Always Keep your Business and Personal Transactions Separated
Although a fruit punch may be a nice refreshing drink to have, this mixing concept won’t work as well in all aspects of business.
Never mix your business and personal transactions.
Not only is this a violation of Basic Accounting Principles but it is dangerous to your business survival.
One reason for this mixing is the tendency to believe that you cannot afford to pay yourself a salary so the owner keeps dipping into the business funds to pay for their personal expenses; yet you spend far more this way.
So trust me, do yourself a favour; take a salary no matter how small and learn to live off it. You will spend less and avoid the headache when it comes to filing your taxes.
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Drop us a comment below and tell us about your experiences negotiating this challenging period…