Separate Personal and Business Finances

One of the most common mistakes small business owners make is mixing personal and business finances. This can lead to inaccurate records, being disorganized and it can have potential tax complications.

Thing you can do:

Open a Separate Business Bank Account to keep your business transactions separate from your personal expenses and deposits.

Get a Business Credit Card to avoid using personal credit cards for business expenses. It helps maintain clean records.

Use Cloud Based document management to keep your invoices, sales receipts and deposit receipts organized and easily accessible.

Pay yourself with a monthly Owner's Draw instead of withdrawing business funds for personal use.