Mixing business with personal?
Another bookkeeping tip based on experience…
I can’t stress enough the importance of keeping your business and personal bank accounts and credit cards separate. Over-complicating your bookkeeping system by writing cheques for business expenses from your personal bank account, or using your personal credit card, is not always a straightforward process to record.
You will also be creating extra time and work for your accountant, or whoever prepares your taxes, at tax time which means a bigger bill for you in the end. And let’s not forget the very dim view the CRA would take at audit time.
So do yourself a huge favour if this scenario is all too familiar, and open separate accounts now!