When business owners begin their companies, many start out by using a personal bank account. It is often the case that the account is never changed as the business grows. Not changing the account or using a separate account for business can lead to much additional work and cost in analysing the income and expenses and separating private items from business ones. If you are using a debit card to pay for your lunch each day, your weekly grocery shopping, drawing cash out of the bank, paying home utility bills etc, hundreds of transactions may need to be coded up, in addition to legitimate business items.
There are many options available for business bank accounts, many of them free of charges, and we would highly recommend separating the business and private items as far as possible. If there is simply a need money to your private account, then just transfer it from the business bank account when you need it… and vice versa….
Have a chat to us and explore how your record keeping can be streamlined.
