Level up your entrepreneur game by keeping your business and personal finances separate.
Was that cab I took the one where I went to that meeting across town? Was it the one I took home from the grocery store? No, wait. It was when – well, now I don’t remember.
For tax purposes, and for personal sanity, it’s a good idea to keep business transactions and personal ones separate. This is where you should consider maintaining a separate debit or credit account. Because when it comes time to review expenses, it’s ideal to keep hair pulling to a minimum.
There are some expenses we don’t want to relive, and going over the last 30 cups of coffee probably makes that category. Sure keeping one account for a while might work, but in the long run, keeping business expenses in a different account will save you from so many headaches.
Remember This: Opening up a separate account for business transactions will take the guesswork out of your payment history.
This tip comes from Curt Mastio. Curt is an Entrepreneur, Accountant, and Founder of Founder’s CPA. Hit him up with questions on best practices for keeping business expenses organized at @FoundersCPA on Twitter.
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