If you’re an established business or a startup, a business account is essential. A separate account allows you pay for expenses using funds that are not linked to your personal credits. It also helps you establish business credit that could allow you to qualify for loans. Business accounts are often equipped with features that will assist you in running your business more efficiently, like mobile banking and cards for businesses.
Simplify Record-Keeping
A dedicated business account allows you to clearly separate your personal finances from those of your business making it easier to keep track of and deduct expenses. It can help you avoid errors in financial reporting, and decreases the chance that your account will be audited.
Look Professional
The use of a business account with the name of your business instead of your own can make you stand out as a person who takes business seriously. It also gives confidence to potential partners, investors and clients that you are organized and dependable.
Open a Business Bank Account
Different banks offer different business accounts, based on the type of account you require depending on how your business is organized. You’ll typically need to provide the following information and documents to establish a business bank account: