In her role as a business professional for a company in Fort Worth, Texas, Patrique Bartlett is often asked to work with new business owners to help them with their books. Many new business owners choose to handle their accounts themselves, which can often lead to a number of mistakes being made. The following are all blunders that you should look to avoid.
Not Tracking Expenses Properly
Many companies underestimate the things that can be claimed as businesses expenses, which often results in them paying more tax that they actually need to. If you spend on anything that is even slightly related to the business, make sure that you keep the receipt and track the expense. If you are unsure about anything, speak to a professional to find out if you can claim for it.
Falling Behind
Accountancy is a part of the business admin that all companies need to complete, which is an area where many small business owners struggle. Some are so focused on providing their services to clients that they struggle to find time to complete paperwork, which leads to it building up to the point where it becomes more difficult to finish.
Making Basic Math Mistakes
As a business major, Patrique Bartlett is a strong mathematician who checks her figures repeatedly to ensure they are accurate. Many small business owners don’t have similar backgrounds in math, which leads to them making simple mistakes that lead to their books being inaccurate. Always check your work and call on the services of a professional if you know math is an area you are weak in.
Not Tracking Expenses Properly
Many companies underestimate the things that can be claimed as businesses expenses, which often results in them paying more tax that they actually need to. If you spend on anything that is even slightly related to the business, make sure that you keep the receipt and track the expense. If you are unsure about anything, speak to a professional to find out if you can claim for it.
Falling Behind
Accountancy is a part of the business admin that all companies need to complete, which is an area where many small business owners struggle. Some are so focused on providing their services to clients that they struggle to find time to complete paperwork, which leads to it building up to the point where it becomes more difficult to finish.
Making Basic Math Mistakes
As a business major, Patrique Bartlett is a strong mathematician who checks her figures repeatedly to ensure they are accurate. Many small business owners don’t have similar backgrounds in math, which leads to them making simple mistakes that lead to their books being inaccurate. Always check your work and call on the services of a professional if you know math is an area you are weak in.