5 Common Bookkeeping Mistakes that could be costing you money:
- NOT FOLLOWING YOUR BUDGET
If you don’t have one, make one! If you do, great job, you have a budget! Now try your best to stick to it and you’ll see more profits. Struggling to do this? Ask your bookkeeper about maybe making some budget changes or going over some profit maximizing activities. - FAILING TO KEEP HARD COPIES OF RECORDS
In case of an audit, you need to have multiple sources of proof for every tax deduction or credit you take, or possibly face fines. Ask your bookkeeper about systems and tools we have that could be helpful in keeping track of your records! - LACK OF S.O.D. (Separation of Duties)
For your protection and your bookkeeper’s protection, make sure that there is more than one person involved in the bookkeeping process. Perform a background check on everyone you hire, including me, and keep separate user access for every single person who assesses your business’s books or other accounts! - TRYING TO DO IT ALL YOURSELF
You’re probably used to doing almost everything yourself, but for bookkeeping, this is not efficient. Outsource your bookkeeping for peace of mind and to save you loads of time! - ALWAYS GOING WITH THE CHEAPEST OPTION
This method is deceiving. While you should always try to save money, often times the cheapest option is not up to par in its value and costs you more money in the end!
Grace Ostiguy,
Owner
[email protected]
(508) 817-3372
