Common Bookkeeping Mistakes

Author: Genesis Bookkeeping Ltd. | | Categories: Bookkeeping Services , Financial Statements , Tax Preparation

Blog by Genesis Bookkeeping Ltd.

Bookkeepers can allow you to make strategically informed decisions regarding taxations, loans, and financial statements, apart from helping you keep track of expenses and savings. Their expertise lies in identifying opportunities for cost savings and preventing potential frauds. As an expert bookkeeper at Genesis Bookkeeping Ltd., I am confident about the services we provide and will not shy away from giving you references. To help you avoid some basic errors that could prove to be costly, I have put together a list of the most common mistakes people make when doing their bookkeeping. 

Unnecessarily complicating the matters
It would help if you always kept things as simple as possible to focus on your work and not get bogged down in details. I often advise my clients not to overcomplicate things. Consider how difficult it could get for a bookkeeper to handle if they had trouble understanding the details in the first place.

Underestimating the importance of receipts and paperwork
An expense report will not be considered complete without a receipt. It not only serves as a record of the transaction but also contains important details such as the date, time, place, and cost of the goods. A customer may not be able to claim a deduction for a cost if they do not have a receipt. It’s equally critical to stay on top of your paperwork if you want to know how your business is doing and what you need to do to keep it running smoothly.

Failing to pay bills on time
Interest charges may be imposed if bills are not paid on time, so it is recommended to pay at least a small portion of your bills instead of not paying the bills at all. There are multiple ways a bookkeeper can assist you financially and help you save time and energy.

As a leading bookkeeper in Steinbach, Manitoba, I ensure that we exceed expectations and always put you first.

I have been serving clients with payroll, financial statements, and bookkeeping, basically, everything that makes them money! These clients are spread across Steinach, Winnipeg, La Broquerie, Grunthal, Ste. Anne, Blumenort, and the surrounding areas. 

To learn more about the services we offer at Genesis Bookkeeping Ltd,

please click here. If you have any questions about how I can help you, get in touch with me by clicking here.