Blog Series - 10 Tips Every Independent Trucker Should Know - Tip 8

TIP 8   

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DON’T INTERMINGLE BUSINESS AND PERSONAL MONEY! 
Create separate bank accounts! 
 
Right now, at this very moment...stop intermingling business and personal funds.  Set up a separate bank account specifically for your business and DO IT TODAY!  
 
At CFF, we see it all the time.  Bank statements from a potential client showing school tuition, birthday parties, clothing stores,etc. This is not what your finance company, your banker or the IRS wants to see.  Make the commitment today to treat your business money and your personal money separately. 
  
You will want a bank account to be in the name of your corporation and you will want all deposits (revenue) and withdrawals (expenses) to be made through this account. Make sure the people or companies that you haul for have the proper account information for this account so that your deposits can be made electronically.  Think about having your expenses automatically deducted from this account each month too. This can allow you to focus on generating revenue first and watching the expenses second.  

These accounts should have minimal (if any) monthly fees,excellent online tools and internet access so that you can look at them often and from anywhere.  


Matt Manero combines his business brilliance with more than 20 years of hands-on experience in transportation equipment finance. Today, he is a CEO leading four companies that generate over $100,000,000 per year in business with a base of more than 10,000 clients.

Matt launched his first business, Commercial Fleet Financing, Inc., in 1995 with a phone, a folding table and the  unyielding confidence of a single client, a trucker. Fast forward 20 years: Commercial Fleet Financing, Inc. made Inc. magazine’s Top 500/5000 list of fastest growing companies in America in 2014. Matt is the creator and personality behind CFFnation.com, the first and only online video network featuring original programming for and by innovators, operators, movers and shakers of the transportation industry.

His companies have been recognized in trade publications such as OverdriveTransport TopicsCommercial Carrier Journal, and Dealer Solutions MagazineMatt hosts his own weekly Radio Show aptly named, “The Grit” which airs on lifestyletalkradio.com and also on CFFnation.com. In addition to “The Grit,” Matt has authored a series of quick read books entitled “Tower, Mover and Construction Co. Need to Know NOW”, and also a forthcoming book, “I NEED MORE MONEY,” which reflects his battle to build his business and guides readers in creating their own future and financial success.

Reach Matt at his offices in Dallas, TX via email at mmanero@cffnationwide.com and on twitter @mattmanero. Learn more at cffnationwide.com and cffnatiion.com