Running a small business isn’t easy. For many owners, you’re the chief, cook, and bottle washer – not to mention the bookkeeper, HR director, salesperson, and much more. We understand, it’s tough. However, there are many common mistakes that business owners make all the time that, if they can be avoided, can save lots of headaches and financial problems down the road. Let’s look at a few of the most common:

1. POOR RECORD KEEPING: Poor receipt and record keeping is common for many small businesses. It is easy to lose receipts or forget about those small expenses that seem insignificant but actually are valuable write-offs. Maintaining accurate records on a monthly basis and having a proper filing system can save you time as well as money when you file your taxes. Plus, having good records is necessary should you ever get audited by the IRS.

2. NOT RECONCILING BANK ACCOUNTS: You should be reconciling your bank accounts monthly. This helps ensure that there are no mistakes or fraudulent activities within your bank accounts. If there are mistakes, it’s easier to get them corrected at the time it happens than months later. This also applies to credit card accounts.

3. NOT HAVING A BACK UP: It is so important for every business to back up their data and avoid potential losses. We are heavily dependent on technology but issues can suddenly arise and information can be lost instantly. Having adequate backup can save you a lot of money and time should this happen.

4. WASTING TOO MUCH TIME: Time is money and as business owners, you need to put enough value on your time. If you are struggling trying to deal with the day to day operations of your business while trying to maintain your books, it may be a good idea to hire a bookkeeper. A bookkeeper knows exactly how to record transactions and deal with various bookkeeping tasks and more than likely, do it much more efficiently than you can. While this may not apply to everyone, for many it’s something to consider.

5. POOR OR LACK OF COMMUNICATION: It is important to have strong communication skills with your accountant. It’s amazing how much information (that can potentially save you money and tax dollars) can come up during a quick conversation. Don’t limit your interaction with your accountant to just tax time. They can give you advice and recommendations throughout the year that can help you become more successful and help you avoid making mistakes relating to your business.

Granite Online is a powerful web-based payroll solution designed to streamline payroll operations while enhancing flexibility, security, and control. This dynamic product enables you to maintain control of your payroll data while utilizing our payroll expertise. With 24/7 convenience, Granite Online allows instantaneous e-transfers, printing of live checks and payroll reports, and tracking of human resource data. This easy-to-use payroll product lets you know what’s happening in real-time, so you can minimize costly productivity issues. Whether your company is large or small, local or nationwide, our payroll specialists are at your service.