Six Small Business Bookkeeping Mistakes to Avoid: Part 1
When you’re a small business owner, bookkeeping can seem tedious and overwhelming, but being aware of common mistakes can give you an advantage in avoiding them. Here are the first three common bookkeeping mistakes small business owners tend to make.
Being disorganized.
Keeping documents labeled, grouped, and organized will save you a ton of time when you need to reference those items later, but it’s one of the easiest things to let go of. You can reference the previous month’s blogs to see tips for staying organized.
Losing track of receipts and records.
Small papers like receipts are easy to lose, and minor business expenses are easy to forget. Utilize apps that let you scan receipts and record purchases as you go so nothing will be forgotten during your bookkeeping.
Not keeping personal and business bank accounts (and expenses) separate.
By having a separate account for your business, it will be easier to reference the purchases you made throughout the year without discerning them from personal expenses. It also makes spotting tax-deductible purchases must faster.
Contact AMJ today to learn how we can help you with your bookkeeping.
