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PSA: I read that over 60% of independent contractors don't have a separate business bank account

I found that stat in a guide from the Small Business Administration site, and it made me wonder how many folks here are still mixing personal and work money.

3 comments

3 Comments

mary_knight801mo ago

That SBA guide is for bigger operations. For a solo freelancer, a spreadsheet can work just fine.

jake_thompson1mo agoMost Upvoted

But what happens when you need to show a clean record for a loan or prove income to a landlord? I mean, @mary_knight80 is right that a spreadsheet works day to day. It's just that one day you might need more official looking reports, and a spreadsheet can look kinda messy to someone like a bank. Maybe it's just me but I've been burned before trying to pull tax info from a year's worth of simple spreadsheets. Setting up something a bit more solid from the start saves a huge headache later.

thomas1051mo ago

Oh man, don't I know it! I had to scramble last year with a pile of messy sheets for a mortgage. @mary_knight80, you're right it works day to day, but that official stuff is a whole other game.