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

The 2 Cents Business Podcast

The 2 Cents Business Podcast with Joyce M. Washington, CPA:

Money isn’t the easiest topic to talk about, especially when there’s misinformation and a bunch of jargon to contend with.

That’s why I created the 2 Cents Business Podcast to bust money myths and cover business money topics like budgeting, business planning, business growth, cloud bookkeeping, team building and profitability without all of the bookkeeping and accounting jargon.

Join me every Monday to dive into the money & metrics matters for business owners & entrepreneurs.

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

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

RESOURCES

Kill The Vanity Metrics Challenge

Money Matters Checklist

Resources List

WORK WITH COMMON CENTS

Virtual Accounting, Bookkeeping & CFO Services

Courses & Programs

Templates

Planners & Printables

Thanks for listening. Don’t miss an episode – subscribe on: Anchor, iTunes, Spotify, Stitcher

Want to chat and hangout with me, Joyce? You can find me onFacebook,Instagram orTwitter…as @thecommoncents.

You can find all the links and additional show notes at: https://www.thecommoncents.com/podcast

013 – Getting Paid: Do You Need A Separate Bank Account For A DBA

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?”

Mentioned in today’s 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:

As always, this is an open discussion so if you have a question that you’d like me to answer on an upcoming episode, send an email to [email protected].

If you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents.

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

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