Top 10 Bookkeeping Mistakes by Small Businesses

From SCORE:

Bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a company’s success, and errors can cost the company significantly. Below are 10 of the most common errors that you want to avoid.

1.  Not saving receipts of less than $75. 

2.  Doing it yourself. No matter how much they hate it, many small business owners insist upon handling the books themselves. 

3.  Forgetting to track reimbursable expenses. 

4.  Not properly classifying employees.

5.  Lack of communication. 

6.  Not reconciling the books with the bank statement each month. 

7.  No backup. 

8.  Not deducting sales tax.

9.  Petty cash nonchalance. 

10. Miscategorization or overcategorization.

For the full article including details please visit:  http://www.score.org/

Davis & Hodgdon Associates has been assisting businesses in the Burlington Vermont Metro area with their bookkeeping needs for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].