Personal banking vs. business banking: Do you need separate bank accounts? | QuickBooks
If you recently started a new business, one of the first things that you should set up is a business checking account for depositing funds and paying bills on behalf of your company. Even if you are operating as a sole proprietorship, you should keep your personal and business funds separate for tax and accounting purposes. Limited liability companies and corporations must keep business and personal funds separate or risk losing the liability protection provided by their legal entity. Estimate the monetary value of the deposits that will be made into your business account each month.
You can sell to customers without holding any inventory. Some are mandatory from the outset, while others are just a good idea, but dealing with them up front will save you time and headaches down the road. Dropshipping is an order fulfillment method that lets store owners sell directly to consumers without stocking any inventory. When a customer purchases a product from a dropshipping store, a third-party supplier ships it directly to them.
Compiling financial statements and tracking financial transactions is an important part of running a small business. Tracking business transactions is easier when you keep your personal and business finances in separate bank accounts. Depending on your business, you may be required to have separate accounts.