There are plenty of ways to celebrate Halloween and Spooky Season, but remember to keep the scaries out of your bookkeeping! Dust those cobwebs off your books and get ready for some treats. Be sure to avoid these five common bookkeeping spookies…
It happens to the best of us - sometimes you’re so in the zone that you don’t notice you’re entering the same information twice. Being thorough is best, but be sure not to over-add to your books.
It’s important to be as thorough as possible. Your books are only as helpful as the information they possess - feed your books as much info as possible. The more details, the better. Missing information can lead to confusion later.
Typos can really mess up your books, especially if it’s an error in a number or pricing. It will throw off your totals completely. Make sure to double and triple-check the information you enter before you move on - you could catch a typo and save yourself from a mess down the road.
Inexperience and lack of education can lead to improper and inaccurate recording of information. This could be in the form of mis-categorizing or over-categorizing, paying yourself (the owner) and recording it as an expense, improperly classifying employees, and more. There are so many ways to improperly record information - make sure you know what you’re doing or turn to a professional.
Ignoring cash flow.
Not paying attention to your cash flow can hurt your financial stability. Failing to check in on your accounts daily could result in overspending and poor use of the cash available.
Avoiding these bookkeeping scaries will ensure your books are on the right track. Taking the time to learn the bookkeeping basics and the ins and outs of your software will help you better take care of your finances in the future. No need to fear your finances if you avoid these scaries!