If you have a small business or even a mid-sized business, you might be wondering whether you really need to have a business checking account. Those who are sole proprietors will often use their personal accounts for their business. However, this has the potential for disaster, even when you are careful about it. You want to take the time to find a free business checking account in Knoxville to make your finances easier to handle.
Separate Your Finances
Even with a small company, you want to keep your finances separate. You do not want to be drawing your personal money to pay for supplies for your business, for example. This could make your bookkeeping and taxes a true nightmare. When you have separate accounts, you will be able to manage your money much more easily. Having a debit card that is tied to the business account will also make it easier for you to keep your receipts, digital and otherwise, separate. You will find that tax time goes more smoothly when you do this.
Separate accounts are important for safety, too. For example, if there was an issue with a creditor, a separate account could provide some level of protection against an attack on your personal finances. This extra bit of protection can help to give you some peace of mind that you deserve.
Working with Partners
If you have a partner for the company, they are likely going to need access to the account to make purchases. You will want to have multiple signers who can write checks and use any debit cards. Having a business account will make this possible, and you will not have to worry about the partner mistakenly spending money that was for your personal use. In addition, having your own account will simply make things more professional for your business.
Find a great bank that can offer a free business checking account in Knoxville, and that has plenty of options from which you can choose. You need to find an account that is perfect for the size business you have, and that can meet all of your needs. Check to see what sorts of options are available and how they will fit your company’s needs. If you have any questions, you should feel free to ask the employees at the bank for clarification.