Can a business really function without a bank account?

[Knowledge Quest]

I believe a business would hardly function without having a bank account. This is because most business rely on Banks for their business transactions and for keeping money safe rather than having a piggy box or saving in the traditional way. What do y'all think?

 

[cherry123]

Yes you can still do your business without needing a bank account. Keep your money safe which is the most important thing.

 

[Enxx]

Yes business can function without a bank account but it can only be for small business or market businesses

 

[Shavkat]

For small scale businesses, it is fine not to have bank accounts. Although it is ideal to have for business transactions.

 

[Springtime]

I think it is more convenient for even a small business to have a bank account. Money earned has to be put in safe place.

 

[Reedex]

How can you establish a business without a business bank account ? it is really out of context.

 

[uptrendfinancialsignal]

I have not seen places where business function without a bank account and I don't think it is really going to work in that way.

 

[Bisolami]

I believe a business would hardly function without having a bank account. This is because most business rely on Banks for their business transactions and for keeping money safe rather than having a piggy box or saving in the traditional way. What do y'all think?

The business will surely function without a bank account but it is just advisable to have a bank account because some people do not have cash at hand

 

[eldavis]

A small scale business might most likely be able to function to some extent, but there would definitely be times where you would come across some customers who would want to do transfers as their means of payment.

 

[Niyi Briggs]

The lady pushing food on wheels in the street won't really need a bank account for anything apart from savings. She doesn't accept payment through mobile transfers because the amounts are too small to transfer.

 

[astutimeliana723]

We can run a business without a bank account, if our business is still on a small scale and includes businesses that are run offline. For online businesses without a bank account it will be very difficult, although there are some who can without a bank account.

 

[Stardom22]

Of course yes they can. I have found most businesses accounts without bank accounts and they thrive so much.

 

[freelancermaria]

Some businesses entail having a bank account, particularly for large-scale businesses. However, if you run a small-scale business, having one may not be necessary in the meantime.

 

[Carson20t]

A business will function without a bank account but it depends on what scale that business tends to grow to, can you imagine that your business deals with a lot of cash flow and you now count your cash manually? You would face a lot of challenges both embezzlement and some cash missing and also a possible chance of not detecting counterfeit cash and original cash. So a bank offers a counting facility and detects fake notes. It also helps secure a large stack of cash for you as a transaction where large volumes of cash are done usually through electronic funds transfer. So it depends on the type of business and what scale or magnitude you would like it to grow to.

 

[King Belieal]

It is very local businesses that can survive without a bank account. Those kinds of businesses make so little in terms of revenue and profits.

 

[Ratine]

It's very possible for sure. I have been Operating my small business for years now without it.

 

[Fidelia]

A local traditional business can function without a bank account but a business that has some sort of enlightened patrons can't function without a bank account.