Separate business money from personal money. Even if you’re a one-person business, use separate accounts.
What to do
- Use a dedicated business account or wallet for customer payments and business expenses.
- Pay yourself a planned amount rather than withdrawing randomly whenever money enters the business.
- Record owner contributions and owner withdrawals separately so they are not confused with revenue or expenses.
Watch out for
A common mistake is assuming that because the owner controls the business, every naira in the account is personal money. That habit hides the real cash position of the business.
Example
If a store receives ₦300,000 in a week but needs ₦180,000 for restocking and ₦70,000 for operating costs, only the remaining amount is potentially available for profit, savings or owner pay.
Presency can help centralise sales, payments and business records so the money moving through the business is easier to separate from personal spending.
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