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5 common accounting mistakes businesses make

5 common accounting mistakes businesses make

1. Doing everything yourself

For various reasons like in an attempt to save money, or simply out of sheer passion, small business owners often try to do everything themselves, which is admirable, but can also cause problems. Not only do you have less time to devote to critical administrative activities, you might also be prone to making mistakes if you are pulled in too many directions once the business starts to grow. Advice or help from an expert or accounting specialist could help you take a great responsibility off your busy shoulders and help you focus better in other areas where you’re needed.

2. Going for the cheapest solution

The lure of immediate savings by opting for low-cost solutions is another common trap that small businesses often fall into, particularly those that are cash-strapped. Investing in the right hire or high quality technological solutions will save you valuable time and money in the long run as the costs associated with breakdowns or replacements will be less.

3. Not maintaining records and receipts

Record all transactions, no matter how small or insignificant. This includes cash transactions at your storefront and the receipts from your client dinner. Keeping a record will help you catch any accounting mistakes, capitalize on tax deduction opportunities and be beneficial if an audit takes place.

4. Mixing business and personal finances

Using the same accounts for business and personal transactions should be avoided as the hassle of differentiating them can quickly get out of hand and before you know it, you’ll have lost track of whether the money going in and out of your account is for personal use or for your business. You might also invariably end up misclassifying your transactions and creating gaps in your business accounts, which will not only put your business at risk, but this can lead to problems when filing your taxes later on.

5. Not keeping a backup

This seems obvious, yet some businesses still fail to back up their financial records. Needless to say, regularly backing up your records not only insulates your business from issues like computer crashes, loss of equipment, accidents and natural disasters, but you will also be able to use and analyze your data for years to come. Using internet-based accounting software like QuickBooks will automatically backup and store all of your data securely online and gives you access to your accounts in real time, anytime and anywhere.

5 common accounting mistakes businesses make

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