Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Business > Trials & Tribulations - The drama of running a business and of life.

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.
Reply
 
Thread Tools Search this Thread
  #1  
Old 08-30-2009, 12:04 PM
jasonw's Avatar
jasonw jasonw is offline
Senior Member
 
Join Date: Feb 2009
Posts: 1,010
Rep Power: 8
jasonw is on a distinguished road
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?
__________________
White Company
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 08-30-2009, 12:12 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 8
mark123 is on a distinguished road
Default

Lawn care business tipsLawn Care Business Book
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.
Reply With Quote
  #3  
Old 08-30-2009, 12:29 PM
jasonw's Avatar
jasonw jasonw is offline
Senior Member
 
Join Date: Feb 2009
Posts: 1,010
Rep Power: 8
jasonw is on a distinguished road
Default

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.
__________________
White Company
Reply With Quote
  #4  
Old 08-30-2009, 12:38 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 8
mark123 is on a distinguished road
Default

Quote:
Originally Posted by jasonw View Post
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!
Reply With Quote
  #5  
Old 08-30-2009, 12:46 PM
jasonw's Avatar
jasonw jasonw is offline
Senior Member
 
Join Date: Feb 2009
Posts: 1,010
Rep Power: 8
jasonw is on a distinguished road
Default

Quote:
Originally Posted by mark123 View Post
Who's the resident accountant?
???
???????????????????/
__________________
White Company
Reply With Quote
  #6  
Old 08-30-2009, 05:29 PM
picframer's Avatar
picframer picframer is offline
Andy
 
Join Date: Jan 2009
Location: Halifax, Nova Scotia
Posts: 2,885
Rep Power: 10
picframer will become famous soon enough
Default

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.
__________________
Andy
Halifax, Nova Scotia
Reply With Quote
  #7  
Old 08-30-2009, 07:14 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 37,466
Rep Power: 10
Steve has disabled reputation
Default

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.
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #8  
Old 08-31-2009, 07:35 AM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 8
mark123 is on a distinguished road
Default

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.
Reply With Quote
  #9  
Old 08-31-2009, 08:39 AM
turfmaster's Avatar
turfmaster turfmaster is offline
Senior Member
 
Join Date: Apr 2009
Location: Midwest
Posts: 366
Rep Power: 7
turfmaster is on a distinguished road
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.
Reply With Quote
  #10  
Old 08-31-2009, 07:27 PM
MikeO
Guest
 
Posts: n/a
Default accounts

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
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
I need some help on a personal situation with a friend and the business mhoward92 General Talk 10 11-21-2008 11:49 AM
Personal Relationships and Landscaping All Aspects Landscaping General Talk 4 03-26-2008 10:04 PM
Personal touch ritchiem General Talk 1 11-25-2007 01:18 PM
Combining your business with a personal interest? Steve General Business Discussions 2 11-13-2007 07:46 AM
personal sub Offroadin Lawn Care Marketing & Post your marketing material for review! 0 10-29-2003 05:38 AM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
how to make customers...
Bradcook21
05-27-2015 05:04 PM
Today 06:30 PM
by Mattw
8 2,349
Hi everyone
Mattw
Today 05:59 PM
Today 05:59 PM
by Mattw
0 1
Start LIKING FACEBOOK...
rlclawncare123
02-26-2015 12:06 AM
Today 04:38 PM
by GreenWorx
11 3,247
4th of July parade...
Steve
Today 10:35 AM
Today 10:35 AM
by Steve
0 19
Unemployment rates drop,...
Steve
07-02-2015 12:40 PM
Today 10:30 AM
by Steve
4 165
Is it too late to do...
markty
06-16-2015 05:28 PM
Today 10:25 AM
by Steve
6 2,066
I dont know what to do...
Bradcook21
06-21-2015 08:49 AM
Today 10:19 AM
by Steve
13 2,264
Should I buy this Exmark...
googus
07-03-2015 09:22 AM
Today 10:16 AM
by Steve
4 146
Just about mid year, how...
GreenWorx
06-24-2015 07:05 PM
Today 10:14 AM
by Steve
7 1,974
another newish job for me
holymoly
06-07-2015 08:34 AM
07-03-2015 02:06 PM
by American L&T
9 2,177
Before & After tree...
COREtreeservice
07-01-2015 09:20 PM
07-01-2015 09:20 PM
by COREtreeservice
0 114
Dogs
Mr. Mow
06-29-2015 02:37 PM
07-01-2015 11:28 AM
by Steve
6 1,945
Ready to learn and get...
Koley Lawn & Landscape
06-28-2015 05:16 AM
07-01-2015 11:26 AM
by Steve
8 1,921
Three Stripe Land Care...
hammr04
06-30-2015 07:19 PM
07-01-2015 11:24 AM
by Steve
1 111
Country Life Lawn Care
darleneh
06-29-2015 11:24 AM
06-30-2015 01:25 PM
by Steve
3 1,769
Rubber mulch...
avetslawncare
06-24-2015 09:28 PM
06-29-2015 09:23 PM
by Chilehead
6 1,927
Marketing ideas
xandrew245x
04-29-2014 06:35 AM
06-25-2015 07:11 PM
by GreenWorx
34 5,809
Never ending sod jobs
avetslawncare
06-05-2015 09:46 PM
06-25-2015 11:42 AM
by Steve
11 2,416
Weed and Feed Service...
mike94740
06-23-2015 05:50 PM
06-24-2015 09:56 PM
by avetslawncare
2 1,830
Trimming hedges / trees,...
Hard-Body lawn & garden
06-23-2015 07:08 PM
06-24-2015 09:59 AM
by Steve
1 1,832
Hi Everyone from Arkansas
KellyMarie
06-04-2015 04:16 PM
06-23-2015 01:34 PM
by KellyMarie
4 2,108
problems with a customer...
LawnCareMan280
06-16-2015 10:26 PM
06-22-2015 11:11 AM
by Steve
6 2,146
Please review this FREE...
markty
06-21-2015 07:42 AM
06-22-2015 11:00 AM
by Steve
1 1,856
A good commercial bid...
burtle
06-20-2015 09:09 PM
06-22-2015 10:56 AM
by Steve
1 1,923
What would you do with...
holymoly
06-20-2015 06:48 PM
06-22-2015 10:48 AM
by Steve
1 1,884
New Member just joined...
vgoleco@hotmail.com
06-19-2015 03:49 PM
06-22-2015 10:42 AM
by Steve
2 1,873
Credit Cards - What's in...
Shark1611
06-16-2015 03:04 PM
06-21-2015 07:24 PM
by Chilehead
4 1,987
Blade usage
Wolf4dk
06-16-2015 12:18 AM
06-21-2015 05:35 PM
by kslawn
4 1,992
Hello, I am new to the...
adamslawnservices
06-17-2015 08:06 PM
06-19-2015 10:28 AM
by Steve
3 1,908
First commercial bid
SGL1
06-12-2015 08:57 PM
06-18-2015 05:04 PM
by SGL1
9 2,382
Needing a website built
burtle
06-17-2015 09:02 AM
06-18-2015 11:02 AM
by Steve
7 2,066
I have been rude and...
biglee
06-15-2015 10:11 PM
06-18-2015 10:46 AM
by Steve
10 2,147
Customer keeps adding...
Mr. Mow
06-13-2015 06:22 AM
06-16-2015 10:23 AM
by Steve
11 2,409
Pass discounts onto...
burnell76
06-03-2015 06:33 PM
06-16-2015 10:02 AM
by burnell76
3 2,077
burned grass only where...
nhauto
06-15-2015 05:28 PM
06-16-2015 09:45 AM
by Steve
2 1,944
Half year mark review.
Steve
06-02-2015 11:24 AM
06-15-2015 01:04 PM
by Steve
18 2,703
These are the days on...
ExtremeLawncareServices
01-11-2015 10:41 AM
06-15-2015 01:01 PM
by Steve
86 9,772
New Member
Bruce Fehr
06-05-2015 07:13 PM
06-15-2015 12:53 PM
by Steve
6 2,079
New to the business,...
CarefreeMowing
06-12-2015 02:36 PM
06-15-2015 12:50 PM
by Steve
1 1,966
Beginner Mistakes:...
Steve
01-31-2007 11:45 AM
06-13-2015 08:48 AM
by holymoly
45 12,100
New to the forum, new to...
CarefreeMowing
06-11-2015 12:35 PM
06-12-2015 10:44 AM
by Steve
2 1,877
problems with a customer
LawnCareMan280
05-19-2015 06:28 PM
06-11-2015 10:50 PM
by stallman419
8 2,443
Website Review
Outdoordesignsknox
06-08-2015 08:44 PM
06-11-2015 09:48 PM
by Just for Cuts
13 2,337
Anyone need help? I have...
biglee
05-06-2015 12:22 PM
06-10-2015 01:45 PM
by holymoly
15 3,033
Hello from the GREAT...
gbfarmsllc
06-09-2015 11:10 AM
06-10-2015 01:29 PM
by Sprinkler Buddy
2 1,948
Hey guys and gals, I'm...
Joeyhall
06-03-2015 03:54 PM
06-08-2015 02:15 PM
by chris2500hd
8 2,200
Mowing Bermuda...
Mr. Mow
06-02-2015 12:45 PM
06-08-2015 12:45 PM
by Steve
12 2,362
Hey Guys
PrattLandscaping
06-07-2015 06:37 PM
06-08-2015 12:23 PM
by Steve
2 1,967
Share your stolen...
SGL1
05-27-2015 09:05 PM
06-08-2015 11:54 AM
by Steve
25 2,922
Hello there My name is...
zwalk1839
06-04-2015 11:10 PM
06-08-2015 11:52 AM
by Steve
4 2,080
» Popular Tags
ad landscaping aerocore apartment bid apartment complex apartment lawn care estimate applying bark billy goat brushcutter blowout bob villa bush collections contract help curb appeal services deliquentaccounts design ditches door hangers edging employee problems equipment dealer equipment rental flyers foreman free advertising google growing a lawn care business hardscapes hills hiring husqvarna increase customers jobs landscape services landscaping landscaping training lawn aeration lawn care lawn mowing marketing more customers business mr dave mulch new business ordinance past due per hour charge per hour service plowing profit on employee push versus ride scag scripts sell the vision seo shell small engine repair snow plowing sq ft steep lawns swzt trailer tree tree pics trimmer rack up sell employee web design website website design www.greenturion.co.za
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 06:46 PM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 06:46 PM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy