Startups and small businesses come with their fair share of worries. Small-business owners often stay up at night wondering about investment, getting the right people on board, legislation, cash flow, and a host of other issues that contribute to making your business a success. Bookkeeping is an element that might be overlooked among all these concerns, but for the sake of your business, it’s important to stay on top of it. In this blog, we take a look at some of the most common mistakes made in small-business bookkeeping.

 

Bad record-keeping

 

It’s not easy to keep track of every expense and receipt. But ensuring that you keep your records up to date and have a proper system will ultimately save you money and time. Categorising expenses and income will allow you to measure profits accurately. It’s also important to separate business transactions from personal ones. If you are audited, you will have to provide records. Having an organised collection of receipts will help you work out your business costs as quickly and as efficiently as possible. Not providing receipts might result in you having to pay more tax than required. It’s also important to remember that even small expenses add up, so it’s important to keep a detailed record.

 

Not taking advantage of software

 

You can make your small-business bookkeeping more convenient and accurate by using accounting software. Small businesses that use this software can also rest assured that their information is backed up. Many small business owners realise too late that something could happen to their data – backing up will ensure that your business does not lose important information.

 

Poor communications

 

Communications is particularly important when it comes to small-business bookkeeping. It’s not just about keeping the books balanced: good communications ensures that bookkeepers are in line with the goals of your business.

 

Outsourced bookkeeping can help you resolve many of the most common errors of small businesses. We offer accounting consulting services and accounting software to suit the particular needs of small businesses. Our team of qualified bookkeepers is highly experienced, efficient and professional. And our online accounting solutions mean that small business owners can stay on top of their accounting – from record-keeping to keeping track of receipts and categorising expenses and income.

Our accounting software solutions help small businesses stay connected to their data and accountants. Use accounting software to communicate with accountants and get real-time advice and assistance. Outsourced bookkeepers can stay up to date at all times. Cloud accounting backs up automatically, updates are free and instantly available and security is world-class. Talk to us to find out more about how we can help you take your business to the next level.