3 Common Mistakes Small Businesses Make: Mistake #3
We’ve covered not saving receipts for purchases and mixing personal and business expenses, but correcting the last mistake can correct the other two as well. The third common mistake we find small business owners making is:
Handling the bookkeeping on your own
Now, it’s not that we think you can’t do it or aren’t capable – but is spending time on accounting really the best use of your time? Have you been trained in the nuances of small business bookkeeping? Do you want to spend your valuable time figuring it all out instead of growing your business? Many small business owners handle the books themselves either because they like to feel in control or simply don’t have staff to take care of it. However, if you are not qualified or skilled to keep your books accurately, hiring a competent bookkeeper can be extremely beneficial and free up a lot of time. By hiring a bookkeeper, you have someone who is qualified taking a look at your books and you will also have a second pair of eyes to find errors and make suggestions. They can also prepare meaningful financial reports that can help the owner to make better business decisions.