Do I Need a Separate Bank Account for My Business? | Tips for Entrepreneurs

[Becky0216]

I have everything hooked up to my personal acct. Do I need a seperate bank acct? And if so, does it need checking?
I just need to know so I can go open one. I already completed 3 shows and the money came out of my personal acct.
TIA

 

[wadesgirl]

I did a seperate checking account so that I could keep track of my money and "guest" money that needed to go towards shows. It's also nice to be able to pull all business expesnes out of my PC account. I got a personal debit card only for that account so I just use the debit card at stores.

 

[lacychef]

I agree; I think it's much easier to keep track of everything if it's not mixed up w/personal money.

 

[climbercanoe3]

I got the checking account too. I didn't think I would use the checks, but I find it easier to sign up for fairs and booths with a check. The debit card is good for when you are buying PC supplies at a store. Even groceries too. Then all the expenses and money coming in is from Pampered chef. Then there is no confusion.

 

[Becky0216]

ok, so not required, but a good idea. Thank you

 

[wadesgirl]

I'm also afraid of a check bouncing and tying up my personal account that I rely on to pay my bills. With my normal job I basically live pay check to pay check so I don't need anything to be taking any more money out of the account!

 

[wadesgirl]

ok, so not required, but a good idea. Thank you

It's not required at all! But I highly recommend it. PC can also take a while to pull the money from your account, it's nice to not have to worry about who's money is going where or forgetting about something that is withdrawing.

 

[janetupnorth]

You can always open an account at a local Credit Union where there is a $5 minimum balance.

 

[lkprescott]

It's really best to have a separate account. I have mine through the same bank as our personal account which is very handy, since I can transfer between the accounts but my business things remain separate from the personal stuff. It's also easier that way for keeping business expenses separate too (like buying office supplies, ink, etc)... once you get that set up, set up your debit account with PC for submitting shows and such... it'll make things really easy.

 

[jrstephens]

I have a seperate one b/c it is easier for me to keep up with things. I transfer my commission out into my personal account for whatever I do not want to leave in there.

 

[Becky0216]

thanks. I will open one tonight. Didn't think about tracking expenses.

 

[janetupnorth]

thanks. I will open one tonight. Didn't think about tracking expenses.

Start doing it RIGHT away, and postage and have a mileage log. It will make a huge difference come tax time! :thumbup:

 

[chefann]

And it might be profitable for you. So many banks now offer $50 free when you open an account with direct deposit (which our commission is!). That's $50 you can use for supplies and things.