ADHD Entrepreneur: Should I Open a Separate Bank Account for My Business?
If you’re an ADHD entrepreneur (which you probably are because you’re here 😆), money sometimes feels like a never ending battle. Trying to manage your money can be messy, and it can feel like it’s prone to disappearing into thin air. As a financial coach who focuses on helping service-based entrepreneurs with ADHD, I’m here to address a questions I hear on repeat:
“Should I open a separate bank account for my business?”
Let’s break it down without making you run for the hills and dive back into avoidance mode with your money!
The Case for a Separate Account: AKA, Why Your Brain Might Thank You
Instant clarity – Business money stays business money. No more “Wait… was that a personal or business transaction?!” moments.
Taxes don’t have to be a nightmare – Finding write-offs in your personal account is like searching for a lost sock in a tornado. Separate accounts = way easier. Don’t get me wrong, it’s still work, but think about sorting through ALL of your personal and business transactions and trying to figure out what expenses were related to your business at tax time vs having your business transactions all in one place.
Professional vibes – Clients feel safer paying into a business account instead of your personal one. While it’s true they may not know depending on your payment systems, in cases where they do, it looks a lot more professional.
Limits accidental splurges – If your ADHD brain sees it, it might spend it. Keeping business cash separate reduces the likelihood of crossover and makes setting up future systems for your business finances (like a way to put yourself on a salary from your business) MUCH easier.
The Case Against It: AKA, Could This Make Your Life Harder?
Fees, fees, fees – Some business accounts are wallet-drainers if you’re not careful. And not all financial institutions do a great job of making things clear to help you decide what account could work best for you.
More moving parts – Extra login, extra statements, extra “oh crap, which account was that in?” Not to mention having to make changes to and existing automatic payments.
Overcomplication alert – Sometimes one messy account is enough for your brain to handle and adding another account (without figuring out ways to make it easier first) can create more headaches.
Pros & Cons at a Glance
Pros:
Clear separation = less chaos
Tax-time peace of mind.
Look like a pro to clients
Easier to track actual profit
Cons:
Monthly fees or minimum balance stress
More accounts = more passwords = more headaches
Could add overwhelm if not managed right
Still need a system to use it effectively
ADHD-Friendly Hacks to Manage Multiple Accounts
Create clear plans – I know it’s not fun, or sexy, but having an idea of your business and personal expenses makes all things money management easier. While this budget tool is designed to help you build a plan for your personal finances, you can create a copy and modify it for your business. Past tax returns may also be helpful to see details of your business spending.
Automate everything – Auto-transfers, bill payments, notifications. Let technology do the work so your brain doesn’t have to. Step 1 can give you confidence to take action with step 2!
Colour-code or label accounts – Because your visual brain will thank you. Most financial institutions allow you to give each account a custom name, that way when you log into your banking app(s) it helps you see what’s what.
Password manager = lifesaver – Stop trying to remember 14 different logins. More importantly, stop using the same password for multiple things, especially things that are related to your money! Extra bonus: set up 2FA for an extra layer of security (I know it’s a pain in the ass, but if you get hacked, you’ll be glad you did).
Mini weekly check-ins – 15 minutes is enough to avoid financial chaos. Promise. The key is working to be as consistent as possible so you don’t get to the point where you move back into avoidance mode because you’ve skipped multiple check-ins.
During your weekly check-in:
Look for any outstanding invoices and send reminders
Review account balances
Plan for upcoming larger expenses (personal and business)
Review your cash flow (aka how much $ you have, minus your upcoming bills and expenses, plus your upcoming income/transfers from biz to personal)
Feeling lost and a little overwhelmed with these actions? That’s normal, so know you’re not alone. But if deciding whether to open a business account has your brain spinning, chances are good that most personal and business financial decisions have you feeling the same. Know that you don’t have to do things on your own! As a financial coach specializing in helping entrepreneurs with ADHD, I can help you design ADHD-friendly money systems for your business and personal finances that actually stick with no guilt and no judgment. I create safe spaces for you to get help that is tailored to you, your values, and your brain!
When You Really Need a Separate Account
Paying employees or contractors.
Lots of business transactions are happening every month.
Wanting a true picture of your business profit without digging through your personal chaos.
You’re working with a bookkeeper or planning to in the not-so-distant future.
So, Should You Open One or Nah?
If it makes your finances easier and reduces tax stress, go for it.
If it adds another layer of “oh god, where did that money go?” wait and start with a single account + tracking system until you’re ready.
Ready to Finally Stop Feeling Overwhelmed by Money?
I offer free consultations where we figure out if we are a good fit to work together on your finances. If we move forward, we will work together to design ADHD-friendly systems and finally make money management doable for your unique and amazing brain!
Bottom line: A separate bank account can be a lifesaver, or just another confusing thing to manage. The key? Know your brain, know your business, and choose the system that makes money feel manageable, not scary.
