Did you know that more than 40% of small businesses make mistakes on their payroll every year?ย โŒ

AND โ€“ that the average fine for those mistakes is a whopping $850??ย ๐Ÿ˜ฐ

Thatโ€™s just one example of how bookkeeping mistakes can hurt your bottom line.ย ๐Ÿ’ฐ

And donโ€™t get us started on all the other ways, too, like:

๐Ÿ’ฐย Overdraft fees

๐Ÿ’ฐย Fines for late tax filing and missed deadlines

๐Ÿ’ฐย Unclaimed tax-deductible expenses

๐Ÿ’ฐย And lots more!

The good news? All are TOTALLY avoidable with some basic bookkeepingย โค๏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:

(๐Ÿญ) โ€œ๐—œย ๐—ฑ๐—ผ๐—ปโ€™๐˜ย ๐—ต๐—ฎ๐˜ƒ๐—ฒย ๐—ฎย ๐˜€๐—ฒ๐—ฝ๐—ฎ๐—ฟ๐—ฎ๐˜๐—ฒย ๐—ฏ๐—ฎ๐—ป๐—ธย ๐—ฎ๐—ฐ๐—ฐ๐—ผ๐˜‚๐—ป๐˜ย ๐—ณ๐—ผ๐—ฟย ๐—บ๐˜†ย ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€โ€

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 

๐Ÿ‘‰ย ONE SMALL THING YOU CAN DO TODAY: If you arenโ€™t ready to open a business account right now, then simply open a separate checking account with your current bank for just your business transactions. Itโ€™s a start!

(๐Ÿฎ) โ€œ๐—œย ๐—ฐ๐—ฎ๐—ปโ€™๐˜ย ๐—ฟ๐—ฒ๐—บ๐—ฒ๐—บ๐—ฏ๐—ฒ๐—ฟย ๐˜๐—ต๐—ฒย ๐—น๐—ฎ๐˜€๐˜ย ๐˜๐—ถ๐—บ๐—ฒย ๐—œย ๐—ฟ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ฐ๐—ถ๐—น๐—ฒ๐—ฑย ๐—บ๐˜†ย ๐—ฏ๐—ฎ๐—ป๐—ธย ๐—ฎ๐—ฐ๐—ฐ๐—ผ๐˜‚๐—ป๐˜๐˜€ย ๐—ฎ๐—ด๐—ฎ๐—ถ๐—ป๐˜€๐˜ย ๐—บ๐˜†ย ๐—ณ๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ถ๐—ฎ๐—นย ๐—ฟ๐—ฒ๐—ฐ๐—ผ๐—ฟ๐—ฑ๐˜€โ€

Ideally, you should be doing this once a week, and at a minimum once a month.ย  Otherwise, youโ€™ll forget transactions, forget to invoice clients (and pay vendors) categorize expenses incorrectly, and make worse (AKA less profitable) business decisions from outdated data -!

๐Ÿ‘‰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

(๐Ÿฏ) โ€œ๐—œย ๐—ฑ๐—ฟ๐—ถ๐˜ƒ๐—ฒย ๐—ฎย ๐—น๐—ผ๐˜ย ๐—ณ๐—ผ๐—ฟย ๐˜„๐—ผ๐—ฟ๐—ธ,ย ๐—ฏ๐˜‚๐˜ย ๐—œย ๐—ฎ๐—น๐˜„๐—ฎ๐˜†๐˜€ย ๐—ณ๐—ผ๐—ฟ๐—ด๐—ฒ๐˜ย ๐˜๐—ผย ๐—ธ๐—ฒ๐—ฒ๐—ฝย ๐˜๐—ฟ๐—ฎ๐—ฐ๐—ธย ๐—ผ๐—ณย ๐—บ๐˜†ย ๐—บ๐—ถ๐—น๐—ฒ๐—ฎ๐—ด๐—ฒโ€

These are tax-deductible expenses โ€“ and if you forget them, youโ€™re leaving money on the table!

๐Ÿ‘‰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 ๐Ÿ‘‡

What about you?ย  Do any of these 3 things sound like something you would say?ย ๐Ÿ˜…

Or would you rather stick a fork in your eye, rather than read a blog about bookkeeping mistakes?ย ๐Ÿ˜…ย ๐Ÿด

If thatโ€™s you โ€“ no worries!ย  We will make sure your business bookkeeping is error-free โ€“ without the stress!

Just reach outย โค๏ธย www.choosebacus.comย โ€ขย info@chooseabacus.comย โ€ข (352) 432-8104

Small Business Mistakes You Can Avoid Now

Small-Business-Mistakes-You-Can-Avoid-Now

Did you know that more than 40% of small businesses make mistakes on their payroll every year?ย โŒ

AND โ€“ that the average fine for those mistakes is a whopping $850??ย ๐Ÿ˜ฐ

Thatโ€™s just one example of how bookkeeping mistakes can hurt your bottom line.ย ๐Ÿ’ฐ

And donโ€™t get us started on all the other ways, too, like:

๐Ÿ’ฐย Overdraft fees

๐Ÿ’ฐย Fines for late tax filing and missed deadlines

๐Ÿ’ฐย Unclaimed tax-deductible expenses

๐Ÿ’ฐย And lots more!

The good news? All are TOTALLY avoidable with some basic bookkeepingย โค๏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:

(๐Ÿญ) โ€œ๐—œย ๐—ฑ๐—ผ๐—ปโ€™๐˜ย ๐—ต๐—ฎ๐˜ƒ๐—ฒย ๐—ฎย ๐˜€๐—ฒ๐—ฝ๐—ฎ๐—ฟ๐—ฎ๐˜๐—ฒย ๐—ฏ๐—ฎ๐—ป๐—ธย ๐—ฎ๐—ฐ๐—ฐ๐—ผ๐˜‚๐—ป๐˜ย ๐—ณ๐—ผ๐—ฟย ๐—บ๐˜†ย ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€โ€

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 

๐Ÿ‘‰ย ONE SMALL THING YOU CAN DO TODAY: If you arenโ€™t ready to open a business account right now, then simply open a separate checking account with your current bank for just your business transactions. Itโ€™s a start!

(๐Ÿฎ) โ€œ๐—œย ๐—ฐ๐—ฎ๐—ปโ€™๐˜ย ๐—ฟ๐—ฒ๐—บ๐—ฒ๐—บ๐—ฏ๐—ฒ๐—ฟย ๐˜๐—ต๐—ฒย ๐—น๐—ฎ๐˜€๐˜ย ๐˜๐—ถ๐—บ๐—ฒย ๐—œย ๐—ฟ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ฐ๐—ถ๐—น๐—ฒ๐—ฑย ๐—บ๐˜†ย ๐—ฏ๐—ฎ๐—ป๐—ธย ๐—ฎ๐—ฐ๐—ฐ๐—ผ๐˜‚๐—ป๐˜๐˜€ย ๐—ฎ๐—ด๐—ฎ๐—ถ๐—ป๐˜€๐˜ย ๐—บ๐˜†ย ๐—ณ๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ถ๐—ฎ๐—นย ๐—ฟ๐—ฒ๐—ฐ๐—ผ๐—ฟ๐—ฑ๐˜€โ€

Ideally, you should be doing this once a week, and at a minimum once a month.ย  Otherwise, youโ€™ll forget transactions, forget to invoice clients (and pay vendors) categorize expenses incorrectly, and make worse (AKA less profitable) business decisions from outdated data -!

๐Ÿ‘‰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

(๐Ÿฏ) โ€œ๐—œย ๐—ฑ๐—ฟ๐—ถ๐˜ƒ๐—ฒย ๐—ฎย ๐—น๐—ผ๐˜ย ๐—ณ๐—ผ๐—ฟย ๐˜„๐—ผ๐—ฟ๐—ธ,ย ๐—ฏ๐˜‚๐˜ย ๐—œย ๐—ฎ๐—น๐˜„๐—ฎ๐˜†๐˜€ย ๐—ณ๐—ผ๐—ฟ๐—ด๐—ฒ๐˜ย ๐˜๐—ผย ๐—ธ๐—ฒ๐—ฒ๐—ฝย ๐˜๐—ฟ๐—ฎ๐—ฐ๐—ธย ๐—ผ๐—ณย ๐—บ๐˜†ย ๐—บ๐—ถ๐—น๐—ฒ๐—ฎ๐—ด๐—ฒโ€

These are tax-deductible expenses โ€“ and if you forget them, youโ€™re leaving money on the table!

๐Ÿ‘‰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 ๐Ÿ‘‡

What about you?ย  Do any of these 3 things sound like something you would say?ย ๐Ÿ˜…

Or would you rather stick a fork in your eye, rather than read a blog about bookkeeping mistakes?ย ๐Ÿ˜…ย ๐Ÿด

If thatโ€™s you โ€“ no worries!ย  We will make sure your business bookkeeping is error-free โ€“ without the stress!

Just reach outย โค๏ธย www.choosebacus.comย โ€ขย info@chooseabacus.comย โ€ข (352) 432-8104