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Bank Account for Your Biz

As soon as you register your business you should open a separate bank account for it

Do not pay for business expenses from your personal accounts. If you do, you will very soon discover that you cannot separate your “personal money” from your “business money”.

If you do not separate business money from private money you will not be able to monitor progress - or the opposite - in your business. Are you earning money or losing money?

Your salary

Withdraw your personal expenses (your salary) regularly from the business accounts. Withdraw no more money for your personal use than your company is able to generate in profit.

The profit of your company is your "salary". If there is no profit there will not be money to your salary.

Transactions through bank.

If possible, make all your transactions through your bank. It makes your financial administration easy.

- About banking and finance in New Zeeland

t’s not enough to be in the right place at the right time. You have to be the right person in the right place at the right time.
- T. Harv Eker, speaker and author