Mixing Personal & Business Funds.
We have all done this - it's our business so it's our money.
However from a Bookkeeping point of view this can be confusing & ultimately cost you
data entry fees, plus eligible tax deductions could be forgotten.
Try not to pay personal expenses from any business account & try not to pay business expenses from any personal account. Designate at least one Business & one Personal account & have
one credit card for business expenses only. This will help to keep your records straight and save you on those data entry fees. It is a good idea to transfer a larger sum to yourself than to keep paying small personal bills from the business. We can check with your accountant how best to take the funds (salary or dividend)
