As a solopreneur, is it worth it to open a business bank account? After all, you're just one person.  Are the business bank account services really worth it for the bank fees? Isn't it better to spend that money on better things? Like fuelling your coffee addiction or growing your business? It may be hard to believe, but there are several good reasons to open a self-employed business bank account in Canada. Yes, that's right, even as a single business owner, you otter consider it.

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First, a business bank account can help you keep your personal and business finances separate. This small step can save you so much time and hassle to track your income and expenses, and to prepare your taxes. When you have a business bank account you can deposit your business income and pay your business expenses from that account. This can make it easier to see how much money you have coming in and going out. It can also help you avoid mixing up your personal and business finances. Let’s be honest, who hasn’t made that mistake before!

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Second, a business bank account can give you access to business-specific financial services and tools. Many business bank accounts offer services and tools that can help you manage your money and grow your business. But what does that actually mean? Well, here’s a specific example. Otter’s business bank account helps you make and receive payments, send invoices, manage your expenses and calculate your taxes.  How’s that for helping you manage your money? Which by the way is crucial for tracking the financial health of your business.

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Third, as a solopreneur a business bank account can help you establish your business as a legitimate entity. When you have a self-employed business bank account, you're showing banks, vendors, and customers that you're serious about your business.  This helps you establish business credibility and trust. It can also make it easier for you to get loans and credit to help you grow your business. So let’s show them you mean business!

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Fourth, a business bank account with Otter can help you save money on fees and charges. Other business bank accounts usually have fees associated with them. Many personal bank accounts charge fees for things like overdrafts, monthly maintenance, and transactions. Otter doesn’t charge you for any of these things. Otter has no fees and will save you money on business bank fees. We want to help you save money and keep more of your income that you worked so hard to earn. Maybe you can continue to fuel your coffee addiction or grow your business after all. 

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Finally, a business bank account can make it easier for you to track the financial health of your business. When you have a separate account for your business, you can see at a glance how much money you have coming in and going out. This can help you make better financial decisions for your business and avoid overspending or running out of money. For example, it may help you see how much you're making from each client, so you know which to double down on or which you should move on from. It may also help that you see you can actually afford to outsource some of your work to a contractor. That’s what we like to call a win-win, and success for all solopreneurs.

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In conclusion, as a single owner business, you should consider opening a business bank account. A business bank account can help you keep your personal and business finances separate, give you access to business-specific financial services and tools, establish your business as a legitimate entity, and track your business's financial health. By opening a business bank account, you can take your business to the next level and set yourself up for success. That sounds otterly fantastic!

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