SlideShare a Scribd company logo
most common accounting
mistakes by
1
2
3
4
5
Hiring an experienced finance
professional can help you avoid
these errors and ensure that your
financial records are accurate and
up-to-date.
Diligently track all business
expenses, including
depreciation and
amortization, to gain insights
into profitability and make
informed decisions.
5 SMALL BUSINESSES
centelli.com
Not hiring an experienced
finance professional
Not tracking business costs
accurately
Maintain separate personal
and business accounts to
simplify expense tracking,
safeguard personal assets, and
ensure clear financial records.
Mixing personal finances with
business accounts
Streamline your billing
process to optimize cash flow
by promptly invoicing
customers and considering
outsourcing billing tasks for
efficiency.
Inefficiently managing billing
Plan for tax season early in
the year, gather necessary
documentation, and consider
seeking professional tax
assistance to avoid penalties
and ensure compliance.
Not properly planning for tax season

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Most common accounting mistakes by Small Businesses.pdf

  • 1. most common accounting mistakes by 1 2 3 4 5 Hiring an experienced finance professional can help you avoid these errors and ensure that your financial records are accurate and up-to-date. Diligently track all business expenses, including depreciation and amortization, to gain insights into profitability and make informed decisions. 5 SMALL BUSINESSES centelli.com Not hiring an experienced finance professional Not tracking business costs accurately Maintain separate personal and business accounts to simplify expense tracking, safeguard personal assets, and ensure clear financial records. Mixing personal finances with business accounts Streamline your billing process to optimize cash flow by promptly invoicing customers and considering outsourcing billing tasks for efficiency. Inefficiently managing billing Plan for tax season early in the year, gather necessary documentation, and consider seeking professional tax assistance to avoid penalties and ensure compliance. Not properly planning for tax season