As a leading payroll and HR service in the Boston area, we come across the questions and stories regarding common mistakes made when a business owner runs their bookkeeping. Here are some areas of bookkeeping that many business owners have made in the past.
- Mixing business and personal funds. We hear the horror stories of business owners who find themselves scrambling between their funds, trying to determine what was a business or personal expense. Keeping separate accounts is essential to more organized bookkeeping.
- Misunderstanding data entry or inaccurately using report systems. It is especially easy to make small mistakes that add up to big problems when using computerized data systems when you are not up to date with all current laws, forms, and trends.
- Not knowing the different classes of employees. Just as not understanding a data entry system, it is easy to confuse or misinterpret different kinds of employees. Full-time, part-time, freelance, seasonal, and more have different rights and employers must know and act upon their responsibilities to these employees.
- Lack of organization/back up in documentation. Knowing the location of your files is half of the battle of bookkeeping and leaving your office with your sanity intact. Organization is key to understanding your business and understanding your finances.
- Spreading yourself too thin. As a growing business owner, we know the work you put into your office days. While you’re trying to juggle your books, CEO’s and larger companies have entire offices dedicated to the work you’re trying to accomplish. Sometimes, especially when it comes to important tax forms, accounts, and other money related topics, having a few helping hands could mean the difference between sinking or swimming.
abc Payroll can be those extra hands to aid your small business to continue growth and elevate the stress you feel when it comes to bookkeeping. Our services are designed to work with your budget and your business, and we are the best at what we do.
Get in contact with one of our experts today to learn more about what we can do to help your business at (978) 251-3003.