Money Makers Myth #011 – I can borrow from my tax account and pay it back later
You get to the end of the week…you really want to make a purchase…something that you REALLY need (need…hmm…ok…want!!)…
You can just “borrow” temporarily from the tax bank account, right?
It’ll be fine…you’ll just top it back up later, right?
I have seen people try to do that again, and again, and again (I have tried it too by the way!!) – and it NEVER, EVER works!!
It just doesn’t.
This method of cash flow management means that if there is not the money in the Operating Expenses bank account for an operating expense…then you don’t purchase it…simple.
There is not “borrowing” (if you don’t give it back it’s stealing of course) from any other bank account because that goes completely against what we are trying to do here…it goes completely against financial mastery…it goes completely against robust cashflow management…it goes completely against a financially healthy business.
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!