Running a business is no easy task. It requires close attention to detail for everything to come out right. A bookkeeping mistake can happen when that attention isn’t present. Too many mistakes can undermine a company’s financial health to the point of failure.
There are two types of mistakes business owners need to concern themselves with. Both are avoidable, but addressing the bigger ones makes it easier to avoid the smaller ones, too.
Those obvious but smaller mistakes are the simple errors in data entry. These can have severe consequences if you leave them without correction. They tend to compound over time. They are easier to find and fix, though, when you know what to look for.
The less obvious sort of bookkeeping mistake has more to do with the structure of a company. Who, in fact, is doing the bookkeeping, and when? These errors can be catastrophic. Not only do they make it easier for those clerical errors to appear, but they also make it easier for them to go uncorrected.
Dealing with these mistakes is essential for a company to be able to continue growing and succeeding.
The Worst Bookkeeping Mistake: No Professional Bookkeeping
Business owners have to wear many hats by necessity. Especially when you’re first starting up a new company, it’s not practical to start loading up on specialist hires right away.
That’s why the vast majority of small companies in the United States don’t hire a bookkeeper or an accountant. Often, their owners may feel that it would be doubly unnecessary to do so. Not only does every new hire come with a cost, but the dollar amounts aren’t so intimidating.
But what of the cost of not hiring someone?
Again, running a business requires wearing many hats. There’s a lot of stress and pressure, and no end to the number of tasks that need doing. You have to manage payroll, tax withholding and payments, vendor payments, invoice entry, loan interest. And that’s only the financial side. There’s also marketing, and operations, and sales, and merchandising, and much, much more.
Errors will happen.
And who’s going to catch them?
The person who made a mistake is not always the person who will be able to find it, let alone correct it.
Getting Professional Help Without Professional Pain
Consider hiring a professional bookkeeper to watch over your company’s accounts from day to day, and month to month. It’s one of the most effective ways to keep the whole enterprise on the right track.
Getting in-house help, though, is not cheap.
That, of course, is why you’re going to love SyncLedgers.
We make it easy to avoid the worst kind of bookkeeping mistake and all the little ones that follow from it. We do that by providing a more affordable sort of bookkeeping.
You still get all the benefits of dedicated professional help, without any of the worries of the human resources process. We bring in the best bookkeepers and match you with the ones who are best for your business. There’s no delay and no bureaucracy.
Contact us today to get professional bookkeeping help on your side!