Accountants should warn clients about these four business credit blunders
Most people know they can hurt their personal credit by doing certain things, such as paying bills late. But businesses, too, can blunder when it comes to either protecting or building the credit needed to operate and grow a company.
Gavin said that mixing personal and business credit is widespread among small businesses, but it shouldn’t be. “Whenever possible, keep personal affairs personal, and keep business affairs business, and don’t co-mingle the two,” he said.
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Mary Ellen Biery is a research specialist at Sageworks, a financial information company and provider of the Business Credit Report by Sageworks. She is a veteran financial reporter whose works have appeared in The Wall Street Journal and on Dow Jones Newswires, CNN.com, MarketWatch.com, CNBC.com, and other sites.
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