While this complexity may work for the writer or the average person, there’s no one rule when running a business on how many accounts to have. But here are some ways to think about whether another account makes sense for you.While the number of accounts you have may differ, one of the first steps you likely took as soon as your business began bringing in some money was to open a business account.
The easiest way to do this is through a business checking or savings account. It’s also where you will need to store funds for employees, if that becomes a move you make down the line.One reason that people open multiple checking and savings accounts is to fund different goals. Or there’s also a chance, that because there aren’t enough funds in the account, the bank will charge you a fee to use it.
Say you’re saving for a house, car and paying back student loans. You can actually have a paycheck broken out before you ever see it, with a certain portion moving to the house, car or student loan bucket within the same account. The remaining balance would show up in your main portion of the account.