If you run a small business, you might think you’ve got your
businesses finances perfectly organized and together. After all, when you’re armed with Quickbooks and a good financial advisor,
what more could you need?
In truth, however, small businesses often make small
mistakes that can affect them big financially. One such mistake, for example,
is not fully separating business funds and personal funds. A business credit
card should never be used to pay for personal expenses and vice versa. If
you’re guilty of that offense, stop it now and talk to an accountant to find
ways to fully separate your finances.
Also, make sure you’re staying on top of invoicing. You need
to know how many accounts are unpaid and how much you’re owed, as well as how
many accounts are paid and how much you’ve made. Improper record keeping, often
a result of putting off record keeping until later, can cause major problems
and discrepancies when tax time rolls around.
You really shouldn’t be running a business without a
professional accountant. And, if you’re running into these or similar problems,
it’s probably because you don’t have the right accountant (or any accountant!)
on your side. Remedy that problem, and you should save yourself a world of
trouble.
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