Rule #1 with a Business Account
I'm a freelance web developer and have 2 budgets set up in YNAB; Family and Business. My business account is strictly business and at the moment is pretty small with 3 Immediate Obligations and 4 True Expenses. I'm wondering what do with savings for the business account?
In his book Profit First Mike Michalowicz suggests opening up a separate account for savings and although my business account is not terribly expensive (fees wise), I'd rather not add the extra account if I don't need it. I'm wondering though, separate account or not, how do we apply Rule #1 to a business account where you're going to be socking away some profit on a monthly basis?
Thanks in advance,