As bookkeepers, we think this one is a huge mistake! According to the Small Business Administration, 28 percent of companies go bankrupt due to problems with the financial structure of the company. However, many of the problems could have been avoided by establishing good accounting practices.
The biggest practice that can save your business is to record everything. From a coffee bought during a business meeting to a record-breaking transaction, every expense counts. Besides recording everything, keeping records well organized will be vital to keeping your company financially healthy.
It is good practice to establish a serious bookkeeping and accounting system for your business. It will help your business become more financially secure, and allow you to continue running a thriving business.