Laurent is starting his own game development business. What is a benefit to separating his personal finances and his business finances?

Answer 1

One benefit to separating personal finances from business finances is that it allows for better organization and tracking of income and expenses related to the business. This separation can make it easier to create accurate financial reports, track cash flow, and assess the overall financial health of the business. Additionally, keeping personal and business finances separate can help protect personal assets in case the business encounters financial difficulties or legal issues. It also allows for easier tax reporting and compliance with accounting regulations.