Mike Michalowicz answers whether Profit First accounts should be personal or business bank accounts. His advice: set them all up as business accounts to keep bookkeeping simple and avoid the mess of mixing personal and business finances.
I got a great question that came in from Kevin, also around profit. First he said which accounts should be business accounts and which accounts should be personal accounts? Shouldn't profit go to a personal account and perhaps even tax and the other accounts be business? The simple answer is this. If you have a business, make all your accounts business accounts. Now, technically, you could have some personal and so forth, but. But I would argue that that gets a little bit convoluted. So set up all your accounts as business accounts once and for all, and you're done. It's that simple.
