One of the most important concrete steps to take toward starting your hosting business is to open a separate bank account. It is imperative to keep a separate bank account for your rental business. A separate account can help you keep track of expenses and revenue, making it easier to record tax-deductible expenses and maximizing your profits.
Fund your account with what you are budgeting for your initial expenses and try to make all expenditures for your rental through this account.
AUTOMATE YOUR FINANCES
Automate your finances by setting up electronic bill pay for utilities and other services. Use free financial software to organize and keep track of your income and expenses. We use Wave free financial software for small business and highly recommend it.
Start running your business professionally from the outset and set yourself up for success.