Exactly. For example, I have a number of side hustles in addition to my work, and for other reasons, I have income, assets and expenses in two different countries. So I have over 100 virtual accounts in a multicurrency accounting package (for accounting geeks, that’s my chart of accounts). But in each country, I have only 2 or 3 bank accounts. You don’t need separate physical accounts, all you need is tagging. And my transaction volumes are low enough that I can spend an hour a week keeping my accounting package synchronized with the accounts. And I also use another instance of the same accounting package to do detailed financial forecasting a couple of years ahead, then correct forecast to actual as I go along.
Exactly. For example, I have a number of side hustles in addition to my work, and for other reasons, I have income, assets and expenses in two different countries. So I have over 100 virtual accounts in a multicurrency accounting package (for accounting geeks, that’s my chart of accounts). But in each country, I have only 2 or 3 bank accounts. You don’t need separate physical accounts, all you need is tagging. And my transaction volumes are low enough that I can spend an hour a week keeping my accounting package synchronized with the accounts. And I also use another instance of the same accounting package to do detailed financial forecasting a couple of years ahead, then correct forecast to actual as I go along.
It also makes doing taxes really simple.