These bank accounts are helpful for businesses that want to stay on top of their finances. Remember, if you operate a limited company, it is a legal requirement to set up an account for your business. More than being a legal requirement, business bank accounts allow you to:
Separate personal and business finances: When running a business, it’s smart to keep your accounts separate in order to allow accurate recording of your finances and tax requirements.
Access business funding more easily: A number of the lenders that we work with require companies to have a business bank account set up before they borrow money.
Improve your credit score: Using your bad credit business bank account, you can work to improve your credit score over time and prove yourself to be a reliable borrower.
Reputation building: When you have a business bank account, you may find your clients take you more seriously when it comes time to invoice.