Top 10 Small Business Bookkeeping Errors
November 28, 2021
From self-employed individuals to small-to-medium-sized companies, keeping the books in order can sometimes be a herculean effort. Although it may not be one of the more glamorous aspects of day-to-day operations, strong bookkeeping is vital to the success of any business, which means errors can have a lasting impact if not dealt with swiftly.
To avoid the financial headaches that come with bookkeeping mismanagement, it’s important first to be aware of the pitfalls that can ensnare you.
Over the years we have witnessed several mistakes that business owners make when setting up their business records and completing their monthly bookkeeping. Here is our top 10 list of things business owners should NOT do when it comes to their bookkeeping:
Small Business Bookkeeping Errors
- Did not have separate business and personal bank accounts
- Did not use separate business and personal credit cards
- Did not save taxes charged on sales and is now unable to pay the Government remittance
- Did not know the filing deadlines for all Government remittances and incurred late filing penalties and interest charges
- Did not keep proper payroll records and was unable to prepare employee T4 slips
- Did not keep all expense and asset receipts resulting in expense claims being disallowed by the CRA auditor
- Did not track customer invoices and payments causing cash flow problems
- Did not receive the operating loan for your business because there are no accurate and current financial reports
- Did not have fun doing the record-keeping late at night
- Did not make an appointment before today with The Paper Chase Bookkeeping Solutions to avoid all of the above
If you would like more information about what The Paper Chase can do for your business, please contact a member of our team by submitting a contact form. Our bookkeepers are standing by to help assist you.