At Bullock & Leslie Tax & Accounting, we’re interested in protecting your small business’s assets and helping you plan for your future. Today we begin a series on common accounting mistakes made by small business owners. But don’t worry–we’ve got solutions to help you avoid these pitfalls!

The first mistake that can derail a small business is failing to stay on top of accounts receivable. Keeping track of money owed to your business isn’t as exciting as making a sale or wowing a customer. The process should consist of issuing invoices, keeping detailed customer accounts, and tracking payments made against accounts receivable as the funds come in. Oftentimes, these accounts are left unreconciled because business owners simply don’t have the time to keep good records.

When it’s time to file taxes, this could mean unexplained deposits, A/R lists that don’t align, and wasted time. The result could be overpaying on your taxes and high bad debts. At your Melbourne CPA firm, we can help balance the books for you so that it’s smooth sailing at tax time. Call us today to get started!