Common Bookkeeping Mistakes
Common Bookkeeping Mistakes
You’re a businesswoman. A do-it-yourself-er. A dreamer. A doer. An “I-can-do-it-all”-er.
Heck, that’s why you’re as successful as you are. It’s why you were able to get the courage and determination to start your own business.
It’s admirable, to say the least.
But as time goes on and your business grows and expands toward even more success, that DIY attitude can get a little exhausting, unsustainable, and a bit unreasonable.
You don’t have to do it yourself –– especially when it comes to bookkeeping.
In fact, as a professional bookkeeper myself, I don’t recommend it. Doing so can lead to a lot of wasted time spent wasting scouring Google search and falling asleep to boring YouTube videos and, worse, making a mistake regarding your finances.
Finances are not something you can afford to make a mistake in. You’ve spent so much time, energy, and heart into building your business and making money. This is not where you stop.
With that, here are the top five most common bookkeeping mistakes I see every day.
5 Bookkeeping Mistakes You Might be Making
1. Mixing business and personal
Remember that whole work-life balance concept? Let’s not throw it out the window when it comes to finances.
Mixing your work account with your personal account only leads to confusion, headache, and a lot of backtracking and deciphering old transactions.
2. Ignoring it
Just because you ignore something doesn’t mean it will go away.
Especially your bookkeeping and taxes. Having a bookkeeper keep track of your finances all year will help tax season go much more smoothly (not to mention all the money you’ll save by tracking throughout the year!)
3. Leaving it all for the CPA at the end of the year
PSA: Your CPA isn’t a bookkeeper. Stop making them do your bookkeeping for you!
Not only will hiring a bookkeeper make their job easier, but it will save you money in the long run since bookkeepers charge less than CPAs.
4. Spending hours trying to Google/YouTube the answers
You know all that time you spent Googling and YouTubing “how to do bookkeeping” in order to save a few extra dollars?
You could’ve been spending that time building relationships with clients and making more $$$.
Stop giving yourself a migraine and let a professional handle it. Your time is so valuable.
5. Not reviewing your financial statements each month
Your monthly financial statements are like a personal message from your business letting you know how it’s doing!
Stop leaving your business on read.
Review your financial statements monthly so you can adapt, grow, and expand your business practices for the next month.
Now, if you’ve made one or more of the mistakes above, don’t feel bad. You can fix it! Revamp and refresh how you view your finances and run your business by hiring a bookkeeper.
It’s time for fewer mistakes and a lot more money. Let’s work together and get started! Send me a message and let’s chat.