Why Do You Need A Bank Account For Your Business

Here are 10 essential reasons why you need a bank account for a business:

Why do you need a bank account?

1. Accessing business loans and credits

If you want to access business loans and credits, some lenders might be less willing to offer this to you if you don’t have a business bank account

2. Accepting international payments

Without a business bank account, it might not be possible for you to received international payments for good and services.

3. Separate personal money from business money

Having a business bank account will enable you to keep your personal and business money separate. This is a legal requirement, if your business is a registered limited company. But, not if you are a sole trader or self-employed.

4. Easier to do TAX and VAT

With a separate business account from your personal account, it will be easier to do your TAX and VAT.

Why do you need a bank account

5. Clearly see your business cash flow

If you have a business bank account, you will be able to clearly see your cash flow, incomings and outgoings. If your business money and personal money was mixed together, it would be harder to see the cash flow for your business.

6. Improve business credit score

If you have a business account, you will have the opportunity to improve your business credit score. This will help towards getting loans and credit.

7. Professional image

Having a business bank account gives your business a professional image. A professional image for a business is very important.

Why do you need a bank account

8. Pay staff wages

It will be easier for the business to pay staff wages with a business bank account.

9. Integrate accounting software

With a business bank account, you will be able to integrate accounting software like QuickBooks and Xero.

10. Simplifies you business accounting

With a separate bank account for your business, you will simplify your business accounting.

Business bank accounts

You might be trading or thinking about starting a business.

Why do you need a bank account

If you need a business bank account, here are some which you can open quickly and easily:

Cashplus Bank

Anna

Revolut

Tide

Card One Money

Counting Up

Monzo

Additional Information

If you are looking for a home insurance, read our article: Home Insurance – Compare Cheap Quotes.

If you are looking for the best SIM only deal, read out article: Best SIM Only Deals UK – best SIM only plans available

Money Advice Service
For debt management and advice on how to pay for bills go here: Money Advice Service info page.

If you are interested, check out: Best Bank Accounts for Bad Credit.

If you are interested in a loan, check out: Loan.co.uk.

Find out more about financial regulations, here: Financial Conduct Authority (FCA).