Oct 31
Advantages of a business account versus a personal account
October 31, 2016

- Accuracy in determining if the business is or is not profitable. (For example, is it generating gains or losses?) It also helps establish trends in terms of peak and slow seasons. And it makes it easier to ensure that expenses are within the budget.
- If the business is incorporated, having a business account is a requirement of the Internal Revenue Service (IRS).
- Customers of a well- structured business may use a variety of payment methods. Additionally, they will feel more secure drawing a check out to the name of a business rather than an individual.
- It lets you pay suppliers with a check from a business account and not with a personal one. This lets you keep your finances separate and in order, and the business projects a more professional image to suppliers.
- It can help you establish credit and take the first step toward applying for financing.1