Why You Should Keep Business & Personal Funds Separate

  1. Even if you are a solo business, you need to separate yourself from the business 01:00
    • It makes everything more simple with finances and the actual structure of the business.
    • Essentially, you are the owner of the business and you are employed by the business.
  2. Tax purposes 02:21
    • It’s just easier to file taxes when you keep your business and personal funds separate.
  3. Business expenses 02:44
    • If you are depositing all of your business income into your personal accounts, it’s going to get really difficult to sort out the business expenses from your personal expenses.
  4. Forecasting 06:13
    • If you keep your business and personal funds separate, you can accurately forecast your upcoming expenses.
    • This can tell you if you have the funds to hire employees, go to a conference, or purchase a new software.

Thanks for listening to another episode of WP the Podcast!

If you’ve been listening to the podcast for awhile and you’ve found value out of it, we would love if you would leave us a review on iTunes! The more reviews we get for the podcast, the easier it will be for other people to discover us on iTunes. Thanks so much and see you tomorrow for another episode of WP the Podcast.

Did you Enjoy this Episode?

  • Will you consider sharing it online? Just click one of the share buttons below!
  • Will you leave us a review? 🙂
  • Have a question, or a topic request? Let us know in the comments below!

Want to Connect with David & Tim?

Where To Find Us

Listen to WP The Podcast on your favorite platform: