1. Not keeping accurate records: This is one of the most common mistakes business owners make. Not keeping accurate financial records can lead to errors and make it difficult to make informed business decisions.

2. Failing to reconcile bank statements: This is an important step in the bookkeeping process that many business owners overlook. Failing to reconcile bank statements can lead to errors and discrepancies in financial records.

3. Not separating personal and business expenses: Mixing personal and business expenses can make it difficult to track the financial health of your business. It's important to separate the two in order to have accurate financial records.

4. Not keeping up with invoicing: Many business owners neglect to invoice their customers in a timely manner, which can lead to cash flow problems. Invoicing should be done regularly, and follow-up should be done for unpaid invoices.

5. Not keeping track of taxes: Not keeping track of taxes can lead to problems come tax season. Business owners need to keep track of income and expenses throughout the year, so they have all the information they need to file their taxes correctly.

6. Not using accounting software: Many business owners still rely on manual bookkeeping methods, which can be time-consuming and error-prone. Using accounting software can automate many tasks, saving time and reducing the risk of errors.

7. Not creating a budget: Not having a budget can make it difficult to track the financial health of your business and plan for future expenses. Creating a budget and regularly reviewing it can help keep your finances on track.

8. Not reviewing financial statements: Many business owners fail to review their financial statements regularly, which can lead to missed opportunities or financial problems. Reviewing financial statements on a regular basis can help identify potential issues and make adjustments as needed.

We can help you avoid these (and other!) common mistakes. Reach out to us today for a free consultation!