76: Mixing Business And Personal Funds Leads To Disaster Whether You Are Starting A Business, You Are Self-Employed, A Solopreneur, Entrepreneur, Mompreneur, Business Owner, Freelancer, Or Bookkeeper

One of the biggest mistakes business owners make when they are starting their business is to mix their business and personal funds together.  It may seem like this is the easiest and most straightforward way to manage their business finances, but in reality, it creates additional work and complexity for the business owner, which is a costly mistake.  Your time is valuable, and you don’t want to spend hours trying to figure out what was a business transaction versus a personal transaction, and if you have an accountant or bookkeeper doing your bookkeeping, you’ll find yourself paying additional fees to have them sort through this issue as well.  In today’s podcast episode, I will give you the top reasons you need to separate your business funds, when the best time to create separate accounts is, and how to develop procedures to easily separate your business and personal funds.  Keeping your business funds separate from your personal funds is recommended and required for many businesses.  It doesn’t matter if you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, listen in to today’s podcast episode so that you know exactly what you need to do to keep your business and personal funds separate.  I will even cover how you can pay yourself from the business the right way and not get yourself into trouble when it comes to tax time.  These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document… Schedule a free consultation, and we’ll work together to dive into where you’d like to see yourself and your business in the future.  We’ll create a laser-focused plan including which steps you need to take and when you should be taking them: www.FinancialAdventure.com/Contact-Us Apply to join the Mastering Your Small Business Finances CEO Mastermind or the Elevate Your Bookkeeping Business GROW Mastermind group: www.FinancialAdventure.com/Mastermind Grab Your FREE guide:  5 Essential Strategies For Stress-Free Bookkeeping: www.FinancialAdventure.com/5Essentials Looking for a payroll solution for your business?  You can get an exclusive 15% discount on your payroll services when you sign up here: www.FinancialAdventure.com/ADP Looking for an extremely beneficial online bookkeeping resource?  Join us in our Mastering Your Small Business Finances Membership, where you can ask questions and get answers regarding your specific business.  We dive deeper into the topics on this podcast and provide additional resources and accountability: www.FinancialAdventure.com/MYSBF Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path is waiting for you: www.FinancialAdventure.com/StarterGuide Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you: www.FinancialAdventure.com/Discovery Join Our Facebook Community:  www.Facebook.com/Groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique Are you a bookkeeper looking to start, grow or scale your bookkeeping business?  Join our FREE bookkeeper community here: www.FinancialAdventure.com/BookkeeperCommunity QuickBooks Online - Save 50% Your First 3 Months: www.FinancialAdventure.com/QuickBooks Show Notes:  www.FinancialAdventure.com This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources.