5 Bookkeeping Scaries Small Businesses Should Avoid

It may be spooky season, but your books are no place for cobwebs and skeletons! Small businesses should work to keep these scaries out of their bookkeeping…

Double-recording. 

It’s always important to double and triple-check each entry or action you make to your books, no matter what it is. Double-recording makes for a bookkeeping mess. Mistakes happen, so try to catch them sooner rather than later. 

Missing pieces. 

Forgetting to add information all together is detrimental to your books! Don’t miss a thing so your bookkeeping always remains up-to-date and, more importantly, accurate. You can’t make informed decisions without accurate and detailed bookkeeping. 

Employees are categorized incorrectly. 

Whether full-time, part-time, or a 1099 independent contractor, each employee should be categorized correctly in your payroll and bookkeeping system. If changes are made (for example: a part-time employee moves to full-time or vice versa), they should be updated immediately. 

Mixing business and personal. 

You may live and breathe your business, but keep your personal finances separate. Not doing so is a simple way to create a lot of trouble for yourself. Plus, not keeping your expenses separate will fog your books overall. You won’t be able to receive accurate information in your reports. 

Neglecting your bookkeeping. 

Your books are the backbone to your business. If you don’t invest the time and energy, or someone else to, then they’ll be left behind. You won’t be able to make informed decisions based on the financial state of your business, you will have a tough time come tax season, and the list goes on. 

If you give your books the attention they deserve, they’ll be full of awesome treats, and we have some cool tricks that make the process easier along the way. For assistance with your books, contact Skynar Bookkeeping today!