Three Accounting Mistakes Your Accountant Can Help You Eliminate
We have all made accounting mistakes in the course of running our business. In most cases, businesses don’t even hire an accountant until they’ve made so many mistakes that they need to take on an accountant out of sheer necessity. If you hire an accountant, your business can avoid the negative repercussions which follow when accounting mistakes are made.
Here are three common accounting mistakes an accountant can help you overcome:
Not Keeping Expense Receipts
When you are managing your own books, you don’t really have any accountability when it comes to making sure you hold on to your expense receipts. Once you hire an accountant, your accountant will ask you to keep track of your expense receipts and any good business owner knows that if you don’t listen to your accountant, your business is doomed.
Not Keeping Up with Receivables
Every business owner loves getting paid, but for whatever reason, no one likes to keep track of the money they receive. While this may seem like no big deal throughout the year, it could really become a nightmare during tax season because you will suddenly be left trying to figure out how much money you’ve made, and if in fact all the invoices you sent out were actually paid in full.
Not Recording Cash Transactions
As a business owner, it can be easy to forget about the cash transactions you make or the cash payments you receive because keeping track of every single cash transaction is not an easy task. If you don’t have time to record every cash transaction, your accountant will have time. Tracking cash transactions will not only help you see how much money you are making, it will also show how you recklessly spend cash (if you do).
What was your experience like hiring an accountant? In what ways have they helped eliminate your money issues? Comment below!
Image credit: Samuli Koukku