#1 – Hiring the Wrong Person
Find an experienced bookkeeper you trust who will help keep your business in line.
#2 – Never Reconciling Books and Bank Statements
Reconciling transactions with your bank statements ensures accurate bookkeeping.
#3 – Not Having a Clear Budget
It is important to have a budget laid out for your business, or spending can get out of control.
#4 – Lack of Organization
Having a clean and organized office space is key to accurate bookkeeping. You should be able to find a receipt, invoice or statement promptly.
#5 – Failing to Delegate
Business owners who fail to delegate a bookkeeping professional to keep their books, file their sales tax or do their payroll are setting themselves up for failure. Don’t be afraid to outsource the bookkeeping aspects of your business to professionals, like Gleason Tax Advisory.
#6 – Forgetting to Record Small Transactions
Some business owners forget to record their cash transactions since they are not on their bank or credit card statements. However, they are equally important as they need to be included with the rest of the business expenses.
#7 – Poor Communication with your Bookkeeper/Tax Preparer
The reports created from the information inputted into an accounting program are only as good as the information put in. If you put in garbage, garbage will come out.
#8 – Not Using Software or Cloud Technology
You do not have to break the bank when choosing effective accounting programs. There are many options available at your fingertips.
#9 – Not Knowing the Difference Between Cash Flow and Profit
Even profitable companies can end up closing their doors if clients are not paying on time and the business is not keeping close track of spending vs. selling.
Please contact Gleason Tax Advisory at 716-720-5339 to learn more about our services: payroll, bookkeeping, sales tax, tax returns, business advising, health insurance and life insurance.
