Running your life and business
There are several things business owners can do to ensure their own financial affairs are not neglected
Being a business owner can involve a lot of sacrifices. It also means managing overhead costs and cash flow, and preserving relationships with suppliers by ensuring payments are made on time. And on top of all this you have to manage your personal finances. There are several things you can do to ensure you don't neglect your own financial affairs and end up in financial trouble: Separate your business finances from your personal affairs If you don't, you could find yourself using money from the business to cover personal expenses when you start the business. It's also important to keep impeccable business records for the South African Revenue Service and other business reporting requirements. If you pay yourself a salary, you'll have to show SARS your personal income tax records and business tax records. Keeping proper records of the money that flows into and out of your business will help you keep an eye on the cash flow. story_article_left1 Get rid of debt It's advisable to elimin...
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