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34. 5 Bookkeeping Mistakes I See Business Owners Make
Manage episode 411877253 series 3485816
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All businesses need bookkeeping. It’s part of doing business and it’s part of being a business owner.
First you have to decide if you are going to DIY it or hire someone.
But most business owners don’t have an accounting background and don’t know much about bookkeeping (and don’t really have the time to do it right). And if they decide to hire it out, they often don’t know what to look for to find a good bookkeeper (it’s an unregulated field and anyone can hang out a shingle).
This often leads to mistakes and those mistakes can lead to:
- frustration and overwhelm
- missed tax deductions
- ignoring business finances
- bad business decisions from a lack of good data
- underearning
- costly bills down the road for accounting cleanup
When clients come to me with profit and cash flow issues, I often see a direct link with the quality of their bookkeeping. After all, you can't manage profit and cash flow effectively if you don't have books you can trust and don’t know where your money is going.
In this week's episode of Purposeful Profit, I'm sharing the 5 bookkeeping mistakes I most often see businesses owners make, so you can avoid them.
You'll learn
- Questions you should be asking when you hire a bookkeeper
- What you’re really paying for when you hire a bookkeeper (and it’s not their time)
- Reasons your books may not be accurate
Mentioned in this episode:
- Ready for bookkeeping help? Or want a financial mentor to help you get your finances organized? I invite you to book a call to continue the conversation.
Other resources:
- S Corp Tax Savings Calculator
- Get your Simple Financials Bookkeeping template
- Get Your 30 Days of Money Mindset Prompts
DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.
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