MONEY MAKER MYTH #010 – HAVING LOTS OF DIFFERENT BANK ACCOUNTS TO MANAGE MY BUSINESSES MONEY WILL BE CONFUSING AND WILL MAKE THE BOOKKEEPING REALLY DIFFICULT
The question I ask when I hear this is – has that worked for you in the past??!
Are you already tracking your cash flow every day on a spreadsheet?
Are you checking your accounting system daily, reviewing the numbers?
So setting this system I teach in your accounting system is only a very small modification over something you are supposed to be doing already, but are not…
No matter what those spreadsheets or monthly reports say, your current bank balance is always going to be a stronger determinant of your behaviour.
By setting up separate bank accounts (for Profit, Owner’s Pay and Tax as a minimum) you cannot miss your allocations when you log into your online banking.
To change the outcome you NEED to change your behaviour and develop the HABIT of taking your profit first.
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!