Do not mix business and private finances

It can be both expensive and time-consuming to get your finances in order when your business and private finances get mixed up. A systematic divide is important in your everyday work.

Separate account for the enterprise
Set up a separate bank account for your business. Pay all your business expenses using funds from the business itself. Do not use your private account.

Private withdrawals once or twice a month
Withdraw money from your business for private use in larger amounts once or twice a month. Prepare a written memo explaining how this is to be done. If your enterprise is organised in the form of a private limited company, you must withdraw money in the form of a salary. This should be done on the basis of a written employment agreement.

Prepare vouchers
Make sure you prepare vouchers for your own withdrawals from and contributions to the business. These internal vouchers must provide the same minimum information as other documentation, such as the parties involved, amount, quantity and dates.