Accounting & Bookkeeping & Small Business Forum

Guest · Posted: Mon Mar 21, 2005 10:04 am Post subject: Separation of finances

I have a consultation with a potential client later this week. This person runs a home-based daycare, and doesn't have too many transactions, so it will be a small account. The problem is that she uses her personal checking account for her business. How do I explain the necessity and benefits of a separate business account, and show her that it is worth the extra effort? She has someone who does her taxes, and I guess that person has never said anything about it. This would be my first client, and I don't want to lose her, but I don't want the headache of trying to separate the business transactions from the personal ones!

Thanks for any help,
Dana

Guest · Posted: Tue Mar 22, 2005 9:52 am Post subject: RE: Separation of finances

You have just picked up two clients. Her personal and her business. I have 3 businesses and still use my personal checking and credit card. Make sure she marks what is business. Set up an account and use classes if you are using QB or simply set up a set of account numbers specifically for the business. It's very easy to keep track of, especially when she has so few transactions. Tell her you need to keep track of her personal stuff as well. This will add a bit more work for you.