Written by Drew Adams

You might be thinking to yourself, “Do I really need a business bank account?” The short answer is a definite YES. When it comes to making your business successful, you wouldn’t think opening up a business bank account would be a first step, right? You have customers to take care of, products to create, and services to provide! I get it—not only can it feel overwhelming to open a business bank account, it feels like one too many things to manage with your already huge list of to-dos. But what if I told you that you could be more organized, more compliant, and prepare your business for growth in the future by opening a business bank account? Follow along below as I show you three reasons why you need a business bank account.

---

A Business Bank Account Keeps You Organized

First, you can clearly see the difference between personal and business funds. You’ll also be able to easily see how much the business is spending at any given moment, along with how much cash the business has on hand. This organization keeps you from hunting for specific business transactions in a pile of personal transactions. Painting a clear picture of how the business is actually doing will take your financial management to the next level!

---

A Business Bank Account is Important for Tax Purposes

There’s something we can always count on in life, and that is having to file taxes every year (did your palms just get sweaty too?). When we started Between The Pine, taxes had me freaked out! I remember thinking, “How the heck do we do this?” Want to know a secret our CPA let us in on? Separating our business bank account and personal accounts actually protected us, as well as kept us organized! You want that protection. Clear delineation can go a long way. Having a clear separation of personal and business finances makes tax time that much more stress free.

---

Your Business Bank Account Will Help You Create Long-Term Success

Finally, last but certainly not least, creating a business bank account sets you up for future success. You appear more professional to clients and others when you have a business bank account. It allows you to access things like a business credit card or other programs that your bank may have for small business owners. It keeps your processes separate from your personal accounts from the start. Whether you’re just starting your business, or have operated for a few years, now is the time to open that account! From the moment you separate those accounts, your processes will be so much easier to scale with your business going forward.

Key takeaways: 

• A business bank account keeps you organized
• A business bank account is important for tax purposes
• A business bank account will help you create long-term success