Скачать или смотреть Business Financial Management - Sole Traders: Keep your personal life out of your business!

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Sole Traders often ask me what costs they need to take into account in their business. A sole trader is just the structure of the entity that you're using to run your business through. Whether you're a sole trader, in other words you use your own name and are being taxed in your own name, or whether you're using a company for example, at the end of the day your intention is to make a profit.

Many sole trader businesses have more than one bank account and they end up tracking all the transactions through all of those bank accounts. Some of these transactions are business transactions and some of them may be personal transactions.

The problem with this is that you end up tracking everything, when you are only really interested in tracking your business costs.

My recommendation to small business owners, especially sole traders, is to open up or have one or two bank accounts purely for business transactions. Have one credit card purely for business transactions. This way you don't need to track any of the other bank account transactions that are not business related and you're cutting down on the time your bookkeeper's spending and making sure that everything going through your books is purely business. You can also make sure that none of the business costs are 'missing" in your accounts and therefore are not being used to reduce profit and minimize tax.

So YES, make sure that you're tracking costs related to your business and keep the personal side of your business PERSONAL - or more importantly the personal side of your LIFE out of your business.

If you would like to know more about how Confident Cashflows can help you increase profit and improve cashflow in your business, visit http://www.confidentcashflows.com.au or email [email protected].