AOS1 establishing bank accounts

Question 1

why have a separate account

Answer 1

1. easier to monitor perfomance
2. easier to monitor expenses and revenue
3. less time consuming and costly to prepare tax returns for the business

Question 2

factors to consider when choosing the right bank account

Answer 2

1. bank fees
2. interest rates
3. overdraft facility
4. credit cards
5. convenience and support