There are many business owners who share their personal bank account for their business as well, while there are some who a separate bank account for their business, which do you think is best? Personally i feel having a completely different account for your business would be better, this would allow you easily monitor the amount of money that goes in and how much profit you are making. At the moment my business does not have an account under its name, but i do have an extra account i use for just my business.
Does your business has its own Bank account?
- Thread starter eldavis
- Start date
I think it's a good thing to separate personal and business accounts. Because we can control the cash flow that goes in and out of the account properly. And we can also easily find out how much business capital balance is in the bank account.
Otnis a recipe for disaster of you are doubling the business account as your personal aaccout. You won't be able to account for how the finances of the business move no matter how diligent you are.
I think it is better to have a separate account for your business. This is to ensure that you have a proper record of your business transactions, and also help to keep track of how well your business is doing financially.
To prevent the situation of touching business funds, it is advisable to have a separate account for your business. The temptation would be huge when you are broke and business funds are lying in your account.
I do not have an offline business yet, but if I ever start one, I will set up a separate bank account for the company. I want to keep my savings separate from my business funds to avoid any confusion.
It is very ethical for business to have its own bank account because it will go a long way to enhancing to accountability in the business.
My business doesn't have a corporate account yet. But I just opened a savings account with the business name and it is dedicated solely to the business.
