12 Oct 2020, 15:03 — 4 min read
In the early stage of your business, you may not think it is necessary to set up a separate business bank account, especially if you’re a sole proprietor. However, having a business bank account can save you time, money, and headaches in the future.
Just imagine the time you will have to spend in separating your personal and business transactions in your bank statement when it could have been spent doing other important tasks.
Even Mike San Diego, Chief Financial Officer of JK Capital Finance, highlights the importance of this in the webinar series of ‘Practical Practices’ on UnionBank GlobalLinker. “You cannot use your personal savings account as your business bank account. Otherwise, you’re doomed to fail.”
If you seriously want to manage your business finances, part of the initial steps is to set up your own business bank account. Here’s why:
Think of long-term. If you want to score big clients from top corporations or established companies, it is a must to have a business bank account as big companies always prefer to make payment to business bank account as part of their due diligence.
Now that you understand the importance of having your own business account, it’s time to open an account!
UnionBank is introducing ‘Biz Starter' account to help business owners like you to have their own checking account with only P5,000 as an opening balance and minimum balance requirement. The advantages of a Biz Starter account are:
Having your own business bank account will make it easier for you to manage business effectively. Open your Biz Starter account now!
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