Whether just starting out or after running a business for years, it's easy for your personal finances to get tangled up with your business ones. Focused Energy's founder Andrew Lyon shares his insight on money management with the Forbes Finance Council, and the implications it can have down the line.
"Running a business is difficult, and while having clean books is important, so is your sanity," says Lyon. "Take the time to review your accounting each month so things don’t get out of control come tax time."
For one thing, doing so will make it much easier to figure out what you can deduct and what you can't at tax time, and it will also make it easier to grow your business or even sell it. Continue reading for details on key reasons to avoid mixing expenses that many owners overlook, along with some tips for keeping them separate.