The 2 Cents Business Podcast

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

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 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 on Facebook, Instagram or Twitter…as @thecommoncents.

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

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      The 2 Cents Business PodcastBy Joyce M Washington, CPA
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