BOOKKEEPING TIP OF THE WEEK:
Don’t wait until your business is booming to properly set up your bank accounts. Once things start to get busy, it can be an absolute nightmare trying to untangle business with personal. Set up your business bank accounts right from the start and make sure all transactions are processed through those accounts. It can be hard to get used to at the beginning, but it is well worth the effort! It can be very costly if you have to get your bookkeeper to process your accounts with these personal expenses mixed in.
Every business runs into cash flow problems from time to time. If this is the case, just do a bulk transfer from the business to your personal account so that your bookkeeper does not need to deal with a million small personal transactions and making you pay for their time.