Whether you want to start up a small side gig or take a big leap into business, it is always important to have a financial plan and to organize your business finances. Separating your business account from your personal banking is highly recommended, and in many cases, a required step in running your business effectively.    

Why Create a Business Banking Account? 

One of the key advantages of having a separate business and personal account is simplified end-of-year bookkeeping and tax preparation. L.J., one of our account managers, says, “I would always recommend a separate business account.” It consolidates all your business revenue and expenses in one place and mitigates the risk of confusing business transactions with personal ones. Starting your business with a strong and organized financial foundation will help you spend less time worrying about that side of things and spending more time on what you love – growing, creating, and building your business.

Benefits of a Provincial Credit Union Business Account  

Assigning Delegates 

At Provincial Credit Union, there are online upgrades at no charge for business members that can help with day-to-day operations. One example is adding delegates to your business account. Delegates can be set up to have “view only” access or to have the ability to create transactions that require your approval before being sent. You can choose the level of access you want your delegate(s) to have, depending on your business needs.  

Building Business Credit 

A business account is the first step to building your company’s financial profile. It opens the door to business credit cards, loans, and lines of credit that can help your business when opportunities arise. Establishing a strong credit history not only improves borrowing potential but also builds credibility with lenders, suppliers, and partners—setting your business up for future growth.  

Better Interest  

Often, owning a small business means having to keep money in an account, without being able to access it freely (looking at you, tax account!). In situations like this, keeping this money in a separate account could help it work for you until it needs to be allocated elsewhere. 

Prepares Your Business for Growth 

Our business accounts are built to grow alongside each business, offering tools that make managing operations easier and more efficient. They help streamline employee payments with payroll support, enable payments anywhere through merchant services, and simplify collections with pre-authorized debit options. Together, these services save time, improve cash flow, and set businesses up for long-term success.  

If you are opening a business and are thinking about what type of business account will work best for you, browse this brochure outlining the different types of accounts and prices that Provincial Credit Union offers. If you have more questions, book an appointment to talk with someone from our business services team by texting 1-855-728-2211 or by calling your local branch. 

Tip: Take a look at this checklist of things you will need to open a business account.