Separating Money for Business

Discussion in 'Business Operations' started by Lohse's Lawn Service, Jul 14, 2007.

  1. Lohse's Lawn Service

    Lohse's Lawn Service LawnSite Member
    from US
    Posts: 213

    This is probably more of a personal business question, but I'd like to know what other businesses are doing.

    What/how do you separate money for business? In other words, percentage-wise, what % do you put back for fuel? Taxes? Repairs? Supplies? etc.

    And do most of you guys have 3-4 banking accounts for business, or just one business account, with a ledger dividing up money for different expenses of the business?

    I hope this all makes sense. Any help would be greatly appreciated.
     
  2. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    struggeling with that myself.

    only 1 business acount. 1 personal.

    was thinking about other accounts but I think it would be a PITA to keep up with
     
  3. gene gls

    gene gls LawnSite Gold Member
    Posts: 3,213

    Business savings account and business checking account. All money recived goes into business savings. Then I transfer money to business checking to run business. I write myself a weekly check as payroll. I use Lawn/Monkey program for business, trackes everything I enter.
     
  4. Lohse's Lawn Service

    Lohse's Lawn Service LawnSite Member
    from US
    Posts: 213

    That works for me. Do you mind if I ask what % of the week's income do you write yourself a check as payroll? Thanks.
     
  5. gene gls

    gene gls LawnSite Gold Member
    Posts: 3,213

    I don't do a %, just take 200-300.00, depending on what is happening in the upcomming week.
     
  6. kandklandscape

    kandklandscape LawnSite Senior Member
    from PA
    Posts: 341

    we have our personal accounts set up without any business link to them.

    we have a few savings accounts, few checking accounts. we have to do this because we do alot of work for a few diff banks. they like to have hefty amounts in your accounts as they give you good money for the work.

    however we NEVER deposit a check from one bank to a different bank, if they see this they shun on you whioch i understand.


    we pay all our bills out of one bank account and then payroll out of another, tax out of another.... and other accounts to bank off of in case of hardship
     

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