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5 Bookkeeping Mistakes to Avoid

Jul 23, 2020 8:57:00 AM Kathy Dise Bookkeeping

bookkeeping tipsOur clients are amazing. Every day we applaud their tenacity, dedication and drive. We hear it all: the successes, the families they support, the struggles and the ugly! Sometimes the simplest decisions and the seemingly smart “shortcuts” aren’t the right answer. We know you may be the only cook in the kitchen, you need to save time or money, or you may just make one of these bookkeeping mistakes out of absent-mindedness.

Do yourself a favor and avoid these bookkeeping mistakes that our clients have made before:

  1. I connected my PayPal account to my QuickBooks file. PayPal’s sync is a terror for us bookkeepers.
  2. I decided to do my own payroll. If you take out the wrong amount for taxes and benefits or file payments late, you run the risk of losing your employee’s trust in addition to violating regulations that could come with expensive consequences.
  3. I just use my business accounts for all my personal spending. Yes, we know it is difficult to keep spending separate, but it is harder for your bookkeeper to separate later.
  4. I connected my personal bank account and credit card to QuickBooks. No need. It’s better to pull the business expenses from your personal accounts and enter them into QuickBooks.
  5. I don’t keep receipts, because it's on a credit card, so the statement is enough. Nope, sorry! Read this to understand why that’s not enough.

We hope you learn these lessons from others before you. By short-cutting tasks and not outsourcing bookkeeping work to partners that are experts, you truly put yourself and your company at more risk. If you have accidentally made one of these choices, don’t worry. Tell us. We listen, we have seen it before and the great news is, we can help! 

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Kathy Dise

Written by Kathy Dise

Kathy has over 30 years experience helping small businesses succeed. As a commercial lender, commercialization expert and now as a QuickBooks diamond level advisor, Kathy understands the challenges small business owners face. Her experience helps business owners quickly accomplish their financial goals. As the owner of BudgetEase, Kathy works with clients to develop a plan to efficiently process 1,000s of small transactions so owners can make informed decisions. She lives in Shaker Heights, OH with her husband Ralph and enjoys golf, curling and walking in Cleveland’s fabulous Metro Parks.