Episode 013 – Getting Paid: Do You Really Need A Separate Bank Account

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About This Episode

Wondering if you need a separate bank account as a DBA?  As a sole proprietor? As a solopreneur?

When you start a business, there are a lot of things to do.  It’s really easy to be unsure of yourself. What do you NEED to do right now?  What can you save for later? 

In this episode, I answer the question “Do I really need a separate bank account for my new business?”  

The answer should be no surprise…in addition to answering the query, I give you accounting, tax and just practical reasons to back up my answer, I go into quite a bit of detail behind WHY you should absolutely have a separate bank account for your solo-business.   

Mentioned in this episode: 

  • The various reasons supporting my answer – from the practical, to the accounting based, to the IRS-audit based reasons
  • A quick tip – the first place you should look to open a business bank account

Additional resources:

Highlights of this episode:

  • 00:57  Question:  “Do I really need a separate checking account/bank account for my business?”
  • 01:16  Answer is two fold – from the accounting perspective and from a practical perspective
  • 01:30  Why the short answer is always YES, you do need a separate business bank account
  • 02:50  The longer answer – practical reasons & starting with at least one bank account for your business
  • 04:06  Why doing business and personal banking at the same place makes your life easier
  • 04:56  The longer answer – accounting reasons & starting with “tidy” money management
  • 06:33  Why separating business and personal transactions makes your life easier
  • 07:08  Why I think you should have a separate bank account even if you’re a DBA

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