DIY Bookkeeping vs. Hiring a Professional: What’s Right for You?
Did you know that 82% of small businesses fail due to financial mismanagement? The worst part? Many of these failures begin with small bookkeeping mistakes—misclassified expenses, forgotten tax deductions, or cash flow miscalculations that spiral out of control. As a CPA, I’ve worked with countless business owners who started with DIY bookkeeping, thinking they were…
7 Bookkeeping Red Flags That Could Trigger an Audit (And How to Avoid Them!)
Think a tax audit won’t happen to you? Think again. Every year, small businesses unknowingly make critical bookkeeping mistakes that put them on the tax authorities radar. Even an innocent expense deduction or a payroll error could trigger an audit. The worst part? If your records aren’t in order, you could face penalties, back taxes,…
Mixing Personal and Business Finances? Say Goodbye to Your Money!
Did you know that mixing personal and business finances could trigger a tax audit, put your personal assets at risk, and make tax season a nightmare? If you’re still using the same bank account for both business and personal expenses, you might be making a costly mistake. While it may seem convenient at first, failing…
