CHECK IT OUT
If you’ve depended on credit cards, cash or money orders to run your business, there are good reasons to consider using a checking account.
Running an owner-operator business is hard enough. If you’re among the one in three owner-operators who don’t have a separate checking account for business, you could make life a lot smoother – and more profitable – by segregating your operation’s finances.
Here’s why business checking and credit card accounts should be kept separate from personal accounts:
Contractors who use a business checking account average $4,200 more in annual earnings than those who don’t, according to the Overdrive Market Behavior Report. As with other business habits, such as regularly figuring cost per mile, it’s not that this procedure alone improves your bottom line by that much, but such traits are among the professional practices that the most successful owner-operators depend upon.