5 Costly Business Mistakes I Can Help You Avoid!

  1. Lack of accounting knowledge to be able to detect errors and protect yourself from fraud. The checks and balances in accounting work if you know what to look for. In an independent review I discovered the previous bookkeeper had stolen $60,000.
  2. Not reconciling everything including credit card and bank statements, even lines of credit. I saved a client over $1,000 dollars by uncovering that the bank had posted his payment on the incorrect date!
  3. Setting up the chart of accounts incorrectly. The problem is that you won’t realize the chart of accounts is set up incorrectly until it’s too late. This error impacts everything from reports to taxes.
  4. 75% of people who transfer information from the payroll company to their software program, are coding it incorrectly. Coding your payroll incorrectly affects your profit and loss statements, and impacts your estimated tax payment. This could result in a 10% penalty from the IRS.
  5. Sole Proprietors CODING their draws as an expense. Not only can this make your business look less profitable than it is. It can also impact your taxes.

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In Balance Services
E-mail: info@inbalanceservices.com
Phone: (503) 261-1355