When most people start a business, run a startup or an SME, the last thing that comes to their mind is opening a business account. Most of them use their personal bank accounts to control finances in their businesses.
It is important to note that it is not recommended to run a business on your personal account. When the business has an identity in the market, it is important to keep your business finances separate from personal finances.
- For a business which has a name for itself, it gives a sense of professionalism when dealing with the stakeholders of the business such as paying the employees, suppliers, transactions with business partners and other clientele.
- It makes work easier when dealing with tax returns for your business and for yourself. Combined monies during these deductions can become complicated.
- The concept of a hobby business – Especially when dealing with the government. In such a scenario, It’d be extremely difficult to prove to the government that you are trying to run a legitimate business if your finances don’t reflect this. Running your business with your personal account may seem as though it’s more of a hobby business.
- The Audit Trail – Business records should be accurate, complete, permanent and show a clear record of income and deductions such that If you’re audited, your separate business statement and record provides a “clear audit trail” and will make work much easier.
Jamii Bora Bank has seen the need to offer a platform for all business owners by giving them their own bank account, The Bora Business Current Account. This account is specially designed to provide customers with convenient access to their funds through issuing of cheques with an aim of covering Enterprise basic needs with no charges.
For more information on this particular account, visit