SmartMoney recently listed a Top 10 list of Bookkeeping Mistakes to Avoid. Among them are:
- Forgetting to track reimbursable expenses — All those little cash receipts for postage, parking, tolls and office supplies really add up. If you don’t keep track of them, there’s no way you’re going to be able to deduct those expenses, or be reimbursed.
- Not reconciling the books with the bank statement each month — Reconciling isn’t sexy, like sales and marketing. But it still needs to be done! How else are you going catch errors and make sure you know your bank balance?
- Doing it yourself — Most small business owners simply hate bookkeeping. Hey, if it’s not your cup of tea, outsource it! Having a competent, qualified bookkeeper can get the job done quickly and efficiently. This will also provide you with a second set of eyes to catch errors such as invoices you forgot to send!
Find the rest of the list at http://www.smsmallbiz.com/taxes/Top_10_Bookkeeping_Mistakes_by_Small_Businesses.html
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.