Keeping Business and Personal Finances Separate

Keeping Business and Personal Finances Separate

May 17, 2017 | Devine Consulting LLC | Bookkeeping | Accounting

You've taken the leap of faith and finally decided to turn your passion into profit. You've spent countless hours creating your brand that sets you apart from your competitors and met with your trusted team of professionals to help your startup business hit the ground running. You're ready for that cash to start flowing! Wait, but where is it going to flow? Your personal account? Negative. While you, the owner, are your business, your finances need to be kept separate.

As bookkeepers, it is far too often we see business owner's personal and business finances intertwined. While your personal credit score may have landed you that business loan, it is imperative that from here on out you create a clear boundary between your personal and business finances and maintain records of where your company’s money is going. Not only is it the law, but it will make your life and your CPA's life one hundred times easier come tax time. As your business grows, this is going to get more difficult, but here are some ways to alleviate the headache.

Open a business checking account - This should be number one on your list. Do your research on what kind of business plans banks offer and go for the one that seems right for your business. We suggest opening a business checking account with the same bank you use for your personal finances. This will come in handy should you get in a bind and need to transfer money from one account to the other. Your CPA will also thank you. Trying to wrap your head around which transactions are personal and which are business related is no fun.

Get a business credit card - This will help build your businesses line of credit which will come in handy with vendors and such in the long run. And again, it will help with your record keeping and come in handy should you ever get audited.

Write yourself a paycheck - You're your own boss. Add yourself to your company’s payroll and treat your pay check as you would if you were working for somebody else. If you're running out of funds, tighten the belt until the next payday. Your business checking account should be off limits for personal use.

Establish your business structure - Sit down with your trusted team of advisors and decide whether to structure your business as an Corporation or LLC. Treating your business as its own entity will come in handy should things go south and your business ends up being sued. This protects you, personally, from any business debts and liabilities.

Track your expenses - Last, but certainly not least, track your expenses. Make sure you have a clear record of all purchases made with your business checking account. Setting up an accounting software such as QuickBooks is a necessity. If you need to buy business and personal items at the same time, ring them up as separate transactions. 

At times separating your finances can seem like a pain, but it is worth it in the long run. You do not want to find yourself in an audit with a mess of your personal and business finances and you always want to keep your accountant/bookkeeper in the loop. We want your business to thrive and will do all that we can to ensure success. At Devine Consulting, your success is our business. Give us a call at (281) 545-4000 for a free quote, or you can tell us about your business financials here.

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Are you ready for year end?

Devine Consulting LLC - Year End

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Are you ready for the end of 2016?

This year is quickly coming to a close with major holidays shoved into the mix of things.  Will your company be ready to file taxes for 2016 or will there be an extension filed?

Bank, credit card, loan and line of credit accounts should all be reconciled throughout the whole year to ensure that all expenses and income are properly accounted for.  This will also ensure that there are not any erroneous or duplicate entries.

The balance sheet and profit and loss should also be reviewed to ensure that items are categorized correctly.  For instance, some items purchased may actually be an asset to the company and not an expense.

But don't stress, we can help with all of this!  Devine Consulting can provide some training and/or guidance to ensure you are on the right track.  We also can help by doing specific tasks so that you don't have to.  Contact us for more information!

Enjoy your holidays with less stress!

Exciting News:
Devine Consulting is a QuickBooks Certified ProAdvisor!  We have worked dilgently to ensure we can provide the best level of service for our clients.

Holiday Schedule:
Devine Consulting will be closed in observance of Thanksgiving on Thursday, November 24th and Friday, November 25th.

In Case You Missed It:
Check out our blog about what bookkeeping options there are for small business owners! 



Copyright © *2016* *Devine Consulting* All rights reserved.

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May 2016

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Introducing Intacct!

A Cloud Based Accounting Software

Devine Consulting is excited to announce our partnership with Intacct!  We are happy to be able to offer another software solution for new and growing businesses!

Intacct is a cloud based accounting software that not only offers you flexibility, but also visibility into your company. With a customizable dashboard and reports, you will be able to see your company's finances quickly, easily and on the go!

What makes Intacct so different?

  • Allows you to have multiple locations and multiple entities making intercompany transactions easier.
  • Reports are highly customizable.
  • Employees can access information on the go from cell phones and tablets.
  • Work flow approvals are available.
  • Quarterly updates to the software with no need to have your own IT.
  • Integration with other applications so re-entry isn't needed.

As your company continues to grow, Intacct has the ability to grow with it. 

If you are interested in more information on Intacct, please e-mail us - info@devineconsultingllc.com , or visit www.intacct.com.


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March 2016


March 2016

Days we like to celebrate:

  • Friday, March 4th - Employee Appreciation Day
  • Saturday, March 12th - Plant a Flower Day
  • Monday, March 14th - National Pi Day
  • Thursday, March 17th - Saint Patrick's Day
  • Sunday, March 20th - First Day of Spring
  • Friday, March 25th - Good Friday
  • Sunday, March 27th - Easter Sunday

What's new with QuickBooks 2016?

Thinking about upgrading your QuickBooks to 2016?  Here is a short list of some of the new features you can expect to find that may be helpful to your company.

  • 'Bill Tracker' is now available. This is similar to the Income Tracker that is already available. It lets you see what bills are outstanding, item receipts, purchase orders and more!
  • A new way to clear the 'Email later' flag from those numerous transactions using 'Bulk Clear Send Forms'.
  • An updated report date filter - 'This Fiscal Year-to-Last Month'.
  • 'Rebuild Data and Verify Data Updated' now gives you a report on what was fixed and what could not be fixed.
  • The upgrade feature is now streamlined so that QuickBooks will create a backup file using a simplier dialog when upgrading your existing file.
  • QuickBooks Enterprise now has a column sorting on payment screen to make choosing invoices for payment easier.
  • QuickBooks Accountant now has a 'Batch Delete Transactions' which allows you to delete or void groups of transactions all in one batch.

If you would like more information on any of these features or how to upgrade please e-mail accounting@devineconsultingllc.com.

Meet the Staff!


Allison Groneman

Texas A&M Graduate - Class of 2013

Allison's goal is to support the team in every way possible to ensure that they can provide the best service to all of our clients.  

If you would like to contact Allison for any information please e-mail her - allison@devineconsultingllc.com

Copyright © 2016 Devine Consulting, All rights reserved.
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Devine Consulting

24200 SW Freeway

Suite 402-156

Richmond, TX 77469

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Feb 2016