Keep personal and business expenses separate

There are many reasons why you would want to and should open a business checking account when you are first starting your business. One the biggest reasons to have a business checking account in addition to your personal account is that by keeping them separate you are making tracking everything easier. When all the money is coming into and leaving the same account it can be near impossible to keep track of what is a business expense and when is a personal expense and then to see what you are making and what the business is making. Also if all business and personal expenses are coming from the same account creditors like the IRS can come after your personal assets if your business has any outstanding debts. It may seem like a lot to set up a business account when you are first starting out, but it is better to start early than to wait until its too late.