If you’re a small business owner that handles your own finances, you may have chosen QuickBooks to manage your accounting needs. The issue is, without proper training, you may face challenges when balancing the numbers because you’re making common mistakes. These mistakes can be avoided if you hire an outsourced CFO to handle your accounting and financial business in a professional and knowledgeable way. In this blog, CFO Strategic Partners will share with you 3 common QuickBooks mistakes that most small business owners make.
Mistake #1: Don’t JUST Use QuickBooks as a Bookkeeping Tool
QuickBooks should be used as a reporting, accounts payable and budget tracking tool, as well. There are several functions you can use on QuickBooks that will allow you to streamline all of your accounting needs.
Mistake #2: Don’t Let Your Records Fall Behind
Track your records and update it on a regular basis. At least, do it a few times a week to reduce moments of weakness of falling behind on it. This is an area that most business owners seem to not do and it cost money the further you keep dismissing it. Keeping your records up-to-date and current is one of the most important components of QuickBooks.
Mistake #3: Reconcile Your Accounts Monthly
On a monthly basis, reconcile your accounts. By doing it that way, your balance sheets won’t look messy. You need to keep track of your expenses just as well as your income to know how much you have each month. The goal is to have some money saved up by the end of the month in order to cover any emergencies later on in the near future.
If you don’t have time to manage your business AND the financial planning that goes along with it, contact CFO Strategic Partners to explore the option of hiring an outsourced CFO. Learn more by visiting our website or calling our office today at 407-426-8288.