[VIDEO] Keeping business and personal financial transactions separate

Sole Traders often ask me what costs they need to take into account in their business. A sole trader is just the structure of the entity that you’re using to run your business through. Whether you’re a sole trader, in other words you use your own name and are being taxed in your own name, or whether you’re using a company for example, at the end of the day your intention is to make a profit.

Many sole trader businesses have more than one bank account and they end up tracking all the transactions through all of those bank accounts. Some of these transactions are business transactions and some of them may be personal transactions.

 

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