Create Separate Bank Accounts- Personal and Business
Keeping your business funds and personal finances separated can save a lot of hassle when it comes to managing your money.
It might feel like opening up a bank account for your business will mean more admin work and lost time. But for small business owners, a separate business bank account is a key step in the journey.
Using a personal rather than a business account can create confusion at tax time, leading to time being spent separating out your business transactions. Here are a few examples of how having a business account rather than a personal account for your business can help.
Download CFF’s 10 Tips Guide Here>>
- Cleaner accounting
If you separate your personal and business accounts it’s easier to get a clear snapshot of your finances. This is not only true for day-to-day transactions but also when you’re with your accountant working out your overall financial position. Drawing a clear line between the two separates your personal money from funds that would go towards running your business. Any fees charged to a business account are regarded as a business expense and are tax deductible.
Create Separate Bank Accounts- Personal and Business
Keeping your business funds and personal finances separated can save a lot of hassle when it comes to managing your money.
It might feel like opening up a bank account for your business will mean more admin work and lost time. But for small business owners, a separate business bank account is a key step in the journey.
Download CFF’s 10 Tips Guide Here>>
Using a personal rather than a business account can create confusion at tax time, leading to time being spent separating out your business transactions. Here are a few examples of how having a business account rather than a personal account for your business can help.