8 Common Accounting Mistakes Small Businesses Make
Accounting errors happen from time to time and many can be avoided if you plan properly. Part of planning is knowing which errors are most common and what to do to avoid making them. This article from The Balance Small Business talks about 8 of the most common mistakes that business owners make that will lead to problems. I think you will find the article useful. You can email me at scott@qbscott.com with any question you have.
Source: articles.bplans.com | Re-Post Scott Meister 10/11/2018 –
Thanks to the huge range of accounting applications available for today’s small and medium-sized businesses, it’s easier than ever to keep an accurate record of where your business’s money is going.
While accounting software has made bookkeeping and accounting easier for small businesses, it’s also made errors and accounting mistakes—from incorrectly categorizing a transaction to doing all accounting yourself—much more common.
Some accounting mistakes are minor, insignificant, and—when they’re inevitably noticed by someone within your business—easy to correct. But others are more serious and could have a significant effect on your business’s financial health.
Over time, poor accounting practices can distort the reality of your company’s fiscal health. In severe cases, repeated accounting mistakes and bad accounting practices can lead your business toward insolvency or company administration.
In this article, we’ll examine eight of the most common small business accounting errors and explain how they can create issues, both small and significant, for your business.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale