This is no-nonsense accounting advice for small businesses, like being sure to record ALL cash payments and ALL transaction info. Accounting for these issues at the outset could save you a lot of time and trouble.
This commentator calls these the five biggest accounting mistakes that small business owners make.
- Not balancing your books to your bank account every month (the failure to do so often leads to more accounting and tax costs and even a tax audit)
- Not doing the books often enough
- Not recording cash payments can lead to thousands in lost tax deductions
- Not recording sufficient detail about transactions, when everything is fresh and current (proper records here will save a lot of time and headaches at year end)
- Trying to use an accounting software beyond your level of expertise