Business owners have faced the age-old dilemma of whether to have a personal account and a business account or to combine their finances in one place. However, as convenient as the latter option may seem, in the long run, numerous problems can arise.
This is because the merger makes it difficult to manage your business’s finances, in addition to compromising your household expenses. What can happen is that there will be no money for professional and personal debts, creating the famous snowball effect.
So, to avoid any doubts, check out the full content, see what the positive and negative points of a business account are and find out if it is necessary to have one.
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What is better personal or professional account?
Before opting for a business account, you vietnam whatsapp number data to know the differences between the options for individuals and legal entities.
Personal account
When we talk about personal accounts, there is the 5 mistakes you’re making when personalizing your campaigns – avoid them at all costs to choose between savings or checking accounts . It is worth noting that each one offers certain services, in addition to charging some fees, a scenario that may be different for legal entities.
Also known as a savings account, the savings account is regulated by the Central Bank , which is responsible for defining how much the individual will receive for the amount deposited. This option is used by those who want to save money and therefore the permitted transactions are basic. In most cases, it is possible to use the following services:
- withdrawals;
- transfers;
- extracts.
On the other hand, the current account is suitable for those who want to carry out several transactions throughout the month through withdrawals and deposits, in addition to being the alternative used for those who want to receive their salary, for example.
When opting for a current account, you can use the following services:
- withdrawals;
- extracts;
- checkbook;
- transfers;
- payments;
- debit card.
To open an account, simply choose the desired bank and present your ID, CPF, proof of residence and proof of income. People with any outstanding debts in their name cannot use this option.
Business account
Another option is the frist database account, designed for those who want to take care of their own business finances.
