5 reasons why entrepreneurs must collect payment with their corporate account

5 reasons why entrepreneurs must collect payment with their corporate account

Spread the love
Corporate accounts are associated with the company or business name. They are bank entity that enable business owners to collect payment with their company name. So, in this post are 5 reasons why entrepreneurs must collect payment with their company corporate account.

IT SHOWS SERIOUSNESS AND BUSINESS READY

Business is all about organisation which financial management and incorporation with banking system is part. So, having a corporate account which serves as a place for business transaction shows how serious the business is.  When an invoice is sent to a client with the company corporate account, it shows the integrity, genuineness and ready for business  of the company.

IT MAKES FINANCIAL MANAGEMENT EASY

Having a corporate account makes the company financial management easy. Some banks have different packages for businesses or corporate accounts to ease financial and record management. Apart from financial management, corporate account makes it easy to receive payment online using payment gateway. Paystack payment gateway and other fintech use corporate account to validate business registration and give the business lot of features to use.

ACCESS TO FUND, GRANT OR LOAN MADE EASY

Before grants or loans can be awarded to businesses, corporate account is one of the requirements. A well structured financial analysis will be carried out on the corporate account before a loan can given. Tony Elumelu Foundation (TEF) beneficiaries for example are mandated to register their company and open a corporate account where their grant will be paid into.

IT SEPARATES BUSINESS AND PERSONAL FUND

Yes, fund inside corporate account are meant for the business. Personal money are not meant to be in the corporate account. The company can easily account for income, expenses and other financial obligation without inference with personal account.

ARE READY TO GROW

Growth in business is in stages. When a business owner still uses personal account for business transaction, that means the business has not grown up.  Registering a company name and opening a corporate account is another growth stage. This means, the business is ready to be run corporately indeed and with transparency. This means the company is set for big things, big contracts and ready to compete in the industry where it belongs. So, dear entrepreneurs, it is very important you take the bull by the horn and open a corporate account for your business. Registering your business with corporate affairs is a prerequisite to opening a corporate account. CAC Business registration with N5,000 is still going on, grab it now.

11 responses to “5 reasons why entrepreneurs must collect payment with their corporate account”

  1. What does it takes to Open a Business Account? Can you please help with this? or Rather a write up on this do a great lot. Thanks. God Bless you for great works.

    • Thank you for your kind words. We will write a post on this but to quickly start with, you need a registered company, TIN (Tax Identity Number) and BVN to have a corporate account from any bank of choice.

  2. … [Trackback]

    […] Here you will find 60763 more Information on that Topic: stackpreneur.com.ng/5-reasons-why-entrepreneurs-must-collect-payment-with-their-corporate-account […]

  3. … [Trackback]

    […] Here you will find 96538 more Information on that Topic: stackpreneur.com.ng/5-reasons-why-entrepreneurs-must-collect-payment-with-their-corporate-account […]

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.