Running a business is a lot of work. There are so many facets that needs your attention, it can be difficult to stay on top of it all. When it comes to your success, bookkeeping is going to be essential. You have to stay on top of the books so that you are aware and able to see all the ins and outs of your everyday productions. Mark Dicus & Company is here to talk about several bookkeeping errors that can be the demise of a business.
Bookkeeping Mistakes to Avoid
There are several bookkeeping mistakes that you want to avoid as a business owner. Here is a compilation of some of the biggest mistakes that is often the thing standing in the way of a successful business.
– No Business Plan: Before anything happens, you need to have a business plan in place. This is going to be the foundation of your business and you shouldn’t discount the power in it. Even if you are eager to get things rolling, make time to come up with a solid plan first.
– Poor Organization Skills: There are small organization techniques that can make a big difference for your business and bookkeeping. When you’re organized, it can help you keep inventory stocked, track your finances and help your employees do their jobs.
– Failing to Separate Business & Personal Finances: It is important to separate your business finances from your personal finances. Get two different accounts so that you don’t run into problems with the IRS at tax season.
– No Budget: If you’re a small business that is just starting out, you may not realize how long it will be before you actually start to turn a profit. This is why it is so important to have a budget in place to help you have a clear picture of where the money is moving throughout your business.
– Not Keeping Employees Straight: You will have two different types of employees when you own and run a small business, full-time employees and contractors. You need to keep them straight so that there are no mistakes made when filing.
– Filing Petty Cash: Before opening up your business, you need to know how sales tax works. Mistakes in this area can result in fines and penalties that can be difficult for any small business to recover from.
– Getting in Over Your Head: You may think that you can save money by taking on the task of doing your own bookkeeping. This may be something that proves too much if you don’t have the knowledge needed to do it right. If you aren’t confident in your skills, get the help you need.
Bookkeeping, Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you’re in need of bookkeeping assistance, you can trust Mark Dicus & Company to ensure your business has the best chance at success. Bookkeeping is an essential part of running and business and we have you covered. Call us today!