Page 22 - 57802 Summer 2020

Bookkeeping Mistakes Can

Cost Your Business Tens Of

Thousands Of Dollars: Is It

Time For You To Outsource

Your Company’s Financials?

By Sonya Tapley

After many years of working as to company. The rules and bookkeeping is oft en neglected

an accountant in the corporate regulati ons your business needs when business owners feel like it
world, I discovered I had a true to follow are largely based on your can wait.

passion for small businesses— individual company’s practices

and a true disdain for many and needs. However, putting off bookkeeping

traditional corporate business responsibilities often results in a

practices. Oftentimes, many For that reason, bookkeeping lot of stress and a lot of errors. You
large corporations follow certain mistakes that can cost companies likely won’t remember what that

business practices simply because tens of thousands of dollars in $200 offi ce store purchase you

it’s the way they’ve always done revenue or tax breaks are oft en made was for six months aft er it
things. the norm. Having a full-service occurred.
accounting team that is well-

Innovation is at the heart of versed in the many variances of And it’s easy to forget many

small business, and not working accounti ng for business is crucial of the smaller expenses your

in a “one size fits all” model was to the success of your business. business accrues throughout the

where I truly belonged. Every year. Updating your books on a
small business has a different If our team can help you design an weekly or monthly basis will help

business focus, and each one is accounti ng plan that is customized ensure you’re not making costly
run differently. Because of this, to your specifi c business, we bookkeeping omissions or errors.

customized accounting services can help you avoid common
for the small business is vital to bookkeeping errors that can take Mixing Personal and Business
helping the business thrive. a large slice out of your company’s Expenses

profits.
It was this truth that encouraged Many small business owners run
me to start Cloud Friday, helping Errors such as: their business expenses through
small businesses release the their personal bank accounts
burden of managing finances and Procrasti nati on simply because it’s easier. Not only

focus on what they do best. does having separate business and
Managing financial records is personal accounts and records

There’s such an expansive list of something that many business help with proper bookkeeping,
rules and regulations in the world owners have trouble keeping up the IRS prefers you keep separate

of business accounting, and many with. There are sales to be made records.

of them can change from company and team members to support—
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