Saturday September 21, 2013
Starting your own business is a great way to manage your career. You will be able to choose your own path, plan your own business directions, come up with various marketing strategies and ways to advertise your business, and create a more definite picture of your future goals.
However, every successful business may experience mistakes or bigger failures. Fortunately, most often than not, failures and various business mistakes can be prevented from happening. One best way to prevent such is by means of knowing and learning more about the common mistakes that businesses of various industries experience.
In the field of bookkeeping, there are the ten common start-up bookkeeping mistakes that should be prevented. We have gathered the information below:
WRONG SALES INVOICES / NON-SEQUENTIAL NUMBERING OF INVOICES
To number your sales invoices on a sequential manner is to simply organize those. More so, if your sales invoices are numbered accordingly, you can easily track each, as well as the dates. Hence, a more efficient system you will have.
NOT BEING ORGANIZED AND UP TO DATE
Failure in maintaining your books on a timely and accurate manner can lead to disaster. There will be a point in time that you will begin to lose control of your business thus, this could have an impact on your cash flow.
As much as possible, maintain your books accordingly and update it more frequently. Doing so will lessen mistakes thus, it will lead to a more successful business approach.
NOT RETAINING PURCHASE RECEIPTS
Lessen your expenses and payment taxes by retaining purchase receipts. Not only that it will lessen the time consumed working out on your business costs, ensuring this step will also lead you to paying only the taxes that you really have to. For sure, you will track your expenses more effectively and accurately.
Last but not the least is to HAVE A SEPARATE OFFICE SPACE.
Some bookkeeping offices are sharing spaces with others just so to lessen the expenses on rentals. Others opt to stay at home and have their homes work just like a home-office space.
Before thinking about moving in or transferring together with your colleagues or business associates, come to think about the advantages of having your own space first.
- You will be able to arrange everything according to what you really want
- You will achieve a more quiet space and less of the distractions
- You keep your private lives and personal matters away from the business aspect
- You will be able to accept more visitors and clients
- You probably will not need to rent a conference or meeting room