Top 7 Bookkeeping Mistakes Small Business Owners Make (And How to Fix Them)

Top 7 Bookkeeping Mistakes Small Business Owners Make (And How to Fix Them)

Even the savviest entrepreneurs slip up when it comes to bookkeeping. Here are seven common mistakes and how to avoid them:

1. Not separating personal and business expenses: Open a dedicated business account to make tracking easier.

2. Ignoring small expenses: Even coffee receipts add up—track them!

3. Skipping monthly reconciliations: Regularly balancing accounts prevents nasty surprises.

4. DIY overload: Investing in professional bookkeeping or software saves time and headaches.

5. Failing to track income sources: Know which revenue streams drive your success.

6. Overlooking tax deductions: Stay organized to claim all eligible expenses.

7. Procrastinating: Schedule regular bookkeeping sessions to stay on top of it.

Avoid these pitfalls, and you’ll save yourself time, stress, and possibly money.