Continuing on with the top ten mistakes made by small business owners

Forgetting to track reimbursements

Often owners will tell their employees to pick up items they need and then reimburse the  employees once they see them. These reimbursements are often paid with their personal funds, either cash from their pockets or their personal credit card. With this being the case, many owners normally forget to write it down or forget to mention it to the bookkeeper, so it goes undocumented, causing the owner to lose money in the end.

Not properly classifying employees.

Every company has different employees that have to be classified differently due to how they are paid and taxed. There are contractors, subcontractors, commission based, on-staff employee, ect. Certain forms must be filled out for each different type. If the wrong classification is done, it can cause headache and can be costly due to fines.

Dashboard Accounting is available and offers bookkeeping help to small and middle sized businesses. Contact Dashboard Accounting with any questions you have. Dashboard Accounting offers their book keeping service to the northeast Ohio, including Akron and Cleveland.