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Business Bank Accounts

One of the things that causes the biggest headaches with bookkeeping is when a business doesn’t have a separate bank account. This is one of the easiest ways to make your life simpler with regards to bookkeeping. Keep reading below for more reasons why having a separate business account makes sense…

  1. It makes bookkeeping 100% easier

Keeping business finances separate from your personal finances makes keeping your business accounts up to date so much easier. You won’t have to sit there and think about which expenses are personal and which are business related.

  1. Essential for applying for loans and credit

Some banks won’t lend you money for your business unless you have a separate business bank account. Therefore if you think you’d like extra funds to get started or to grow and expand it’s wise to set up a business bank account

  1. Reputation and Trust

Customers will often feel like your business is trustworthy if you have a dedicated business bank account. 

  1. Sync to software

Depending on your bank, you may well be able to link your bank account to your accountancy software. For example, our software partner Xero syncs to the majority of business bank accounts. This means you can log in and get an up to date picture of your businesses financials 

  1. Build your credit score

Linked to point 2 above, keeping business finances separate from personal ones give you a chance to build your businesses credit score. This is essential if you want to take out business loans / credit. 

As a business owner myself we have had separate business bank accounts and are happy to discuss the process of setting up an account with you.

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