Did you know that more than 40% of small businesses make mistakes on their payroll every year?ย 
AND โ that the average fine for those mistakes is a whopping $850??ย 
Thatโs just one example of how bookkeeping mistakes can hurt your bottom line.ย 
And donโt get us started on all the other ways, too, like:
ย Overdraft fees
ย Fines for late tax filing and missed deadlines
ย Unclaimed tax-deductible expenses
ย And lots more!
The good news? All are TOTALLY avoidable with some basic bookkeepingย 
๏ธ
So, here are 3 things we hear from our clients that indicate common bookkeeping mistakes โ and one small 5-minute solution for each that you can do today:
(๐ญ) โ๐ย ๐ฑ๐ผ๐ปโ๐ย ๐ต๐ฎ๐๐ฒย ๐ฎย ๐๐ฒ๐ฝ๐ฎ๐ฟ๐ฎ๐๐ฒย ๐ฏ๐ฎ๐ป๐ธย ๐ฎ๐ฐ๐ฐ๐ผ๐๐ป๐ย ๐ณ๐ผ๐ฟย ๐บ๐ย ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐โ
This is business finance 101 โ a business-only bank account is what allows you to run clear financial reports, and it also protects your personal assets in case of an audit.ย ย
ย ONE SMALL THING YOU CAN DO TODAY: If you arenโt ready to open a business account right now, then simply open a separate checking account with your current bank for just your business transactions. Itโs a start!
(๐ฎ) โ๐ย ๐ฐ๐ฎ๐ปโ๐ย ๐ฟ๐ฒ๐บ๐ฒ๐บ๐ฏ๐ฒ๐ฟย ๐๐ต๐ฒย ๐น๐ฎ๐๐ย ๐๐ถ๐บ๐ฒย ๐ย ๐ฟ๐ฒ๐ฐ๐ผ๐ป๐ฐ๐ถ๐น๐ฒ๐ฑย ๐บ๐ย ๐ฏ๐ฎ๐ป๐ธย ๐ฎ๐ฐ๐ฐ๐ผ๐๐ป๐๐ย ๐ฎ๐ด๐ฎ๐ถ๐ป๐๐ย ๐บ๐ย ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐นย ๐ฟ๐ฒ๐ฐ๐ผ๐ฟ๐ฑ๐โ
Ideally, you should be doing this once a week, and at a minimum once a month.ย Otherwise, youโll forget transactions, forget to invoice clients (and pay vendors) categorize expenses incorrectly, and make worse (AKA less profitable) business decisions from outdated data -!
ย ONE SMALL THING YOU CAN DO TODAY: Check to see if your bank feed is automatically adding transactions to your financial software โ if not, make sure to add it!ย It should only take you 5 minutes
(๐ฏ) โ๐ย ๐ฑ๐ฟ๐ถ๐๐ฒย ๐ฎย ๐น๐ผ๐ย ๐ณ๐ผ๐ฟย ๐๐ผ๐ฟ๐ธ,ย ๐ฏ๐๐ย ๐ย ๐ฎ๐น๐๐ฎ๐๐ย ๐ณ๐ผ๐ฟ๐ด๐ฒ๐ย ๐๐ผย ๐ธ๐ฒ๐ฒ๐ฝย ๐๐ฟ๐ฎ๐ฐ๐ธย ๐ผ๐ณย ๐บ๐ย ๐บ๐ถ๐น๐ฒ๐ฎ๐ด๐ฒโ
These are tax-deductible expenses โ and if you forget them, youโre leaving money on the table!
ย ONE SMALL THING YOU CAN DO TODAY: Download the free version of a mileage tracking app like MileIQ. Available GPS tech makes the process nearly effortless!
By the way, we also added a helpful blog that lists more common mistakes and how to fix them!ย 
What about you?ย Do any of these 3 things sound like something you would say?ย 
Or would you rather stick a fork in your eye, rather than read a blog about bookkeeping mistakes?ย ย 
If thatโs you โ no worries!ย We will make sure your business bookkeeping is error-free โ without the stress!
Just reach outย ๏ธย www.choosebacus.comย โขย info@chooseabacus.comย โข (352) 432-8104
