3 Common mistakes when keeping the numbers of your business

Your company's accounting can be a headache if you don't have a professional with experience in the area, a system to organize the information and most importantly time to keep it up to date.

In this opportunity we will tell you about the most common mistakes when keeping the accounting of a company:

  1. "The business is too small to have an accountant": A very common practice for new or growing companies is to think that the numbers are too simple or small and do not require an accountant. However, it has been shown that investing in the advice of an expert allows companies to take advantage of deductions and benefits to save taxes as well as avoid fines, which in most cases are higher than the cost of the accounting service.
  2. "This doesn't take up much of my time. If you are not an expert accountant, you will probably spend a significant amount of time documenting the legal and tax obligations that your company must comply with, in addition to the time recording all the activities in your accounting books. So you will be taking productive time away from your company, which you could optimize by hiring an accounting consultant.
  3. "Anyone can keep the books of a business": Underestimating the importance of the company's numbers is a mistake that will cost you time and money. Keeping the numbers is not just about recording the company's cash inflows and outflows. It is also about knowing the basic indicators such as production, measuring expenses and organizing each of the movements in the correct items. Having an ally with experience in business administration and accounting, as well as a software that allows you to know the information first hand, more than an expense is an investment that will have great returns in the short and long term.

If you are interested in learning more about the benefits of having an experienced partner to help you manage your company's numbers, at Smarkeep we offer services that fit the needs of your business, write to us and we will gladly assist you.

Source: https://keenansaccounting.ca/b/top-5-reasons-why-you-should-not-do-your-own-bookkeeping/

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