08/12/2025
Here are 3 common bookkeeping mistakes that can cost you big:
1. Mixing personal and business expenses. Your business should have it's own designated bank account, credit card, etc.
2. Not tracking expenses or saving receipts. Whether you use accounting software or a spreadsheet, keep track of what you spent and why. And it's easy to save receipts digitally- scan or photograph them and put them all in a folder on your computer. If you ever need them, you know exactly where they are.
3. Skipping monthly banking reconciliations. Does the balance on your bank statement match your expenses? Reconciling is how you make sure you don't have costly mistakes in your record-keeping.
The fix? A consistent bookkeeping process (or a bookkeeper who's got your back!)