Why You Should Keep Business & Personal Funds Separate
- 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.
- Tax purposes 02:21
- It’s just easier to file taxes when you keep your business and personal funds separate.
- 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.
- 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.
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