Business Account

[Chris]

Is it worth it to open up a business bank account? Can't you just use your regular chequing and savings while you are running a business. What are the benefits of having a business account. Thank you for your help.

[aquariancore]

What I am doing now is building up through a personal account first to avoid fees. I can do this because the business name is my name.

[Michael]

Im currently using a personal account, i have one account for my business, one for my personal use. I pay myself a monthly salery coming out of the other account.

[eria]

I use one personal account for business transactions and one saving account to spend myself

[LyricB]

I use an account for my business income, but then I transfer it over to my personal account.

[mtatum4496]

Yes, you need a business account. It comes in very handy to have all that detail in one place and not mixed in with your personal stuff when tax time rolls around. Also, as your business grows and you need to get more savvy with invoicing software and keep up with business related payables as well as receivables, it is much less a hassle to have the business account in place.

[chaketz90]

It is practical now to use a personal account for your business transaction.. and besides,, there are no fees..

[benfranklin]

We have a separate business account because we are set up as a limited liability company. Bank fee is $25 per month. Wish it were cheaper and will keep looking around. Definitely helps to keep all business records separate from personal.

Finding Benjamin

[CrimeCleaner]

There are several reasons to have a separate business account from you personal checking account. The first reason for me is because I want to keep my business affairs separate from my personal stuff. Most of the other reasons are tax, accounting, book keeping, and auditing reasons. Basically you want to be as organized as possible, it will save you a lot of money sooner or later.

Probably the most important reason is becasue the separate bank accounts reflect your professionalism and increase your credibility and integrity in the eyes of the your clients. The cool part is that you can build business credit, which is different than your personal credit so you can get business credit cards, cash advances etc...You will probably need this stuff sooner or later too...

[vmrcks84]

I've been thinking about this issue myself lately.

I'm planning to set up my business site as an LLC, so I'm pretty sure I would need a separate bank account for it. Until it's officially an LLC, I have to keep track of expenses and income in my personal bank account, but I will switch over when all the paperwork and planning is done.