15760 Ventura Blvd, Suite 610 Encino, CA 91436
15760 Ventura Blvd, Suite 610 Encino, CA 91436
Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Common Accounting Mistakes Small Businesses Make

Accounting is essential for any business, and even the smallest companies may may find themselves facing unexpectedly complicated money matters. A firm that offers help with small business accounting in Los Angeles is often a valuable tool to help new companies navigate their payroll, taxes, and other accounting issues. Outsourcing accounting to a third party is usually costs less in the long run than bringing on a designated accountant, especially when a company is still relatively small or in its earliest stages.

Furthermore, a firm for small business accounting in Los Angeles can help your business avoid some of these common accounting mistakes.

Misplacing Important Documents

Business expenses often involve a blitz of paperwork, and unless you have a great organizational system in place for keeping track of them all it is only a matter of time until something slips through the cracks. Make sure to keep track of all receipts and other paperwork for use at tax time or during an audit. Losing one can create trouble for you down the line.

Missing Out on Tax Deductibles

You may be able to complete your business taxes without the help of a professional, but chances are good you’ll end up paying more that you would if you got an accountant to prepare them. A professional accountant will make sure that you claim all the deductibles for which you are eligible, and that all your expenses get written off. Though it may cost a little more up front, a professional accountant will likely save you money in the long run.

Losing Track of Customer Accounts

It’s a good idea to update customer accounts as soon as you receive a payment on them. Don’t allow the paperwork to accumulate before you update, or there’s a good chance you’ll end up annoying a customer with a past due notice on an account that should be current.

With the help of a firm that provides small business accounting in Los Angeles, you can avoid these mistakes.