For you to maximise your contribution to your business as banking professional, and ensure continued personal growth, you need more than just technical banking skills. By developing and extending your professional and personal skills at all stages of your career, you and your teams can ensure that you are always able to meet the challenges of the business. Consultants with specialist knowledge in delivering a range of courses, workshops and one-to-one sessions which will inspire personal, team and organizational growth. As said personal and professional life needs differentiation and should not be an interference
When it comes time to declare income and expenses from the business, personal transactions will have to be separated from business transactions. It will be a nightmare and time burden going through all transactions and figuring out business from personal.
It is not a requirement of the government that you have a separate small business banking account and record keeping method. It is required that all records be accurate, complete, permanent and showing a clear record of income and deductions. Providing a separate business statement and record provides a clear audit trail.
Co-mingling your small business banking with personal creates a mess of transactions on your account statement. It is easy to overlook or miss deductions you may be entitled to. Whether you or an accountant will be preparing the tax return, messy record keeping will cost more in time, money, and possible missed deductions.
If you have clients who write checks to you, check writing in your personal name as opposed to business can convey that your company is a part-time venture. Even if your business is part-time, take it seriously and your clients will too.