A business account is essential for any company, whether it’s a new startup or one that has been established. A separate account lets you to pay for expenses with funds that aren’t tied to your personal credit. It also helps you establish business credit that will allow you to qualify for loans. Business accounts often come with features that will help you run your business more efficiently, such as mobile banking and cards specifically designed for business.
Simplify Record-Keeping
A dedicated business account lets you clearly distinguish your personal finances from those of your business and makes it easier to track and deduct expenses. It helps you avoid a variety of mistakes in financial reporting and minimizes the chance of being audited.
Look Professional
It is possible to show that you take your business seriously by using a company account instead of your own. It can also convince potential investors, customers and partners that you are trustworthy and well-organized.
Create a Business Bank Account
Different banks offer various types of business accounts. The type you require depends on the nature of your company. You’ll usually need the following information and documents to open a corporate bank account:
