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Small business owners: keep your business finances separate from personal

Do you know what's fairly typical of a small business operator?  Personal transactions in their business banking accounts.  I'm not saying it's right, just what I tend to see more often than not when we perform bookkeeping services for a client.
 
What's funny about those transactions is they are usually small amounts but are many in volume.  I suppose the business owner figures it's all the same since he or she owns the business but it's not.  For one, running personal transactions without regard to a spending limit starves the business of cash flow for expansion and weathering the slow times in the course of a year.
 
Create a budget for your business and stick to it.  Place spending limits for draws out of your business account and try to limit yourself to one check a month for your personal household budget.  Live under your means and help increase the odds that your business will be there for you tomorrow and into the future.
 
I am a CPA in San Antonio and serve individuals and small businesses in San Antonio and surrounding areas.  We provide bookkeeping, payroll, taxes and more.  Give us a call for a free initial visit.

Richard J. Garcia | 07/14/2010