When growing your business, few tasks matter as much as tracking your company’s finances. In the beginning, many small business owners try to manage their books on their own instead of using an in-house accountant or bookkeeper.
However, for many business owners, going it alone can lead to costly and easily avoidable mistakes. Here are some of the biggest accounting mistakes that can derail small businesses, along with some tips for avoiding them.
11 accounting mistakes to watch out for
Stay aware of the following avoidable financial accounting mistakes:
1. Failing to hire an experienced finance professional
Even experienced accountants and bookkeepers make mistakes — but they’re finance professionals, and chances are, you aren’t. Even if you are, is it really worth the extra time investment to manage your business’s books on your own? Hiring a professional minimizes the potential for errors in areas such as tracking expenses, paying vendors on time, reconciling bank accounts, and running payroll.
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