Making a Start - Open a Bank Account and Start Tracking Expenses
Aug 31, 2022
Making a Start - Open a Bank Account and Start Tracking Expenses
I recommend setting up a separate business bank account to make tracking your business activity from your personal finances easier. I have been transferring cash into it from my other banking accounts from the start of my business and have used it to pay expenses. Separate accounts also make preparing your tax returns easier as you can track all business-related expenses and income.
I set up an online account with a bank I haven’t banked with before. I did it quickly and easily over the internet. The account had no fees and came with a debit card. It also had a $100 bonus incentive if I deposited specific amounts over the first three months. Unfortunately, I didn’t get the timing of my transfers right and missed out on the bonus (so annoying!!). I was able to set up an app on my phone to make payments and transfers with ease, and I will also attach this account to my Paypal and Stripe accounts when I start selling online.
Can you set up an account with your existing bank, or will you shop around to find the best account for you?
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