Open your personal account, o it is easier to get a clear snapshot of your finances. This is true for day-to-day transactions and when you’re with your accountant working out your overall financial position. Drawing a clear line between the two separates your persona money from funds that would go toward running your business. Any fees charged to a business account are considered business expenses and tax deductible. Other advantages when it comes to accounting are: Easier to manage cash flow as you have an accurate idea of business expenses and more accessible to complete business activity statement reporting.