Common Small Business Bookkeeping Mistakes and How to Avoid Them

We’ve worked with countless small business owners over the last decade who have trusted us with their bookkeeping. Many come to us after struggling to manage their books properly and have had the misfortune of losing time and money dealing with mistakes. Managing your business well means making sure you avoid these common bookkeeping mistakes below.

Procrastinating Getting behind on your books because you are busy managing other aspects of your business is a sure-fire way to miss important deadlines and make mistakes as tax time approaches.

Failing to Reconcile Bank Statements This is a big one! Reconciling expenses with your bank statements is one of the most crucial steps in preparing for tax filing. Failing to do this properly will lead to discrepancies and time lost later.

Neglecting to Read Financial Statements It is important that you stay up to date on your financial statements and read them regularly. You want to know the financial health of your business at all times.

Not Backing Up Having a paperless business has plenty of advantages but only if you regularly back up your files and documentation. You want to be sure all records, invoices and receipts won’t be lost.

Not Hiring a CPA Even if your books are managed and maintained throughout the year, you’ll still want to hire a Certified Public Accountant (CPA). They are well-versed in tax rules and regulations, making tax filing seamless.

So, how can you avoid these bookkeeping blunders? Hiring an experienced bookkeeping company like ours is an instant way to guarantee your business succeeds. Our team can provide exceptional service and real-time bookkeeping so you can save time, money and alleviate the hassle of managing the books.