Summary
- Learning to keep business and personal finances separate is crucial for simplifying tax preparation, building business credit, and accurately assessing business performance.
- Steps include obtaining an EIN, registering your business, opening a business bank account, getting a DUNS number, getting a credit card and utility accounts under the business name.
- Tracking expenses and maintaining receipts is essential for accurate financial reporting.
- Putting yourself on payroll helps maintain clear separation between personal and business income.
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- Keeping business and personal finances separate is crucial for financial clarity
- Clear boundaries simplify accounting and prevent commingling of funds
- Reduces the risk of legal issues related to inaccurate financial reporting
- Results in fewer headaches as you grow your business
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- Importance of separating business and personal finances
- Benefits of using QuickBooks for both business and personal finances
- Recommendations for maintaining separate accounts
- Tips for managing budgeting and bill payments