Keep company and personal accounts separate to prevent fund mixing and

assure the accurate data needed for company or personal tax returns. If you have

personal expenditures posting to your account ensure you bookkeeper knows so

that they can account for them accordingly.



• Document transactions in any way you can that prove that non-revenue funds

received are not, in fact, revenue. Payment processors are required to send

any business or individual that received more than $2,500 in 2025 ($600 starting

in 2026), on an app, to report the payments on Form 1099-K to the recipient and

the IRS. If you receive a 1099-K, compare it against company or personal

records because the IRS assumes all income on a 1099-K is gross income to the

recipient.



• Use business forms and accounts where possible to maintain audit trails and

avoid violating company policies—and, to stress the point, separate business v.

personal payments and receipts.



• Watch for new business-focused apps. Although P2P was designed for

individuals sending money to one another, as more businesses use them, watch

for new business applications from current and new P2P platforms.



• Regularly audit bank and GL accounts for funds received or sent to make sure

they are valid and, if they are, have been recorded in the proper GL accounts.

The goal is to have accurate, auditable records. Communication with your accountant

and/or Bookkeeper is key in having accurate financials.