If you're an established business or a start-up the need for a business account is vital. The use of a separate account permits you to pay for expenses using funds that aren't linked to your personal credit and it also aids in building business credit, which could make you eligible for loans. Business accounts often come with features that will assist you in running your business more efficiently, for example mobile banking and specific cards for businesses.
Simplify Record-Keeping
A dedicated business account lets you clearly separate your personal finances from those of your business, making it easier for you to keep track of and deduct expenses. It helps you avoid a variety of mistakes in financial reporting, and decreases the chance of being audited.
Look Professional
You can show that you are serious about your business by using a corporate account instead of your own. It can also convince potential investors, customers and partners that you're trustworthy and organized.
Open a Business Bank Account
Different banks offer different business accounts, based on the type of account you require determined by how your company is organized. You'll usually need the following information and documents to open a business bank account: