Can you identify bookkeeping risks?

Common Small Business Bookkeeping Problems:

• Unsuccessfully applying for bank funding.
• Accounting reveals that you can't cover payroll. 
• Out of compliance with loan covenants. 
• A lack of clear, repeatable monthly closing processes.
• Monthly financial statements not completed timely. 
• Hearing excuses instead of getting deliverables.

Accountants, tax professionals, and audit firms, are example, all gather, process, and store sensitive client data. But they don’t just crunch numbers. They must also contend with individual and corporate clients who may be anxious or worried about tax liabilities, a myriad of federal and state regulations, increasingly dense and ever-changing tax codes, and immovable deadlines that can ratchet up the stress factor and make for very long workdays (and nights) at certain times of the year.

Common Accounting Mistakes That Put Small Businesses at Risk:

1. Trying to manage everything on your own
2. Going for the cheapest methods
3. Not knowing the difference between cash flow and profit
4. Mixing business with personal finances
5. Not using software or cloud technology
6. Not performing regular backups