Most business owners want to find as much success and possible in their company. When there are mistakes in your book and record keeping, it can hinder the success you would have had if you had been keeping an accurate financial record. The experts at Mark Dicus & Company know how important this aspect of your business is, and that’s why we are here to share some common bookkeeping mistakes with you today.
Most Costly Bookkeeping Mistakes Made By Small Businesses
These are the most common business mistakes that we see almost daily:
– Poor Record Keeping: It may seem like no big deal to misplace a receipt here or there, but those expenses can really add up throughout the year. Before you know it, you have this gap in your finances and no way to account for it. It is important that you are always striving to be as accurate as possible when it comes to financial records.
– Categorizing Expenses Incorrectly: When it comes to tax filing and financial documentation, it is important that your expenses and income are categorized correctly. This will also assist you in tracking your profitability.
– Failure to Track Reimbursable Expenses: Deductions can make a big difference come tax season. It is vital that throughout the year, you are including these expenses in your financial records. Things like transportation, last minute supplies, lodging or any other expenses that fall under reimbursable expenses are able to be accounted for. Not only should these be tracked, you need to keep the receipts as well.
– No Backup Copies: Losing or deleting files is something that happens to the best of us. If you are a business owner, it has likely happened to you more than once. This is where backup copies can really come in handy. Things you should have backup copies for include bank statements, receipts and other important financial records. That way, if you do find that you have a moment when technology fails you, your business won’t suffer because of it. Records are far too critical to your business.
– Doing Everything Yourself: While it may be tempting to try and save a few bucks and handle the bookkeeping yourself, you may find that spreading yourself too thin leaves room for error. You need to decipher the value of your business as well as the value of your time. You want to be able to put your energy into building your successful business, not worrying so much about keeping the records.
Bookkeepers, Certified Public Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you are struggling with juggling all of the efforts that it takes to keep accurate books and financial records, you can lean on the experts at Mark Dicus & Company to do it for you. We will ensure you are able to focus on other aspects of your business that require your undivided attention rather than record keeping. Call us today!