Bank Account HELP

[WABIT]

hey all, this stuff always gets to me, i find it confusing....

i have recently bought a business name, ABN number ect and want to get a small business going...

in order for people to transfer money under the business name i need a bank account under my business name yes?

my question is, do i HAVE to open up a "business account" account?
or can i just open up a standard "saver" account under the business name?

sorry if this sounds stupid but i haven't done such a thing before... and doing all this at once has left me confused about almost everything..... especially right before SEDF!!

cheers
dom

[dado]

No need to open another account under ABN but i did open a cheque account so i can make payment using cheque.Once you step into ACN you would need to.
Mick

[OEM G60]

Small business information from Kochie's Business Builders: Developing business banking relationships

[Tim]

if you are operating as a sole trader there is no legal requirement to open a specific bank account. You can use your regular savings account if you wish. Most people do open a separate account for the sake of separating business/personal stuff though.

[Water Boy]

Most people do open a separate account for the sake of separating business/personal stuff though.

So Brit cant steal all your money to buy clothes!

[WABIT]

yes i am a sole trader, but i have connected it to my business name, itll be Dominic trading as dacri media

[mk3pete]

use paypal, that way your money earned via your business can be transferred into your normal account automatically while still being able to easily track earnings
thats if you get payed via paypal

[barrenjoey owl]

I hate to state the obvious, but wouldn't this advice be best coming from your accountant. After all, what other people have done, or what suited other peoples circumstances might not suit yours...

If you don't have an accountant, most big banks offer free advice to small business owners that might point you in the right direction...

It might pay you to seek professional help as getting it wrong could have huge implications in the event of a downturn is said business....

Best post of the day!!!!

[Ramone]

hey dom
the best way to do it is to make an appointment to see the small business manager of your local bank. Explain to them that you need a business account (they most probably won't allow you to have a business running through a personal account). You'll need a copy of the business name certificate and other bits of id. Sit down with them and they will ask a million questions (eg do you need merchant facilities, will you receive or write cheques) and they will open an account that suits your needs. From a business point of view, it makes heaps of sense to have a separate account for the business. Like someone has already said, get yourself an accountant (ask around your mates, especially if they run small businesses, don't just pick one out of the yellow pages). Most decent accountants will sit down with you for an hour or so (sometimes free of charge) and go through all of your bookkeeping and tax issues. Don't worry though, it's a piece of cake.
Cheers
Steve

[WABIT]

cheers guys, you have been a great help! ill give my accountant a buzz tomorrow cheers for the help

dom