Owning a business is fun, but it is also a serious business. One of the simplest things you can do to streamline your processes is to have a bank account for your business. You want to have a way to keep track of your spending, help with taxes, and maybe even protect some assets. A business bank account seems to be the best way to do all the above while also protecting your financial health! If you haven’t done so yet, you might want to look into a business account like the Bluevine Business Checking account.
Stay Organized for Tax Time
When tax time comes, you don’t want to be digging through your wallet trying to find receipts. You don’t want to calculate all that commingled account spending, either. If you have a bank account for your business, it is pretty easy to see the business’s income and cash outflow. You can track expenses, log them, retrieve information, generate reports, and now accidentally forget a deduction.
With a Bluevine Business Checking account you can link up your account to your favorite accounting software so your books always match. Just another worry off the list during the year.
Legal Protection for Your Business
If you are a sole proprietor or an LLC, the act of actually separating your business and personal finances saves you just a little bit of extra hassle. Once again, the act of having a bank account for your business tells the world that you are a separate entity. At the very minimum, if you are ever sued and lost, it is easier to keep your money. So if you ever sue someone or have to deal with financial problems, it is harder for the other people involved to take your money.
Simplify Bookkeeping and Payments
Bookkeeping is easier when everything runs through one account, which is set up as a business account. A separate bank account for your business can have a big impact on your bookkeeping system. By routing everything through one place, you can maintain accurate and consistent financial statements and easily see business income or spending.
Additionally, because all financial transactions are flowing through only one account, you can stay on top of your cash flow needs and have all your business financial records in one place. Paying bills, running payroll, and making deposits are all much easier, and with no monthly fees and Mobile Check deposits, helping you manage your business finances has never been easier or more affordable.
Easier Access to Business Credit
Having a separate account can also help your credit. A business bank account gives you easier access to the creation of a credit history. A business checking account can help you monitor and track performance and even identify areas of opportunity for growth.
When your spending is in the same pot as your sales income, it tends to look like your business isn’t making much profit (even if it is!).
The Bottom Line
Starting a business account isn’t just about accomplishing convenience — it is the legal step for your business to take, which provides tax savings and efficient operations.
No, really, whether you are looking to start a business or have a principle already, this is the step for you. It is really as simple as signing up — you don’t have to be incorporating or need a tax number to set up your Bluevine Business Checking account. Payments and your business will take flight as you gain insights and confidence.
