Separating Your Personal And Business Finances: Why And How

Thought you might be interested in an article Separating Your Personal And Business Finances: Why And How and thought I’d share a few points with you here. I’ve found some relevant information here so if I find more, I’ll be sure to pass it on.

New business owners may seek to keep things simple and co-mingle their business and personal finances. This is a BIG mistake. Here’s why, and what you can to do to appropriately separate your financial activities.

Why Keep Finances Separate?

• Financial. It’s difficult to know how well your business is doing if you can’t easily eyeball a bank balance devoted to your company. You may run into cash flow problems using a single account for business and personal expenses. Also, having a separate credit card for the company helps to build business credit scores.

How to Keep Finances Separate

It’s really a no brainer. All that is needed to keep your business affairs untangled from your personal money matters is to have a separate business bank account and a separate business credit card.

Conclusion

Keeping your business and personal life separate is extremely helpful. It’s easy to do. It merely requires a little housekeeping to set things up properly, and then to follow through.

If you want to keep reading with any of that content, by all means, click here to keep reading. Please feel free to contact me on (0410) 467-183 or email at [email protected] for any thoughts and perspectives.

Thanks,

Greg