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  • #990979
    yogric
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    Hi,

    I need some company accounting ideas or techniques you guys use.

    I have a company account can i transfer money to my account anytime i want? whats the procedure?

    i am not doing any accounting at all. Money comes to business account, I transfer into my personal account and spend or save or invest. I know its wrong but thats what i need to fix.

    Whats the right procedure?

    #1179431
    Anonymous
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    • Total posts: 11,464
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    Hi yogric,

    Welcome to Flying Solo :)

    We find that the folk around here are more inclined to offer their help and advice after they’ve gotten to know you a little, so please update this thread telling us a bit more about yourself (including your name and where you’re based) and your business.

    After that, I recommend heading over to the Money matters section of the forum to ask your accounting questions – that way the people who can best advise you will be more likely to see your post.

    Thanks in advance,
    Jayne

    #1179432
    ShellysBookkeeping
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    • Total posts: 89
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    Hi yogic,
    If you are setup as a company, then the company money is not yours and you will need to be able to account for it. I suggest you start paying yourself a regular weekly amount, for personal spending and keep your business bank account separate from personal. If however you are a sole trader, then essentially all the business money is technically yours. It is still a good idea to keep your business and personal spending separate.
    I would also suggest you invest in an accounting software package to keep track of all your business income and expenses.
    Xero and Quickbooks are both user friendly monthly subscription service accounting software that I suggest you look into.
    If you would like further information, feel free to contact me

    Shelly

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