Advantages of a business account versus a personal account

Solid companies have business accounts and any business owner who aspires to success should also consider opening one. First impressions mean a lot and a business with its own business account project professionalism, solidity and commercial legitimacy. Additionally, a business account lets you keep separate personal expenses from professional expenses, which can help ease the accounts’ reconciliation process. It also allows accuracy in identifying where the money is being invested (in personal expenses or in the business). On the other hand, it helps you be more organized when submitting the documents required for filing income tax returns. Other advantages of having a business account:

• 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

We have business accounts to fit each company’s needs. Having a business account gives you access to additional services that will help you manage your business and maximize your time. Your Banco Popular relationship officer can also become a personal advisor on business banking issues and report on alliances you can establish with other businesses. At the same time, business owners will learn about new products and services that may help them keep their businesses’ finances up to date. What are you waiting for? If you own a business, Banco Popular has innovative products and services available to help you manage your business effective and efficiently. To open a business account with Banco Popular, call 787-294-2579 or visit your closest branch today. Remember that with a business account you are not just maintaining separate your personal accounts from those of your business, but also gaining a personal advisor on business banking issues which will help you identify the tools you need to maximize your time. Banco Popular is a Member FDIC. ¹Financing products, either through credit cards, lines of credit or loans, are subject to credit approval. This article is for informational purposes only and does not constitute an endorsement or guarantee of accuracy or applicability for any particular purpose. Neither Popular nor any of its affiliates, subsidiaries, or related companies shall be liable for any special, direct, or indirect harm stemming from the information contained in this article. Should you require further information or guidance on the subject of this article, you should always seek the advice of a competent professional of your choice.