I own and manage a small business online in which I ran a blog hosting services. Though my profit is not that much, my monthly hosting from my own blogs becomes free from the payment of my hostees. Most of the time, I cover for the expenses due to different dates in which they are due for payment.
Anyway, I am planning to save my meager earnings into a bank account. I have always read articles that it is best to open small business bank accounts so that you will be able to separate business money from personal money. In that way, you can trace your expenses and profit thus concluding if a business is gaining or losing.
Initially, my plan was to open this month but since I don’t have enough money for initial deposit. I might as well wait for next month. I am sure it’s not yet too late to start a new in saving and tracing a business’ profitability! Don’t you agree?