Top 10 Bookkeeping Mistakes.

Bookkeeping is about as exciting as watching paint dry. But just like painting a room, if you don’t do it right, it’s going to look pretty bad in the end. And just like a bad paint job, bad bookkeeping can cause a lot of headaches for small business owners. In this post, we’ll take a look at the top 10 bookkeeping mistakes small business owners make, and we promise to make it as painless as possible (unlike that time you tried to paint your own room).

You know that drawer in your kitchen that you throw all the random bills, receipts and invoices into? Yeah, that’s not a good idea.

It’s important to keep your financial records in order, otherwise, you’ll end up like that drawer: a mess.

It’s like dating your cousin, it’s just not a good idea. Keep your business and personal finances separate, otherwise, your accountant will judge you.

This one is like going to the doctor for a check-up, you might not like it but it’s important. Reconciling bank and credit card statements will make sure you’re not missing anything and you’ll avoid any unpleasant surprises.

It’s like trying to lose weight without keeping track of what you eat, you’ll never know if you’re making any progress. Keep track of all your expenses so you can claim them on your taxes and make sure you’re not spending more than you’re making.

This one is like trying to find your keys in the morning, it’s frustrating and time-consuming. Stay organized and you’ll be able to find what you need when you need it.

This one is like trying to drive to a new place without a map, you might get there but it will take a lot longer. A budget will help you plan for growth and make sure you’re not spending more than you’re making.

This one is like trying to return something to the store without a receipt, you’ll be out of luck. Keep all your receipts for business expenses, even for small purchases, so you can claim them on your taxes.

This one is like trying to avoid your in-laws, you know they’re coming but you’re never quite ready for them. Stay on top of your invoicing and you’ll avoid delays in receiving payment from customers.

This one is like trying to bake a cake without a recipe, it might turn out okay but it’s a lot more likely to be a disaster. Bookkeeping software can automate many tasks and make it easier to maintain accurate financial records.

This one is like trying to fix your car without a mechanic, it’s not a good idea. Seek professional advice when it comes to bookkeeping, otherwise, you might end up like that time you tried to fix your car.

Bookkeeping might not be the most exciting thing in the world, but it’s important for the success of your business. By avoiding these common mistakes and seeking professional advice, you can make sure your financial records are accurate and up-to-date. And who knows, you might even enjoy it… probably not, but at least you’ll be avoiding the headaches.