Handling Your Finances As An Entrepreneur

It is advisable that you separate your personal and business finances

- Pheto Ramakobya

MANAGING your business' finances is similar to managing your personal finances. They both require discipline and having a long-term vision and plan. It is important that you do not get excited about the money coming into your business and advisable that you get someone to help you manage your financial commitments. Akhona Monakali, a financial advisor based in Bloemfontein, shares ways to handle your finances, as an entrepreneur.

SEPARATE PERSONAL AND BUSINESS FINANCES

Akhona says it is a good idea to keep your personal and business finances separate as it will give your business more credibility and a sense of legitimacy. In some cases, it may also help to reduce your personal liability should something go wrong with the business. It will also help you to be organised when it comes to paying your taxes, managing your bills and other payments.