All too often, businesses owners mix up and intertwine personal and work-related expenditures. If you’re passionate, sometimes your personal life can be your business and it’s easy to get the two mixed up.
Not keeping track of your finances however could lead to a messy and lengthy tax bill, so make sure you keep on top of finances in order to run your business efficiently.
It’s very important to separate the money that relates to your personal and business accounts, especially if you’re just starting out. Your business should be treated as a separate being, and should be managed as such too.
Manage Separate Accounts
Your bank is the best place to distinguish between your personal and business finances. Business accounts have access to special interest rates compared to standard accounts, so make sure all income and expenditures such as buying stock or buying shares, go through the designated … Read More