System for money: stop mixing personal and business money.
System for money: stop mixing personal and business money.
Example: 1. Have two accounts (business + personal). 2. Every sales, 70% stays in business, 20% is your salary, 10% is your savings. 3. Record every sale in a simple book or app like sales ledger, not everyone knows this so please take note on how to handle your business. Thanks you
Re: System for money: stop mixing personal and business money.
Having a system for money means organizing your finances so you know exactly how much you earn, spend, save, and invest. One important rule is to keep your personal money separate from your business money.
For example, imagine you own a small business. The money customers pay you belongs to the business first. You should use it to pay business expenses such as transportation, supplies, workers' salaries, and rent. After covering these expenses, you can calculate your profit.
From that profit, you can pay yourself a fixed amount as your personal income. Put that money into your personal account and use it for food, clothes, family needs, and other personal expenses.
For example, imagine you own a small business. The money customers pay you belongs to the business first. You should use it to pay business expenses such as transportation, supplies, workers' salaries, and rent. After covering these expenses, you can calculate your profit.
From that profit, you can pay yourself a fixed amount as your personal income. Put that money into your personal account and use it for food, clothes, family needs, and other personal expenses.