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.
If you want to learn more about this, send us a message at support@obpss.com
Drop us a comment below and tell us about your experiences negotiating this challenging period…
