#business-tips | 5 min read

Five reasons to separate your business from your personal bank account

By TymeBank - 23 January, 2021

We know that as a Mzansi-preneur you have your hands full with running and growing your business. Opening a business bank account might seem like unnecessary admin, but here’s why it will actually make your life simpler. (Plus, with TymeBank, opening an account takes less than five minutes!)

When you’re in business mode, you keep your mind focused and clear of distractions such as funny memes, cat videos or Zoom calls with your friends. Those things belong in your personal life and will have to wait for now. The same goes for your banking … keep business strictly business by having a dedicated account for all the money your business generates and payments you need to make, and use your personal account for your salary and life expenses.

Here are the benefits of having a separate business bank account:

1. It helps you keep track of your income and spending

By having all your money in one place it can be hard to distinguish between the money that should be allocated to business expenses (such as salaries, stock purchases, supplier payments) and what you can spend on living your best life. A dedicated business bank account will help you get a clearer picture of your business’s financial situation with a glance at your bank balance.

2. It makes filing your tax return easier

Keeping your finances separate, in two different accounts, will make filing your tax return simpler as you can easily track business income and expenses. There’s no need to sift through your personal transactions to pick out business-related purchases and payments – you can simply use your business bank account statement, which has all the info you need.

3. You’ll look more legit

Having your clients pay for your products or services into an account with your business name instead of your personal bank account will show them that you are the real deal – no fly-by-night hustler. A business bank account helps you to establish a professional image for your business.

4. You need it to grow your business

Similarly, using a business account to make payments to employees and suppliers is the most professional way to do business. It provides peace of mind and shows that you are established. So, if you’re in the start-up stages or have plans to grow your side hustle why not get a head start and open a business bank account already?

5. You get access to business tools and services

With a TymeBank EveryDay Business account you can make bulk payments to settle your monthly bills and pay salaries. You can pay up to 30 different accounts in one go, cutting down the time you spend on admin, which you can spend on growing your business. You can either make payments into any bank account or just using cellphone numbers.  

Opening a business bank account made easy

TymeBank’s EveryDay Business bank account is perfect for Mzansi-preneurs.

  • It saves you time – open the account online in less than five minutes and collect your free Visa debit card, with your business name printed on it, at a TymeBank kiosk whenever it’s convenient for you.
  • It lets you keep the profits in your pocket – no monthly fees to have an account and low to no transaction fees.·        You get access to services that help you run and grow your business – make bulk payments in one go.

Get the app.
Get the account.

Download the TymeBank app to open your free bank account in less than 5 min. No paperwork. No stress.

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