181: Accounting For Business And Personal Funds Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Or Owner

Mastering Your Small Business Finances ~ Money Management, Bookkeeping, Entrepreneurship, Side Hustle, Accounting, Cash Flow, Solopreneur, Strategy, Tax, Virtual Assistant Marketing Mindset QuickBooks

One of the biggest mistakes business owners make when they are starting their business is to mix their business and personal funds together. It may seem like this is the easiest and most straightforward way to manage their business finances, but in reality, it creates additional work and complexity for the business owner, which is a costly mistake. Your time is valuable, and you don’t want to spend hours trying to figure out what was a business transaction versus a personal transaction, and if you have an accountant or bookkeeper doing your bookkeeping, you’ll find yourself paying additional fees to have them sort through this issue as well. In today’s podcast episode, I will give you the top reasons you need to separate your business funds, when the best time to create separate accounts is, and how to develop procedures to easily separate your business and personal funds. Keeping your business funds separate from your personal funds is recommended and required for many businesses. It doesn’t matter if you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, listen in to today’s podcast episode so that you know exactly what you need to do to keep your business and personal funds separate. I will even cover how you can pay yourself from the business the right way and not get yourself into trouble when it comes to tax time. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…

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