Best Practices for Maintaining Healthy Cash Flow
Overdrive Online and ATBS recently shared some important business tips through their Partners in Business program. Below is a brief summary of some of the most relevant recommendations to owner-operator truckers to maintain healthy cash flow, identity protection and avoiding debt.
The first ‘Business 101’ recommendation is to create separate bank accounts to manage business income and expenses which will make things much smoother in the event of an IRS audit. Then write a monthly distribution check from your operating business account to your personal checking account to cover your personal living expenses. Once you have separated your business from your personal accounts, now it’s time to manage your money more efficiently. Here are some tips to help you to avoid debt and maintain healthy cash flow.