If you're a small business owner that does your business bookkeeping, I have a lot of respect for you. You're probably one of those curious people who enjoy learning how things work. Or maybe you find it valuable to understand the process.
Anyone who has ventured outside of their lane of expertise has probably felt a tinge of fear that unbeknownst to them, they're doing something wrong. And if their error were to reveal itself, would it be a quick-and-easy fix, or will course correction come at a colossal cost?
Accounting errors can end up being costly if you don't catch them right away. And if you gloss over them, you run the risk of filing incorrect tax returns, which, if uncovered in an audit can cost you a lot in time and money.
Here are the seven most common bookkeeping mistakes I see clients make.