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As soon as you register your business you should open a separate bank account
for it.
Personal money and business money
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”.
Also, withdraw your personal expenses (your salary) regularly from the
business accounts, and 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.
- Go to next
business issue: Accountant
- About banking and finance in New Zeeland
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