Step 4: Keep Your Personal Finances Separate

How much are you planning to invest in your new company? If you are using personal funds, you will need to make sure they are recorded correctly.

Doing this will save you a great deal of time and energy when sifting through your expenses, because you won’t need to filter out any personal purchases you have made. It’s also a good idea to have a separate bank card for your business, so when you’re going through your invoices and receipts, you will know that all the expenditure has gone on business-related items, helping you to speed up the bookkeeping process.

If you have to use a personal credit card for your business, assign one personal card for only business expenses and pay that card from the business checking account. It will save a lot of time at the end of the year.

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