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Top 5 Common Bookkeeping Mistakes Businesses Make and how to avoid them

Bookkeeping forms the backbone of a thriving business, serving as a beacon that guides financial decisions, ensures tax compliance, and unveils the overall health of your venture.

As specialists in bookkeeping for small businesses, we've noticed a pattern of common errors that many entrepreneurs make. Here, we'll highlight these pitfalls and show you how partnering with us can safeguard your business against them.

  1. Mixing Personal and Business Finances

    Common Slip-up:
    Entrepreneurs often intertwine their personal and business expenses in a single account, leading to muddled finances.

    Our Expert Solution:
    We advocate for and assist in establishing separate bank accounts for personal and business finances. With our guidance, clients learn to segregate personal and business expenses seamlessly, ensuring clean, clear records at all times.

  1. Losing Track of Receipts and Documents

    Common Slip-up:
    Lost receipts can mean missed tax-saving opportunities. Additionally, during an audit, missing documentation can spell trouble.

    Our Expert Solution:
    We provide digital solutions for storing and organizing all your transactional documents. With our systems, not only will your bookkeeping be accurate, but you'll also be well-prepared for tax season and audits.

  1. Inconsistent or Infrequent Bookkeeping

    Common Slip-up:
    Procrastinating or failing to update your books regularly can lead to a backlog of transactions. This can create last-minute rushes and overlooked transactions.

    Our Expert Solution:
    At Plus Advisors, our consistent and methodical bookkeeping services mean that your financial data is always up-to-date. Plus, our intuitive dashboards help you view this information seamlessly anytime, anywhere.

  1. Neglecting Sales Tax

    Common Slip-up:
    Failing to account for, collect, or remit the appropriate sales tax can lead to potential financial penalties and complications with tax authorities.

    Our Expert Solution:
    Our team at Plus Advisors is skilled in sales tax regulations across various jurisdictions. We ensure you're compliant in collecting the right amount of sales tax and assist in timely remittances, safeguarding your business from any unwanted tax surprises.

  1. Not Reviewing Financial Reports Regularly

    Common Slip-up:
    Financial reports are the pulse-check of your business. Failing to review them means you're running your business blindfolded, unaware of potential issues or opportunities.

    Our Expert Solution:
    At Plus Advisors, we don't just prepare your financial reports; we help you understand them. Our team offers regular reviews and consultations, ensuring you're equipped with the insights to drive your business forward.

In Conclusion

Your business's financial integrity hinges on impeccable bookkeeping. Partnering with Plus Advisors means benefiting from expert insights, cutting-edge tools, and a proactive approach designed to keep your business financially robust and compliant. Dive deeper into your finances, understand them better, and bolster your financial systems with us by your side.

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We don't just provide tailored solutions and expertise, we're committed to helping your business thrive. Unlock the full profit potential of your business with Plus Advisors.

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