The number one benefit to having a separate business account is it allows you to keep your business and personal finances separate. Why does that matter? If you use one account for everything, it can be hard to differentiate between personal and business transactions. And, having a business account:
- helps you more easily track how your business is doing
- makes bookkeeping, tax and payroll preparation easier
- makes your business look more professional
- may make it easier to qualify for business loans
- may lessen your personal liability