Quick Tip

There are proper and improper ways to account for liabilities in your books. Inexperienced people often code liability payments as expenses. Remember: if the balance sheet isn't right, nothing is right.

One of the most common mistakes we see in small businesses is how people are accounting for insurance. We consistently see companies fail to accurately capture the real cost of the policy month to month.

Inaccurate registers are an extremely common problem for businesses - whether they know it or not. We highly recommend reconciling cash daily or weekly to keep a good, consistent eye on it.

It may sound obvious, but to actually understand and manage your accounts receivable is a massive step for plenty of small businesses. You could be leaving money on the table every month without knowing it. Stay updated, stay accurate and stay consistent.