Posts Tagged "bookkeeping"

Bookkeeping Mistake 7: Not reconciling bank accounts

Posted by on Jan 16, 2014 in Accounting, Bookkeeping | 0 comments

This is part of a series of the Top 10 Bookkeeping Mistakes Small Businesses make.  To read the others, click here. Running your own business affects your life as a whole – and it especially affects your finances, and your bookkeeping. Reconciling your business’s books with your business bank statement(s) every month is one of the most basic accounting duties.  Whether you do it yourself, or your bookkeeper takes care of it, or your accountant, it’s absolutely critical that it is done regularly. Although it can sound complex, bank account reconciliation is actually relatively simple.  Just compare your business accounts with your bank statement, and make...

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How much is doing your own bookkeeping costing you?

Posted by on Aug 28, 2013 in Accounting, Bookkeeping, Financial Freedom | 0 comments

When you start your own business, doing your own bookkeeping is just one of those things that you do, like responding to potential customers or stocking inventory.  It’s not too difficult – a few invoices here and there, filing receipts, doing the bank reconciliation, perhaps paying an employee or two. But as time goes on and business improves, these small tasks loom like storm clouds on the horizon.  You begin to dread the monthly tasks (much less the daily ones), and your pile of receipts in a corner or on a desk grows in size.  You keep telling yourself that you’ll get to it when you have a chance, but meanwhile you have an angry customer to deal with, and a...

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Bookkeeping Mistake 3: Not using bookkeeping software properly

Posted by on Jul 3, 2013 in Accounting, Bookkeeping, Software | 0 comments

This is part of a series of the Top 10 Bookkeeping Mistakes Small Businesses make.  To read the others, click here. Not using bookkeeping software properly For many small businesses, “bookkeeping software” is comprised of a notebook or a few sheets of paper, or an Excel spreadsheet.  While it’s better to have that than nothing at all, your bookkeeping – and your business – can suffer if you don’t use the proper software. And now that technology is moving on faster and faster, online bookkeeping systems have come to the fore and can save you even more time and hassle, because: You don’t have to download bookkeeping software to a computer You’re not...

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Bookkeeping Mistake #2: Leaving Bookkeeping to the Last Minute

Posted by on Jun 21, 2013 in Accounting, Bookkeeping, Financial Freedom | 0 comments

This is part of a series of the Top 10 Bookkeeping Mistakes Small Businesses make.  To read the others, click here.   Leaving bookkeeping to the last minute Everyone suffers from procrastination from time to time. Actually, to tell the truth, we only suffer when we finally tackle whatever we’ve been avoiding: it’s easy and natural to do the avoiding! Sometimes procrastination can be good.  When we finally get to deadline time and discover that avoidance is no longer an option, it pushes us to excel, to fight off further distractions, and to achieve more than we realized we could. When it comes to bookkeeping, though, leaving things to the last minute is...

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Bookkeeping Mistake #1: Believing You Have to Do Your Bookkeeping Yourself

Posted by on Jun 14, 2013 in Accounting, Bookkeeping, Financial Freedom | Comments Off on Bookkeeping Mistake #1: Believing You Have to Do Your Bookkeeping Yourself

This is part of a series of the Top 10 Bookkeeping Mistakes Small Businesses make.  To read the others, click here. There are a number of reasons you might decide to do your own bookkeeping.  Based on our experience, and the problems many business owners face, we encourage you to at least consider outsourcing your bookkeeping, rather than simply doing it yourself. If you’re just starting out in business, this is a good time to make the correct decision right from the beginning; if you’ve been going for some time, you’re probably aware of how much time and effort this is taking, and may be a little frustrated! So now’s the time to make a few slight changes that...

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