bank's instructions. Then, the new user can help with payments, bookkeeping, or other tasks without you giving them full control.
You’ll need one if an accountant or auditor needs to review your finances. Just ensure the access is secure and limited to what’s necessary.
Published March 24, 2023. Updated December 31, 2024Author:
- Ayomide Adeleye, a writer with a strong focus on finance and technology who contributes to Narvi on the topics of banking services and select industries such as igaming and cryptocurrency.
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