There are billions of small businesses across the globe, with more being born every day. Even though we consider them or address them as a “small” these flourishing companies make a huge impact. This is because, these businesses account for approximately 54% of all sales and provide approximately 55% of all jobs.
When just starting out a small business, many future entrepreneurs wear several different hats – they’re the CEO, the marketing executive, and the bookkeeper all rolled into one. All of these responsibilities are full time jobs in other companies, but the small business owner has to juggle them all, with or without the experience necessary to do so properly.
As specialists in Outsourced bookkeeping services for small to medium-sized businesses, at Affinity Outsourcing, we realize that it’s hard for future entrepreneurs to hand over one of their company’s most vital chores to a stranger. However, we also know how vital it is for bookkeeping to be handled by an experienced professional. Why? Because without our online bookkeeping services it’s very easy to make mistakes.
Keep reading to discover some of the most common bookkeeping mistakes small business owners make, and why our bookkeeping services for small business can help you avoid them.
1. Not Having A Bookkeeping System: It is obvious that the futuristic entrepreneurs have big dreams. They are planning to launch a product or an idea in the market that can change the lives of their end-users or the targeted audiences. In the eagerness to achieve their business objectives that they forget about how important the daily chores like bookkeeping actually are. Running behind the business goals, they forget or ignore to keep the track of sales and expenses in a spreadsheet. Hence, with the time, it gets too complicated. To avoid any hassles at the end of the financial year, it is advisable to go for outsourced bookkeeping services that can save your time and efforts.
2. DIY Bookkeeping Without Proper Training: Executing any task without any proper training or guidelines can lead to fatal consequences; and same thing applies to Bookkeeping. There are bookkeeping and accounting software but playing with them without proper understanding; you’re likely to find yourself lost and confused after a few clicks. Online bookkeeping services provided by companies like Affinity Outsourcing can make your life easier.
3. Improperly Categorized Expenses: Let’s consider that you are doing pretty well with your spreadsheets. You are keeping an eye on every financial transactions, but the only problem is you are you’re a little unclear when it comes to categorizing expenses. Deducting expenses is a boon for small businesses when it comes time to file taxes, but unless you’ve categorized them in the same way as the IRS, you’re going to be in a bookkeeping pickle.
Hope you do not repeat these bookkeeping blunders, and keep your finances up-to-date. If you need any help or tips to manage your bookkeeping services, then feel free to contact Affinity Outsourcing Services at https://affinityoutsourcing.net. We are one of the leading providers of outsourced bookkeeping services to small businesses. Request a quote or schedule a free demonstration of our online bookkeeping services today!