Don’t Let These Five Potential Small Business Bookkeeping Errors Trip You Up!
(Or Cause Any Unnecessary Sleepless Nights!)
So ‘how” many times have you heard it said, “you’d better back of those files?” And of course, if you’re like most of , you totally ignore that sound advice! Right? Until your system crashes! Ouch! Then you whined singing that old blues classic, “if only I had listened!” Ever been there?
Well, when it comes to successfully applying some proven small business bookkeeping strategies, that will definitely help you sleep better at night! Let the following five time tested small business bookkeeping strategies be your guide.
Five Potential Small Business Bookkeeping Errors You Definitely Want To Avoid!
So you’re humming right along, when out of nowhere,wham! Your system crashes! And to add insult to injury(you guessed it!), you didn’t have any of your (can’t do) without) files backed up! Bummer!
Which leads us to these five (all too common) potential small business bookkeeping errors, you definitely want to avoid.
1.) Potential small business bookkeeping error # one: Entrepreneur, try not to ever be guilty of (and therefore) charged with “commingling your business and personal expenses!” This type of practice is frowned on by the IRS!
Not to mention, it’s a bookkeeper’s nightmare to boot! Because remember, you can’t legally deduct personal expenses as business expenses! So don’t go there!
2.) Potential small business bookkeeping error # two: Before you install (or have to) re-install your operating system, be sure that you “backed up” your data! Because maybe it’s something as simple as your files being corrupted during the back up process, merely because your files we’rent saved in the right format!
3.) Potential small business bookkeeping error # three: Entrepreneur you’d better know the (legal) difference between classifying your employees as independent contractors or valued employees!
4.) Potential small business bookkeeping error # four: If you’re constantly invoicing, billing and collecting payments from your customers and clients etc. And you’re constantly paying vendors and collecting invoices etc.
Which means you’ll definitely need to do some periodic account reconciliations. Because no matter “how” careful you think you are, tons of unintended mistakes occur! And there’s nothing more annoying or frustrating to one of your valued customers or clients, than to keep receiving invoices for bills they’ve already paid! Or finding out that you’ve actually paid an invoice twice!
5.) Potential small business bookkeeping error # five: Entrepreneur you’d better know the IRS rules for “worker classification.” Under certain rules, the IRS will allow you to classify an individual as an “independent contractor.”
But you’d better check with a professional before you have a go at this! Even though this is definitely your short list! By avoiding these five proven small business bookkeeping errors, you’ll definitely sleep better at night. Don’t you agree?
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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