19/07/2023
It came to my attention while I was offline, that not everyone follows this very simple solution.
Business is tricky enough as it is but if you mix up your personal and business finances, no wonder you and your accountant hyperventilate when tax season rolls around. π€―
So, here's the secret: Keep it SIMPLE! π
Have ONE account where all your income for your business revenue flows into, subsequently allocating funds as needed. If you can have a savings account linked that you put away for Tax obligations and Super contributions, it will help in the long run. Unless you possess another designated account for expenses, make sure that all your business income and expenditures go through one account. π€
At the end of the month, you only have to glance at your business statements, to give you a clearer picture of your business financials. If you have some expenses coming out of your personal accounts and you have 5 of them as well as 2 credit cards, no wonder, you can't keep track of where your money is going.
Keep it simple and keep it separate where possible π
If you have any questions my DMs are always open and happy to help!