Originally written by Ben Lobel on Small Business
While it may be tempting to start your new business venture without looking at the need for a bank account dedicated to your business activity, this might not be the smartest of choices.
As your business grows and expands, it’s extremely important to separate your business finances from your personal, day-to-day living.
New start-ups and part-time business owners have a habit of co-mingling their finances with their personal money, and while it may be the easiest, most convenient and cheapest way of operating, it can have its drawbacks – especially further down the line.
Any prospective business owner should treat their business as a business, regardless of whether it’s a part-time venture or not; while setting up a separate business bank account means additional bank fees and expenses, you are also storing up a lot of hassle for yourself in the future.
Many people already in business will vouch that keeping your business spending separate to your personal account ensures better manageability.
And while many business current accounts available charge you for their services, there are others that waiver the charge as long as you pay in more than a certain amount each month.
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