Business Accounts – Why You Need One

If you’re an established business or a start-up having a business account is crucial. A separate account lets you to pay for your expenses using funds that are not linked to your personal credit. It also helps you establish a business credit score that can allow you to be eligible for loans. Business accounts typically come with features to help you run your business more efficiently, such as mobile banking and business-specific cards.

Simplify Record-Keeping

A dedicated business account allows you to clearly distinguish your personal finances from those of your business making it easier for you to keep track of and deduct expenses. It can also help business accounts you avoid mistakes in financial reporting and reduces the chance of audits.

Look Professional

It is possible to show that you are serious about your business by having a company account instead of yours. It can also demonstrate to potential investors, customers and partners that you are reliable and organized.

Create an account with a Business Bank account

Different banks offer different business accounts, with the kind of account you require dependent on how your business is structured. You’ll generally need the following information and documents to open a business bank account: