Happy Sunday! welcome back to SUNDAYS & BUSINESS, This week featuring Moshe Tauber, CPA from Moshe Tauber & Company with 3 easy to implement tips on Keeping Business and Personal Finance Separated
Corporate Protection.
You are probably using a corporation or LLC for your business knowing that this protects you from any outside lawsuits. What you probably didn’t know is that by using your entity bank account as your personal checking, you are breaking the corporate veil and negating that protection; thereby, exposing your company to creditors, suits, etc.
Business Cash Flow.
As a business owner, you should have a proper cash flow projection of the inflows and outflows of your companies. By using your business bank account and credit card for personal expenses, it’s easy to lose control of the outflows and you can’t identify and performance. assess your financial
Personal Budgeting.
When setting a weekly withdrawal from the business to a personal account, you can budget your personal life spending, knowing what you have available for personal use.
Pincus Schiff is a payroll software specialist at Friday App, where he helps businesses simplify payroll, stay compliant, and automate their workflows. He writes about payroll best practices, compliance, and the latest in workforce technology.
