Using a personal account for your business functions blurs the professionalism line. One is likely to use business cash for personal errands and vice versa, making balancing one’s accounting books a somewhat cumbersome affair. Having a separate business account will helpto keep track of client payments and cash out to suppliers and other company costs. It also helps you when tax seasons come about or when you have an emergency. Here is an in depth look at the importance of the same.
A primary reason you ought to have a corporate count is so that you’re able to separate your assets should anything happen to the company. If for any reason anything happens, having your salary on the same account as what runs your business can leave you bankrupt in a worst case scenario. That could happen in the instance where you’re in debt,or the business gets sued. When … Read the restRead more