Sometimes owning and running a small business can be somewhat of a balancing act. There are usually so many moving parts that it can be difficult to decide which ones you want to continue taking care of on your own and what ones are you should outsource. Bookkeeping is something that is vital in the success of your small business. It is important that you aren’t making mistakes in bookkeeping. Mark Dicus & Company is here to talk about some of the bookkeeping mistakes that are commonly made by small business owners.
Bookkeeper Errors to Avoid
As a small business, you don’t want to be making any mistakes that can hinder your success. Bookkeeping is something that you should not underestimate. Here are some common mistakes made by small business owners in their books.
– Doing Own Bookkeeping: It can be tempting to take care of the bookkeeping on your own, but you need to make sure you are doing them right. If you don’t know what you are doing, you can end up hurting your business. If you have made too many mistakes, you will just end up paying somebody to fix them in the end. Sometimes, it pays to just have somebody take care of them for you.
– Throwing Out Small Sales Receipts: If you are new to the small business world, you may not think that small sales receipts are worth keeping. Sometimes, they can be so small that it seems that they wouldn’t make a difference in the end. However, when tax season comes around you might find that they can help decrease your tax liability by quite a lot.
– Losing Track of Reimbursements: One large draw to owning your own small business is all of the reimbursements that you can get in the INS and outs of day-to-day transactions. As a small business owner, you are more than likely going to pay for a lot of expenses out of your own pocket. If you want to get credit for these reimbursements, you need to keep track of them. There are several different options to help you keep track of your reimbursables, and it will suit you well to find a system that works for you.
– Neglecting Monthly Bank Statements & Reconciliation of Books: Unfortunately, this is just part of owning and running a business. If you don’t take care of these two things on a monthly basis there are going to be errors and discrepancies throughout your books. This is a huge mistake that many small business owners make. If you find that you are falling behind on this task, you definitely want to outsource your bookkeeping.
Bookkeeping & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you were having a difficult time keeping up on your books, it might be time to turn to the professionals at Mark Dicus & Company to help you keep it all straight. We will make sure you don’t have to think twice about tax season because all of your statements are neatly recorded. Call us today!