When starting or growing your ecommerce business, you may be wondering if you need to have a separate bank account for Shopify. The answer is that while you technically do not need one, it is generally recommended to do so. Here are the benefits of having a business bank account for Shopify:
##Separates Business and Personal Finances
Having a separate business bank account for Shopify helps to keep your business finances separate from your personal finances. This makes it easier to track business expenses and income, as well as to manage your taxes. It also helps to protect your personal assets if your business is sued or goes bankrupt.
##Makes Accounting Easier
Having a business bank account for your Shopify store makes it easier to keep track of your business expenses and income. It is simpler to manage your accounting and tax filing when all of your business transactions are in one place.
##Helps to Build Business Credit
Having a business bank account for your Shopify store can help you to build business credit. This can be beneficial when you need to apply for a business loan or line of credit in the future.
Having a business bank account makes it easier to manage your Shopify business finances. You can make and receive payments quickly and easily, and you do not have to worry about transferring funds between your personal and business accounts.
Overall, having a business bank account for your Shopify store is a good idea. It helps to keep your business and personal finances separate, makes accounting easier, helps to build business credit, and provides convenience.