Keep ‘Em Separated

Stop commingling! No matter how new or small your business is, you will save yourself many headaches by keeping your personal and business income and expenses separated by different checking accounts and credit cards. This is especially important if you have a day job and a business on the side. This takes the guesswork out of wondering what credit card charges are business-related. For your business checking account, you can loan funds from personal checking account to get you started and as income comes in you put all business-related sales income into that account. For business purchases (office supplies, marketing, etc) use only your designated business credit card. Then you download all your business expenses and track them by category. I just started using Wesabe and you can tag expenses similar to how you use account names in Quickbooks.

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7 thoughts on “Keep ‘Em Separated

  1. I almost never leave responses, but i did a few searching and wound up here Keep Em Separated |
    Keeping Nickels. And I actually do have a couple of questions for you if you
    tend not to mind. Could it be only me or does it appear like some of these responses come across as
    if they are left by brain dead people? 😛 And,
    if you are writing at other online social sites, I’d like to follow everything new you have to post. Would you make a list of the complete urls of your social sites like your twitter feed, Facebook page or linkedin profile?

  2. That is a great tip especially to those new to the blogosphere.
    Short but very accurate information… Appreciate your sharing this
    one. A must read article!

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