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As we get going this week I want to remind you about splitting personal and business expenses. This is still something I see a lot of newer or small business owners do and it’s a big no no.
This can cause confusion at tax time (we’re there btw…), lead to your books being completely wrong, and make it hard for banking partners to lend a penny to you when your financials and reporting are a mixed bag.
This can be easily rectified if you go to a local bank near you and ask about a free business checking account or Google what’s around you. Most banks offer a free business account and that can come with ACH/Wire capabilities, Checks, Credit Card, etc. All that you need and then you can directly link this to your accounting software. I know many of you utilize QB so this is an easy way to import all banking and credit card activity monthly.
What does your current situation look like when it comes to this? Are you separating business and personal expenses or are you potentially creating a larger issue for your business and not having a clear picture of how well you are/could be doing?
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