Interestingly enough I've just gone this way, I had a business cheque account which had everything going on, in and out - a bit of a mess to follow - poor accountant. With the advent of internet banking taking off in this country I now have two other accounts, one for me and another for tax etc. these other two are bank accounts on the internet and no actual real branch to meet real people. Doing this makes bank charges a lot less, which in this country (South Africa) is a bone of contention. I pay into the business account and transfer out to the other two. The internet statements download into computer software. Brian BTW as I sat and wrote this in the middle of the afternoon I wonder how many others are at home checking the email inbetween doing the piano work at home. ----- Original Message ----- From: Phil Bondi To: pianotech@ptg.org Sent: 05 December, 2001 11:51 AM Subject: Re: A Business Question Tom, there is a God when I agree with Willem Blees word-for-word(Hi pal!)..actually, I will go him one better: He, and Clyde, suggested having 2 checking accounts..and you really must..I have 3. Why? - 30% of my income goes into my 'tax' account' to pay Quarterly taxes, any Conference registrations, Insurances, surprises, etc. This account actually maintains a higher balance than my personal account, and I personally like that. I think of it as a Business/Personal safety net account. This was suggested by my accountant many years ago, and it wasn't until this year that I actually started doing it. I wish I would have started it many years ago. If you're really good at accounting for the things that I have seperately in this account, then it is not necessary. The sad truth is most of us are not ready for the surprises, and that's what this account is set up to do. I would also suggest getting yourself an accountant that is a CPA. It may cost you a little more to retain their services, but what that person will save you in money and agony is well worth the price. Be a redundant recoed keeper and get yourself a good CPA. You'll be fine. Phil
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