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Multiple business accounts
Thomas Vles
5 Nov 2025
6 minute read
As an entrepreneur, there is a lot involved in managing the finances of your business. A good structure in your banking is essential. More and more entrepreneurs are choosing to open multiple business accounts to keep their cash flows clear and organised. Whether you have a sole proprietorship, partnership, or limited company, using different accounts can help create insight, control, and efficiency within your financial administration.
Maintaining multiple business accounts is not only a practical choice but also a strategic one. It allows you to plan, analyse, and make decisions based on clear financial data. In this article, you will read why entrepreneurs use multiple business accounts, what to pay attention to, and how to maintain oversight in a situation with different business accounts. We will also discuss the rules and guidelines that apply here, so that you, as an entrepreneur, know exactly what is and isn’t permitted.
Why entrepreneurs use multiple business accounts
For many entrepreneurs, using multiple business accounts is a logical step in professionalising their financial organisation. It helps to manage income and expenses clearly and ensures that different cash flows are distinctly separated from one another. This allows for better control over liquidity, cost management, and profitability. Moreover, it gives entrepreneurs more control over their administration, which is essential for healthy business management.
Better insight into income and expenses per project or department
By using multiple business accounts, you can easily distinguish between different projects, departments, or activities within your company. This gives you more insight into where your income comes from and what costs are associated with it. As a result, you can quickly see which components are profitable and where improvements may be needed. This transparency helps you make better-informed decisions and optimise the financial health of your business.
Separation between VAT, salary, profit, and costs
Separating cash flows for VAT, salary, profit, and business expenses is essential for a clear financial structure. By using a separate business account for each category, you prevent tax money or wage payments from being confused with operational expenses. This makes it easier to make provisions and meet obligations on time. Furthermore, it brings peace and clarity, as you can see at a glance how much money is actually available for investments or profit distribution.
Fewer mistakes in administration and faster bookkeeping
When you use multiple business accounts, transactions are automatically better separated and organised. This reduces the chance of mistakes when processing payments or allocating costs. Your bookkeeping remains clearer, allowing you to spend less time correcting errors. Your accountant can also work more efficiently, which not only saves time but often also leads to lower administrative costs and faster financial reporting.
Possible points of attention
Rules and legislation regarding multiple business accounts
Although it is quite common for entrepreneurs to open multiple business accounts, there are some rules and guidelines to consider. Both banks and the tax authorities require transparency, record-keeping, and accountability for business cash flows. It is important that each account is demonstrably linked to the business activities and that all transactions are processed correctly in the accounting. This prevents problems during an audit or when preparing the annual accounts.
Is it allowed to have multiple business accounts?
Yes, it is perfectly permissible to have multiple business accounts for a single enterprise. Both sole proprietorships and limited companies (Ltd) and general partnerships (corp) are allowed to open multiple accounts with different banks or within the same bank. This gives entrepreneurs the freedom to set up their financial administration in a way that best fits their business operations. However, it is important that the accounts are actually used for business purposes and not mixed with personal transactions, so that the accounting remains clear and verifiable.
What does the tax authority say?
The tax authority has no objections to the use of multiple business accounts, as long as these accounts are correctly recorded in your business's administration. It is important that each transaction is clearly traceable and that business payments are not mixed with personal expenses. The tax authority expects you to be able to provide the financial data for all of your business accounts when requested. A clear administration with separate accounts also makes it easier to accurately file returns for turnover tax, income tax, or corporation tax.
What rules apply to business payments and transparency?
All business payments must be traceable and recorded in the company's financial records.
The name of the account holder must match the business name registered with the Chamber of Commerce.
When making payments to suppliers or employees, it must be clearly visible from which business account the payment was made.
Transactions between business accounts of the same company must be accounted for to maintain a comprehensive financial picture.
The records must provide complete insight into all used business accounts at the request of the tax authority.
Open a business account with GoDutch
A business account with GoDutch is designed for entrepreneurs who value simplicity, speed, and transparency. Within minutes, you can open an account and receive your own IBAN and debit card, often within 3 hours. With GoDutch, you manage your finances smartly and efficiently: from payments and invoices to team expenses, all clearly in one app. Moreover, you benefit from automatic links to your accounting software, unlimited cashback on card expenditures, and 24/7 personal support.
