The Top 10 Bookkeeping Mistakes Small Businesses Make

Whether you’re a start-up or have been in business for years, bookkeeping is an essential task in running your business – whether you perform the bookkeeping yourself or outsource it to an employee or someone else. Over the years we’ve identified some common bookkeeping mistakes that business owners make in relation to bookkeeping, and this series of blog posts will address each one of them.

Here’s our “Top Ten” Bookkeeping Mistakes. If any of these bookkeeping mistakes are weighing you down, don’t hesitate to ask us how we can save you time, stress, and money.

We will be publishing details on each of these mistakes every month.  Click on each topic to read more:

1.  Believing you have to do your bookkeeping yourself

2.  Leaving bookkeeping to the last minute

3.  Not using bookkeeping software properly

4.  Using the wrong accounting method

5.  Not separating business and personal bank accounts and transactions

6.  Inadequate filing systems (for bank statements, invoices, receipts)

7.  Not reconciling bank accounts (including credit card accounts)

8.  Lack of documentation or systems regarding cash

9.  Misclassifying your employees

10.  Confusing Profits with Cash Flow