Common Problems In Accounting And How To Solve Them

Author: Genesis Bookkeeping Ltd. | | Categories: Bill Payments , Bookkeeper , Bookkeeping Services , Financial Statements , Tax Filing , Tax Preparation

Blog by Genesis Bookkeeping Ltd.

While modern technology and accounting software have made some aspects of accounting management easier for small businesses, many small businesses are still prone to major and minor accounting mistakes. When these accounting issues occur, they can spell big trouble for businesses of any size. It’s best to be aware of the most common business accounting problems so you know what not to do and how to bounce back from these issues if your business runs into trouble. As an expert in the field, Genesis Bookkeeping Ltd has written down common problems in accounting and how to solve them. 

1. Not having the time to do everything in a business
An average small business owner starts his workday at seven am and is busy working in the business helping clients, finishing projects, etc. So by nine pm, they still need to enter the invoices and receipts from the day. With all of this responsibility, where does one find the time to spend with family or do things one really want to do? I would suggest hiring a bookkeeper to keep things up to date so the business owner can do things they enjoy doing. 

2. Not knowing how to enter a lot of invoices from a big supplier 
Many small businesses face the issue of entering a lot of invoices from a big supplier. It takes so much time and effort out of your day that you barely have enough time to do anything else. Hiring the services of a professional bookkeeper to do your invoice entry helps save you time and money. A bookkeeper has automated systems in place to do the same job less time-consuming. 

3. Not keeping track of your money
If you don’t understand your numbers, you won’t be able to make smart decisions for your business. You should always be aware of where your cash, assets and liabilities stand. A big mistake many business owners make is assuming that they’re doing well just because they have money in the bank. However, if you don’t compare the money in your accounts to your liabilities, you may think your business is healthy financially when it’s actually not. A professional bookkeeper will find where all your money goes and help find a solution that will help you be more efficient and effective in understanding where your money goes. 

If you are looking for a bookkeeper in Steinbach, Manitoba, then reach out to me at Genesis Bookkeeping Ltd. I have been doing bookkeeping for over twenty years. As your bookkeeper, I will be with you all the way! I believe in your business and the difference we can make together! I offer bookkeeping packages like the bronze package, silver package, and gold package to clients across Steinbach, Winnipeg, La Broquerie, Grunthal, Ste. Anne, Blumenort, and the surrounding areas. To learn more about the services I offer, please click here. To get in touch with me, please click here