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Unless your business is a separate legal entity or operates under a “doing business as” name, you don’t have to open a separate business bank account. But, separating your personal and business funds is a wise decision, even if you aren’t required to do so.
Mixing personal and business funds can cause you to file taxes inaccurately, become disorganized, and overspend. You may accidentally use business funds to make personal purchases if you combine funds.
Opening a business bank account is a straightforward process: choose a bank, gather necessary documents, and open the account.

If you extend credit to customers, your business success may depend on when customers pay you. To encourage early or on-time payments, set clear payment terms, send reminders, offer an early payment discount, & offer to set up a payment plan.

To determine your business’s financial health, you need to know how to calculate profit. Use the following formula to find net profit:
Net Profit = Revenue – Cost of Goods Sold – Expenses

If you use the accrual accounting system, you will deal with accounts payable & receivable.
Accounts payable is the money you owe to vendors, or a liability. Record accounts payable when you purchase something without paying right away.
Accounts receivable is money owed to your business, or an asset. Record accounts receivable in your books when customers purchase something on credit.

The IRS lets you claim tax deductions to lower your small business owner tax liability. Popular tax deductions include home office, self-employment tax, car, business loan interest, & bad debt deductions.

Invoices are bills that businesses send customers to request payment. You must create invoices if you provide goods or services to a customer without demanding immediate payment.
To create an invoice, include information like the date of the transaction; customer, seller, and product information; the amount due; payment terms; & an invoice number for reference.