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How do I separate family from business

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6 answers

Hello Waa If you mean in terms of time spending, it's all start with proper time management. You need to have a clear schedule.

Report Dimitrios's answer

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You need to separate your self from your business. You need to understand that even though you own the business, the business's capital belongs to the business.

Report Miguel's answer

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I think this discussion is arriving at a bookkeeping issue. For tax and business control purposes it is necessary to set up a ledger or similar accounting approach and carefully track revenue and expenses, recording to the business only those costs and income that are business related. There are are relatively inexpensive computer products on the market to assist.

Many use a company credit card, charging only business expenses to the card. The card statements form the basis for keeping business expenses separate from family expenses.

Others lay out a chart of accounts and plan, then record expenses and sales, comparing the two for a net difference. Only after doing so do they distribute the difference for use by the owner and his or her family. The approach allows the business to survive profitably and manage tax liability.

Report Kenneth's answer

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I am very grateful for your responses.

Report Waa's answer

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Hello Oliver, to add other great ideas, you can regularise the business by registering the business as a sole proprietor, company or partnership (depending on the nature of your business and who contributes to capital). Also, installing an appropriate bookkeeping system will help you achieve this goal. But in simple terms, try as much as possible to separate the business expenses and revenue from your personal/ family expenses and vice versa. I will be available for a one on one chat on how you could regularise your business since some of these things are a bit technical and accounting related. Regards

Report Paul's answer

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Hi Waa. Search online for free or paid apps on time management (personal and business). Also review small biz sw for accounting, discuss compatibility with your accountant (i.e. tax report, bookkeeping), and decide the best option for you.

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