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Trials & Tribulations - The drama of running a business and of life. It's not as easy as it looks. Running a business is full of drama. Customers, employees, money, family, time. You name it, it's a problem. Share with us your drama and how you handled it.

Business and personal finances?


Trials & Tribulations - The drama of running a business and of life.

It's not as easy as it looks. Running a business is full of drama. Customers, employees, money, family, time. You name it, it's a problem. Share with us your drama and how you handled it.
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Old 08-30-2009, 12:04 PM
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Default Business and personal finances?

Should they be kept completely separate? In my finance software I keep track of my business account as well as all others. The problem I se is I don't actually have a business account, its just a cash account at this time so if I buy something I deduct it from the business account as well as my personal checking account. I do this so it reflects on the checking account as that is where the money is actually coming from and I want it to show on the business account as well because I want to know how much I am making and or loosing from the business. One problem that comes up is if I spend $10 in gas it tallies it as $20 in my financial reports because it shows $10 from each account. Any advice? Should I completely separate them or should I be fine keeping them together at this stage?
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Old 08-30-2009, 12:12 PM
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There is only one real purpose for my business account and that is so that I am able to cash checks that people write to the business name instead of my name.

Of course it does also help separate my money (lol, what?) from the business money but I track business expenses on all accounts, even the petty cash account.
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Old 08-30-2009, 12:29 PM
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I am wandering if considering the situation it would not be best to STOP using money from my personal account for business. I am in the black as far as business goes and all my equipment is brand new so I don't foresee anymore large expenses. Maybe using the mindset if I cant afford it I cant have it would be the best way to go at this point.
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Old 08-30-2009, 12:38 PM
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Quote:
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Should they be kept completely separate?
I only think it's an issue if you are incorporated. In a sole proprietorship I believe the business money is your money. Who's the resident accountant? Front and center!
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Old 08-30-2009, 12:46 PM
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Who's the resident accountant?
???
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Old 08-30-2009, 05:29 PM
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They should be kept separate in my experience, in the event of an audit things will go much faster and easier. I charge tax and tax reporting is much cleaner if it's kept separate, also should I decide to sell the company at some point, a purchaser can have full access to the books without looking at my personal finances.

I own three companies, two are sole proprietor and one is incorporated, I like keeping everything clean and neat.
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Old 08-30-2009, 07:14 PM
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Once you get yourself started with keeping things separate it's easy and it makes everything better.

You will be able to more clearly look at your business income and expenses to see how healthy your business is. It won't be cluttered with other personal income or expenses that could hide problems.
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Old 08-31-2009, 07:35 AM
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As the others have said it's always better to separate everything but I've noticed that since I've started my business accounts I've not used my personal accounts at all.
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Old 08-31-2009, 08:39 AM
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Default separate accounts

I'm set up as a LLC and have a separate checking account for my business.
Never mix your personal accounts with business.
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Old 08-31-2009, 07:27 PM
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Money...Its a gas..

My wife has her account and I have mine and I have a business account for my business everything comes out of that which is used for the business. gas,mowers,repairs,purchases,etc... Every receipt goes into a file system, everything is updated monthly. I know my profits and I know my costs. However, I set aside x amout per week. So, if I set aside 300 a week thats 1200 a month then i figure it all out from there. Mower blades, trim line, fuel, truck expense,maintenance cost's wheels...etc. Right now I have in my fund 9 wheels just in case I need that money for wheels. If my truck gets a flat tire i have enough money to buy 4 brand new ones if I wanted. It's nuts..How far do you take this? nothing is ever easy. Profit wise thats just set aside in a little safe hiding spot in my pillowcase......I need an accountant but, then I am like there is more money i have to spend..everybody makes money off of the guy working...its just not right
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