Cloud storage company Dropbox began focusing on the business sector in 2011 through Dropbox for Teams, before rolling out Dropbox for Business this year.

After struggling to find a balance that many users had both personal and business data in their Dropbox, the San Francisco-based file hosting service announced an upcoming update allowing access between both accounts without switching.

"Some people think there's a consumer version of Dropbox, and there's this different enterprise version of Dropbox, and we think that's ridiculous," CEO Drew Houston said.

Personal and business accounts will have its own password, contacts, settings and files but still become easily accessible. The ability to share audit logs, let admins audit the data flow itself, remote wipe for PCs and mobile devices, and account transfer are added updates.

"This'll give you a personal Dropbox and a work Dropbox on all of your devices so you'll never have to choose between them," read the company blog. "It's like having your house keys and your work keycard on the same keychain."

Though there wasn't an update for collaborations on documents, Houston said the first goal was to make personal and business accounts more intuitive. According to Houston, more updates are in the works.

"We want Dropbox to be the home for all your stuff, and we think this beats using two different services or having to log out and switch accounts," the blog post read. "More importantly, this is a huge step toward making Dropbox even better for work, and we're excited to share everything else we're cooking up."

Houston said that 97 percent of Fortune 500 companies use the service, including Kayak, National Geographic and BCBG. Overall, Dropbox enjoys the patronage of more than 200 million users, of which four million use it for business purposes.

News comes a week after reports that rival Box had chosen three investment banks to lead it through a 2014 IPO.

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Tags: Dropbox