Running a small business means wearing many hats, but bookkeeping is one area where mistakes can quietly cost you time, money, and peace of mind. At Bluestone Bookkeeping & Consulting, we’ve seen firsthand how even the most organized business owners can run into trouble when trying to manage their books alone. Here are five of the most common mistakes we see—and what you can do to avoid them.
1. Mixing Business and Personal Expenses
It’s tempting to swipe the same card for everything, especially when you're on the go. But combining personal and business expenses muddies the financial waters and makes it harder to claim deductions or track profitability. Solution: Open a separate business account and credit card.
2. Falling Behind on Recording Transactions
Waiting until the end of the month—or worse, tax season—to log income and expenses is a recipe for errors. Stay on top of your books weekly to avoid missed deductions or inaccurate reporting.
3. Misclassifying Expenses
Mislabeling transactions can throw off your reports and create confusion at tax time. A bookkeeper can help you set up a consistent chart of accounts that reflects your specific business operations.
4. Not Reconciling Bank Accounts
Reconciling ensures your books match your actual bank and credit card statements. It’s essential for catching duplicate charges, missed payments, or fraud.
5. Doing It All Yourself
We get it—outsourcing feels like a big step. But letting a professional handle your books doesn’t just save time; it also gives you reliable data to make better business decisions.
Bottom Line:
Mistakes happen, but they don’t have to be part of your monthly routine. Partnering with Bluestone Bookkeeping & Consulting means your finances are clear, clean, and under control.
Need help cleaning up your books? Let’s talk about how we can simplify your finances so you can get back to doing what you love.