From co mingled accounts to broken reconciliations, these seven bookkeeping mistakes quietly eat cash and blow up at tax time.
Bookkeeping isn't glamorous, but it's the single financial function that touches every other decision in a business. When it's clean, everything downstream, taxes, lending, forecasting, works. When it's broken, everything downstream costs more and takes longer.
The most common mistake we see is running personal and business through the same account. Every reconciliation becomes a forensic exercise, and every deduction becomes questionable.
The second most common: closing the books without reconciling. A balance sheet with un reconciled cash is not a balance sheet, it's a guess.