Do you separate your business earnings and your personal earnings?

[Syldan]

I think separating your business money from your personal income is the only way which can give you an insight if your business is really growing or not at the moment. that will helped you to track your performance.

 

[Chibson]

It is always very important and necessary to separate your business money from your personal money. If you use your business money for your personal things your business may die off.

 

[Sotherefore]

The business profit goes into the business account that was purely created for business purposes . I wouldn't want to mix it with my personal money. Yes personally I have to separate it.

 

[Syldan]

Actually I do separate my personal money or income from that of business simply because I want it to be used based on where it's gotten from and that's is the only way i can maintain expansion and growth.

 

[Immilash1]

Despite the fact I don't have a business but I believe if you do that it will be a good idea, making your business look organized will be a good idea.

 

[Syldan]

Separating your business earnings from your personal earnings is the only way to which you will be able to access your business performance to know if it's succeeding or not.

 

[Chibson]

The business profit goes into the business account that was purely created for business purposes . I wouldn't want to mix it with my personal money. Yes personally I have to separate it.

This is always the right thing to do. When you start mixing your business money with your personal money you will make a lot of mistakes and your business will be in danger. Having separate accounts for them is important.

 

[Sotherefore]

This is always the right thing to do. When you start mixing your business money with your personal money you will make a lot of mistakes and your business will be in danger. Having separate accounts for them is important.

That is what I will do . Business is To be differentiated from other things. Accounting is very important and in anything you are doing you shouldn't take any action that will make accounting difficult in business.

 

[Chibson]

That is what I will do . Business is To be differentiated from other things. Accounting is very important and in anything you are doing you shouldn't take any action that will make accounting difficult in business.

Probably, the business account needs to be separate from your personal account. If possible you can even employ people who will be doing the job for you. A lot busineses does that.

 

[Good-Person]

It is always very important and necessary to separate your business money from your personal money. If you use your business money for your personal things your business may die off.

Yes, I think that your personal expenses should be separate if you are conducting a business. However, you get your money (income) from your business and this is why you must make sure that you manage your expenses using your income you get from business. This is why I have been using an accounting software to manage these exact same things.

 

[Sotherefore]

Probably, the business account needs to be separate from your personal account. If possible you can even employ people who will be doing the job for you. A lot busineses does that.

I may not wants to employ unknown people into the accounting department of my business most especially if I am not ready to monitor the business directly with the person except that person will be a family member.

 

[Chibson]

Yes, I think that your personal expenses should be separate if you are conducting a business. However, you get your money (income) from your business and this is why you must make sure that you manage your expenses using your income you get from business. This is why I have been using an accounting software to manage these exact same things.

Definitely, but as someone who is into a new business I would not advise you to spend the profit of your business. When the business has grown to an extent then you can be taking some profits for your personal expenses.

 

[Syldan]

Yes I do and I consider it as the best way to know you business income, where it's been spend on, how it was spend and the benefits derive from the spending. that will enable you know the growth of the business.

 

[tyrim88]

Personally I do always separate my business earnings from my personal earnings so as not to used the other into another most especially my business income for personal usage. that will enable you keep track of your business performance.

that is actually a good one, i could remember when we started our outfit,as a new business we were able to define how we would be paying for most of our expenses,and we seperated our finanace accordingly.

 

[Good-Person]

Definitely, but as someone who is into a new business I would not advise you to spend the profit of your business. When the business has grown to an extent then you can be taking some profits for your personal expenses.

Re-investing profits depends on a lots of factors. The profitability factor is definitely one of the most important factors that I would consider before re-investing profits.

 

[Immilash1]

Well I don't think that's important, but it depends on how you like it, but for me I don't think it will be important to separate it, as a matter of fact it doesn't makes any sense to do that.

 

[Chibson]

Re-investing profits depends on a lots of factors. The profitability factor is definitely one of the most important factors that I would consider before re-investing profits.

that is actually very true. How profitable the business is will determine if you will reinvest your profit. But sometimes a business may be slow but on the long run they will be very profitable.

 

[Smiles20]

This is something that is very important to me because I will want to know exactly how my business is going and how my own personal income is going as well. This is why I usually have a separate account for them.

 

[Syldan]

I think separating your business income from your personal money is the best option to be done and that will give you a better way to know how good your business is really growing or not. based on the record you have.

 

[Danny4cash]

I think it's the best thing to separate business money from personal money. That's what most business minded person do and it's best thing. For me, I always separate my business money from personal money so, I can the state of my business, if it's growing or not.