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10 Easy tips for separating your business and personal finances, by our small business accountants in Melbourne

Your personal and business financial situations can be tricky when you are the business owner, which is why we find it fitting for you to hear what our small business accountants in Melbourne. We want you to determine if these tips can help you separate your personal and business finances.

Follow these simple tips by our Melbourne small business accountants to get your finances separated quick and easy:

• Set up separate accounts
• Keep your personal and business receipts separate • Be sure to get a credit card for the business, it is there to build up credit history for your business
• Give yourself a salary
• Set a budget for the business
• Be sure to keep a few people up to date on your business and personal financial situation
• Understand what a business expense is and isn’t, it makes a difference when it comes to tax time
• Always make sure that you talk to a professional advisor, one of our small business accountants in Melbourne’s CBD will be more than happy to help you
• Keep a log of your business account and its use

So if you just started your business, these simple tips will be able to help you separate the two finances. As always, if you have any questions feel free to contact our small business accountants in Melbourne.