How to Manage Your Bookkeeping When Juggling Multiple Businesses
Got more than one business under your belt? Maybe you’re running a consulting LLC while also selling products through a separate brand. Here’s the golden rule that will save you major headaches...
Each business entity needs its own set of books.
If you have multiple businesses with different EINs (Employer Identification Numbers), you must keep completely separate bookkeeping systems. Think of it like this — each business is its own legal “person,” so it needs its own financial records.
Here’s why:
The IRS sees each EIN as a separate entity.
Mixing finances can trigger audits, make tax filing a nightmare, and even pierce your corporate veil — meaning you could lose your liability protection.
Clean, separate books allow you to track profitability, make informed decisions, and maintain proper legal separation.
Each business needs its own:
Bank accounts
Credit cards
Accounting software or files
Expense tracking system
Revenue tracking process
Pro Tip: Review each business’s books every month. Each entity should have its own profit and loss statement, balance sheet, and cash flow report. This isn’t just best practice, it’s legally required.
When tax season arrives, each business files its own return. If your books are kept separate from the start, this process is smooth and stress-free — instead of a messy puzzle of mixed transactions.
Got questions about keeping multiple businesses financially organized? Let’s chat about your setup. Schedule a call today — I’ll help you find clarity and make sure your books are working for you, not against you.
Want to learn how to manage your books like a pro — even if you have multiple income streams?
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