5 Self-Employed Money Mistakes To Avoid
Working for a wide variety of entrepreneurs for over a decade, we have seen first-hand the common mistakes that are made. We see mistakes not as something bad but as an opportunity to learn and teach small business owners how to operate better and get more organized. Articles like this give us the ability to share these experiences that will help YOU to not make the same mistakes!
Lots of entrepreneurs take the leap of faith to start their business without knowing much about the financial side of things. That’s ok! That’s where we come in. The following are the Top 5 most common mistakes that we’ve come across.
- Mixing personal and business expenses a.k.a “co-mingling”!
- Not tracking you A/R (what people owe you) a.k.a Open Invoices!
- Waiting until the end of the year to start your record keeping
- Missing out on tax deductions because you don’t understand them
- Not having your business structured properly to take advantage of tax savings that are available to you
If you are guilty of one or more of these things – do not despair! Mistakes are good. How else would we learn, improve, grow, and move forward? Awareness is the very first step. Know that others have also faced these challenges and have overcome.
We want to help our customers to succeed by providing insight on how to manage business finances. Now that you know what can prevent success, start making changes now!
Reach out to your Accountant and ask for their support and for them to be by your side; hand over anything that ends in your being stuck i.e. not having enough time or not knowing what to do next. Being stuck will cost you far more money than asking for help with bookkeeping and taxes.
If your current Accountant is unwilling or unable, or just too darn expensive, give us one phone call to find accountants very willing, very able, and very affordable. We specialize in “done-for-you” bookkeeping & taxes for small business owners with annual business revenue from $10k to $350k. We work for those who want more; an active lifestyle in paradise. Just imagine instead not worrying about bookkeeping going for a little longer bike ride or exploring that brand new hiking trail. Isn’t that what we’re here for?!