9d • Bookkeeping
🏦 Just Became Self-Employed? Open a Business Bank Account.
If you've recently started your own business, here's one of the best pieces of advice I can give you:
Open a separate business bank account.
Even if you're a sole proprietor and it's not legally required, it can make a huge difference.
Why?
✅ It keeps your personal and business money separate.
✅ It makes bookkeeping much easier.
✅ It helps you track how your business is actually performing.
✅ It saves you time (and headaches) during tax season.
✅ It makes your business look more professional.
A Simple Example
Let's say you own a lawn care business.
You mowed three yards on Saturday and deposited $300 into your personal checking account.
Then you stop by the grocery store, fill up your truck, buy dinner, and purchase new trimmer line—all using the same debit card.
A month later, you're trying to figure out which expenses were for your business and which were personal.
Sound familiar?
Now imagine all of your business income goes into one account, and all of your business expenses come out of that same account.
Suddenly, your bookkeeping becomes much simpler, and you have a much clearer picture of your business.
💡 Doing Business Right Tip: Start good habits early. It's much easier to build an organized business from the beginning than to untangle months of mixed transactions later.
Question:
When you started your business, did you open a separate business bank account right away, or did you wait?
What advice would you give to someone just getting started?
Let's start Doing Business Right!
DBR
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🏦 Just Became Self-Employed? Open a Business Bank Account.
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