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How to Manage Your Business Finances
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[QUOTE="Mika, post: 260725, member: 29399"] It does not matter what size is your business and what turnover it has, you need to perform all transactions through banks, whether you are paying your clients or receiving funds from clients. If you are a retailer, you might receive cash from your customers, however, no matter how much cash you received from your customers, you should immediately deposit it in the bank where your business has an account. The main idea behind doing this is it will be easier to track your transactions, income and expenditure. Furthermore, it will be also easier to maintain your accounts and perform auditing when you are doing all transactions through the bank. One of the major mistakes committed by small business owners is they tend to use business money for personal needs. Never do that. If you need to use business money, you should try to give yourself a salary and maintain clean financial records. [/QUOTE]
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