chapter  8
11 Pages

Systems and administrative principles

We hope you don’t shudder at these words. Some people do. But much is straightforward and just requires the daily discipline to do it.

Separate business from personal finance

First of all, separate as far as possible your business income and expenditure from your personal income and expenditure. If you don’t do this you’ll get into a dreadful mess and pay a heavy price when you come to year end and have to submit your books and records for inspection by your auditor.