Having a corporate bank account at their disposal can have a range of benefits for small and medium sized enterprises (SMEs), mainly due to the benefits of improving their financial capabilities.

But while the opportunity to carry out transactions more easily and keep a better check on the business's books is likely to appeal to the vast majority of SMEs, it appears that many managers are finding it particularly challenging to set up a business account.

According to Richard Wagner, chief executive officer at Advanced Payment Solutions, his own company experienced difficulty in seeking approval for such an account, meaning others could find it similarly tricky.

"Plumbers or construction guys who have five to ten employees - how do they go through the process of setting up a bank account, let alone a business expense product in an efficient way?" he said.

Yet if their business insurance policies are in order and they have a solid foundation on which to build, SMEs may eventually find themselves in a position to apply for a corporate account as their financial credentials improve.