Multiple bank accounts?

[anonuk]

For those of you that run different brands or ‘trading as’ businesses under a single ltd company, do you use a separate bank account for each brand/trading name or does all the money go into one central account?

Basically, I have a ltd company then I operate three brands under that company. Brand A is that same name as the ltd company, whilst Brands B and C are different. At present all money goes into a single account but I’m wondering whether to split it to make it a bit easier to keep track of the money each brand makes.

For those that do operate separate bank accounts, do you also keep a separate set of accounts for each brand/trading name? My thinking was that the actual accounts would remain as one to save accountancy costs.

 

[Scalloway]

If you have a limited company then all brands need to be aggregated for accounts submitted to Companies House,

You should have an accounting system that allows you to separate income and expenditure streams. Any computerised accountancy software can do this. Or you can set up separate columns in a spreadsheet or a handwritten cashbook.

 

[anonuk]

If you have a limited company then all brands need to be aggregated for accounts submitted to Companies House,

You should have an accounting system that allows you to separate income and expenditure streams. Any computerised accountancy software can do this. Or you can set up separate columns in a spreadsheet or a handwritten cashbook.

Thanks but I was asking about bank accounts

 

[Scalloway]

You don't need separate bank accounts, just a good accounting system.

 

[MyAccountantOnline]

For those of you that run different brands or ‘trading as’ businesses under a single ltd company, do you use a separate bank account for each brand/trading name or does all the money go into one central account?

Basically, I have a ltd company then I operate three brands under that company. Brand A is that same name as the ltd company, whilst Brands B and C are different. At present all money goes into a single account but I’m wondering whether to split it to make it a bit easier to keep track of the money each brand makes.

For those that do operate separate bank accounts, do you also keep a separate set of accounts for each brand/trading name? My thinking was that the actual accounts would remain as one to save accountancy costs.

I'd just use some accounting software which enables you to record income and expenses for each of your brands to save the cost/admin of 3 bank accounts.