#1 Mistake business owners make
I see you..... using your business card for your BK double cheeseburger, purchasing your groceries at Costco, and paying for your manicure. We both know these aren't business expenses (most of the time), and we both know you shouldn't be using your business card for these things.
I see you.... paying for that super cool decor piece that your business just can't live without, grabbing a case of water for the office, and buying the office lunch using your personal card. We both know these are business expenses and need to be in your books so that you get the deductions you deserve.
Trust me, I've heard all of the reasons (excuses), and I've even been guilty of using them myself sometimes. Maybe you didn't have the correct card in your pocket when you were making the purchase, or you didn't intend to buy something for the business so you weren't prepared. Sometimes, maybe, you aren't sure if there is enough money available in the correct account to cover the cost, so you play it safe and use the one you know has money (this is clearly pointing to cash flow issues, and you need a badass bookkeeper, uh-hum, to help you figure out how to start solving this).
I'm not shaming you here, because I do honestly know where you are when you make those choices... I am, however, here to say:
STOP DOING THAT CRAP!
You started a business- you're a business owner, so it's about damn time you start acting like a business owner. Make a plan, and stick to it. Co-mingling your personal and business finances is the #1 mistake we see new business owners making (and sometimes even seasoned entrepreneurs fall into this). It's not that the damage is irreversible, but it is time consuming, expensive, and quite frankly not error proof. We want to be sure that you are claiming every expense possible, and that your profit numbers are correct.
So, how do you fix it? It's as easy as 1,2,3...
1) Establish separate business and personal accounts (bank, credit cards, venmo, paypal, etc...)
2) Use them appropriately - every time.
3) Relax knowing that your books are more accurate, and you are getting every expense recorded to maximize your deductions.
