✅ Checklist: 7 Bookkeeping Mistakes Small Businesses Make

By JIC Accounting Services

Staying on top of your finances is the foundation of running a successful business. Avoid these common mistakes to save time, reduce stress, and grow your profits:

1️⃣ Mixing Personal and Business Finances

❗ Mistake: Using personal credit cards or bank accounts for business purchases.

✅ Fix: Open dedicated business accounts to keep everything clean and trackable.

2️⃣ Falling Behind on Record Keeping

❗ Mistake: Waiting until tax season to organize receipts and invoices

✅ Fix: Set aside 15 minutes per week to keep your records up to date or hire a bookkeeper.

3️⃣ Ignoring Receivables

❗ Mistake: Letting unpaid invoices pile up

✅ Fix: Regularly review outstanding invoices and send friendly payment reminders.

4️⃣ Forgetting to Track Small Expenses

❗ Mistake: Overlooking petty cash, subscriptions, or small online charges

✅ Fix: Use expense-tracking apps or link accounts to your bookkeeping system.

5️⃣ Improperly Categorizing Transactions

❗ Mistake: Mislabeling expenses, leading to incorrect financial reports or missed tax deductions

✅ Fix: Use a standard chart of accounts or work with a professional to set it up properly.

6️⃣ Not Reconciling Bank Accounts

❗ Mistake: Assuming your bank balance is always correct without checking

✅ Fix: Perform monthly reconciliations to catch errors, duplicates, or fraud.

7️⃣ Waiting Too Long to Hire Help

❗ Mistake: Trying to “DIY” bookkeeping when your business grows past your capacity

✅ Fix: Know when to delegate. Hiring a professional bookkeeper saves you time and prevents costly mistakes.

📞 Ready to simplify your bookkeeping?Schedule your FREE consultation with JIC Accounting Services today

📧 info@jicaccountingservices.com