Chances are you’ve run into a scenario where your cash flow gets a little tight in your business. Analyzing your cash flow can be intimidating, especially for small businesses and start ups. In 2021, I had a call with a business owner who owned an agency structured start up. Over the last three years of working together my client’s business has a very predictable cash flow, a fairly consistent bank balance, and we have ensured the durability of an otherwise volatile business model.

Income categories are buckets of different types of income in your business. They are used to categorize income in your business for taxes and other purposes. Income categories are a huge asset to your business. So let’s chat about what they are, how to use them, and why they are life changing.

While owning your own business does allow you many freedoms, even you can’t escape Uncle Sam. Tax time rolls around now matter how much we hold our breath.

While saving time and money is reason enough to keep your personal and business accounts separate, the rationale goes far beyond that - it is a legal requirement for any LLC.