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: 1,008
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: 7
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: 1,008
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: 7
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: 1,008
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: 37,135
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: 7
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: 6
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
Commercial Jobs
CurbAppeal1
03-25-2015 04:22 PM
Today 12:33 AM
by CCandALawnCare
8 272
How do you get...
ESREVER
03-25-2015 01:30 PM
Yesterday 11:09 PM
by SC93
9 247
35,000 Eddm
greenscaper123
03-18-2015 12:51 PM
Yesterday 10:51 PM
by SC93
22 600
landscape insurance
clarkslawn
Yesterday 10:14 PM
Yesterday 10:14 PM
by clarkslawn
0 25
Engine question
Blue Star Lawn Care
Yesterday 09:47 PM
Yesterday 09:47 PM
by Blue Star Lawn Care
0 24
Hydro oil
googus
Yesterday 06:45 AM
Yesterday 09:32 PM
by googus
2 54
First big mower decision?
SGL1
03-28-2015 08:58 AM
Yesterday 08:16 PM
by Just for Cuts
8 155
Employee job training...
brookline
12-15-2014 07:15 PM
Yesterday 07:39 PM
by SGL1
30 2,451
Finally got a warehouse
avetslawncare
03-12-2015 07:52 PM
Yesterday 07:36 PM
by SGL1
16 603
Ferris FW35 questions
Chilehead
03-10-2015 08:31 PM
Yesterday 07:08 PM
by Dan Tanner
7 438
Bid for large home...
lxarth
03-22-2015 11:06 AM
Yesterday 07:03 PM
by avetslawncare
11 416
Covering a landscape...
Dan Tanner
03-29-2015 09:01 AM
Yesterday 06:55 PM
by Dan Tanner
5 135
Dethatching attachments
jcurr33
03-29-2015 08:56 PM
Yesterday 05:18 PM
by jcurr33
2 79
Start LIKING FACEBOOK...
rlclawncare123
02-26-2015 12:06 AM
Yesterday 02:07 PM
by Steve
4 436
Trepidation about...
michellemarvin
03-23-2015 07:46 PM
Yesterday 01:40 PM
by Steve
3 208
I lost a long term...
Sprinkler Buddy
09-04-2011 02:24 PM
Yesterday 01:36 PM
by Steve
16 3,496
Billing methods
jcurr33
03-26-2015 01:33 PM
03-29-2015 05:13 PM
by avetslawncare
8 254
bidding a cemetery....
NPM_LLC
03-28-2015 10:56 AM
03-29-2015 01:18 PM
by jrs.landscaping
5 156
Weed and Feed
robkattankate
03-19-2015 09:00 PM
03-29-2015 08:42 AM
by Dan Tanner
5 607
Mower vs lot size advice
jcurr33
03-25-2015 09:29 PM
03-28-2015 08:37 AM
by Dan Tanner
5 218
hoa bid need help
bigdaveha12
03-24-2015 08:29 PM
03-27-2015 11:17 PM
by lxarth
6 290
introducing myself
chris2500hd
03-24-2015 11:16 AM
03-27-2015 02:02 PM
by Steve
8 265
Flag or no flag
Matther777
03-24-2015 02:41 PM
03-27-2015 12:25 PM
by biglee
10 364
Office Administration...
Girlfriend
03-26-2015 05:40 PM
03-26-2015 05:40 PM
by Girlfriend
0 780
Is this tree beyond help?
SGL1
03-22-2015 05:35 PM
03-25-2015 08:55 PM
by SGL1
14 1,199
Opinions on truck wrap
Trupro
02-28-2015 03:21 PM
03-25-2015 07:54 PM
by Trupro
33 1,628
The New Wave!!!! Read...
Jamesw86
03-22-2015 08:33 PM
03-25-2015 02:50 PM
by Steve
10 353
grass in the gas tank
robkattankate
03-23-2015 04:37 PM
03-25-2015 02:36 PM
by Steve
5 231
Helping others
hansenslawncare
09-15-2011 08:50 PM
03-25-2015 02:33 PM
by Steve
11 2,689
DOT Number
acrajchel
03-20-2015 05:56 PM
03-25-2015 02:28 PM
by Steve
7 554
Michelin x tweel.
apmAkron
03-23-2015 04:22 PM
03-24-2015 12:40 PM
by Steve
3 157
spike aerator???
Bradcook21
03-21-2015 01:55 PM
03-24-2015 10:32 AM
by acrajchel
4 253
Hello from Maryland
michellemarvin
03-23-2015 12:44 PM
03-23-2015 07:33 PM
by michellemarvin
2 169
hello from south GA.
CCandALawnCare
03-23-2015 03:46 AM
03-23-2015 07:06 PM
by CCandALawnCare
2 148
Say Hello !!!
Steve
03-19-2007 11:18 AM
03-23-2015 06:14 PM
by jethro
1,218 380,486
Is anyone doing mosquito...
BWild
01-27-2015 11:30 AM
03-23-2015 12:28 PM
by Steve
9 892
Should i take on this...
christw
03-17-2013 01:23 PM
03-22-2015 09:02 PM
by ExtremeLawncareServices
36 7,615
mower stalls when...
boog
03-19-2015 08:20 AM
03-21-2015 08:13 PM
by Wolf4dk
7 297
These are the days on...
ExtremeLawncareServices
01-11-2015 10:41 AM
03-20-2015 10:00 PM
by ExtremeLawncareServices
32 4,042
Hello Emily Reyes from...
Webster14829
03-20-2015 11:23 AM
03-20-2015 03:36 PM
by Steve
2 202
Finally going to give it...
jcurr33
03-12-2015 08:09 PM
03-20-2015 03:31 PM
by Steve
10 590
Weed id?
SGL1
03-17-2015 08:20 PM
03-20-2015 02:37 PM
by Steve
6 306
Mobile small engine...
luckylogger
03-15-2015 02:05 PM
03-20-2015 06:17 AM
by jrs.landscaping
15 523
Brad Cook 21
SC93
03-16-2015 10:40 PM
03-19-2015 09:04 PM
by Bradcook21
4 489
honest opinion please
uppercut
02-17-2015 01:30 AM
03-18-2015 02:55 PM
by Steve
15 1,361
Repair or replace the...
lxarth
12-17-2014 04:07 PM
03-18-2015 02:49 PM
by Just for Cuts
21 2,054
new to the site
bigdaveha12
03-17-2015 09:13 PM
03-18-2015 02:33 PM
by Steve
1 234
Small dovetail truck...
ExtremeLawncareServices
03-04-2015 06:47 PM
03-17-2015 10:14 PM
by ExtremeLawncareServices
17 900
New Site Hows it look
Infinitelawn
03-16-2015 10:32 AM
03-17-2015 08:15 PM
by SGL1
3 308
mulch questions
Bradcook21
03-08-2015 08:37 AM
03-17-2015 07:00 PM
by Bradcook21
23 1,045
» Popular Tags
apartment complex auger bark billy goat brushcutter blades blowout bob villa collections commercial design edging employee problems equipment rental ferris flyers foreman free advertising grass growing a lawn care business hardscapes hills hiring husqvarna hydraulic introduction john deere quik trac landscape landscape services landscaping training lawn aeration lawn care lawn care business seo lawn care business website lawn care business website seo lawn care seo lawn care website marketing more customers business mr dave new business ordinance past due patio install per hour charge pricing profit on employee pto push versus ride running a business scag v-ride scripts search engine optimization secrets to landscaping sell the vision seo shell small engine repair square foot sulky toro grand stand trailer tree trimmer rack truck new used landscape walk behind web design website website design winterization won't return
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 04:14 AM.


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

All times are GMT -5. The time now is 04:14 AM.

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