Episode Details
Back to Episodes
044 What Types of Bank Accounts Do I Need for My Business?
Description
Quick favor… Can you please leave me a review right here? I would really appreciate it!
OK - What bank accounts do you need?
I strongly recommend that you open a business checking account that is separate from your personal checking account. Even in you don't have an LLC yet, do this.
Now, this is optional: It's a good idea to be able to put some money aside in your business so that's why I'm going to recommend that you also have a savings account for your business. You probably have goals for your business like hiring someone in the future, purchasing a course, or attend an event, etc. Transfer some money each month from your business checking account to your business savings account so your business can be building up its own safety net.
The Profit First Method would have you open 7 accounts and I can do another episode about that later if you want!
Lastly, you know the perks of a credit card so if that will benefit you in your business go ahead and take advantage of that account as well!
Learn more about bookkeeping help from Erika here:
Mini Course- Get Comfy with Budgeting
https://erikamillard.com/budget
Get Comfy with QuickBooks
https://erikamillard.com/get-comfy-with-quickbooks
Don't forget to download the free Monthly Bookkeeping Checklist:
https://erikamillard.com/bookkeeping-checklist
Using AI in QB Video Tutorial
https://erikamillard.com/aiinqb
Happy Bookkeeping!