Top 4 Bookkeeping Mistakes that Small Business Owners Make

Top 4 Bookkeeping Mistakes that Small Business Owners Make

What is an obstacle that is standing between your business and its growth potential? Oftentimes, it’s suboptimal bookkeeping. If you’re projecting growth and ready to watch your business thrive, it’s time to hire a professional bookkeeper!

The bookkeepers at Perfect Balance Bookkeeping & Tax Services provide expert services to support your business in whatever stage it may be in. Take a moment and learn more about common bookkeeping mistakes in today’s post.

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A person working at a laptop.

BRAVING BOOKKEEPING ALONE

The financials of your company shouldn’t solely rest on you, the business owner. It’s integral to get the support you need while delegating the rest — especially if bookkeeping is not a strength.

Instead, don’t brave bookkeeping alone, and partner with a professional who leverages their skills to complement your industry and really provides you with the financial support you need — this is what grows businesses.

A computer with financial information on it.

NOT MAINTAINING MULTIPLE COPIES OF RECORDS

While technology has brought most of our financial records online and into the Cloud, it’s vital to not only fortify any potential cybersecurity risks, but to ensure you have a backup of records, digitally or as a hard copy.

Glitches happen and technology can fail, which is why it’s important to have access to records if something should happen.

Piggy bank.

SAVING MONEY IN THE WRONG PLACES

When it comes to your business, it’s crucial to save money where you can, but it’s also important to not compromise on quality. Time and time again businesses can get burned because they want to save a little bit of money, and person A was cheaper than person B.

At the end of the day, if you’re looking to hire a professional bookkeeper, research and find people with the skills and experience your business needs, and then look for the most cost-effective option.

Crumpled up receipt.

NOT SAVING RECEIPTS ON SMALL-TICKET ITEMS

From buying an emergency ream of paper to grabbing coffee for a coworker, these expenses may seem small at the time, but they add up. If you’re a business owner that is inconsistent with your small ticket receipts, it’s important that they all start making it into the books.

When only a handful of receipts make it into the book, it may create issues down the line when you have to budget or access cash flow.

When it comes to bookkeeping, it’s arguably one of the most important aspects of the health and success of your business, yet it’s easy to make mistakes if you’re handling everything on your own. Prevent bookkeeping mistakes and partner with Perfect Balance Bookkeeping & Tax Services today!

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