5 Bookkeeping Mistakes Small Business Owners in Northwest Arkansas Should Avoid This Tax Season
Running a small business in Northwest Arkansas—whether in Bentonville, Fayetteville, Rogers, or Springdale—means juggling a lot. As tax season approaches, the pressure to have clean, organized books increases. Unfortunately, many business owners wait too long or make common mistakes that cost them both time and money.
At DBR Bookkeeping, we work with service-based businesses across NWA to help them clean up their books, use QuickBooks Online effectively, and stop overpaying in taxes.
Here are the top five bookkeeping mistakes to avoid this tax season:
1. Not Tracking Every Expense
Every dollar matters—especially during tax time. Many small business owners forget to track mileage, software subscriptions, supplies, and minor purchases. Over time, these missed deductions add up.
👉 Use QuickBooks Online or another accounting tool to categorize expenses and link them directly to your bank or credit card. This helps maximize your deductions and gives you insight into where your money is going.
2. Delaying or Forgetting Invoicing
Cash flow issues often come from disorganized invoicing. If you’re not sending invoices promptly or tracking who’s paid, you could be missing out on thousands of dollars.
👉 Set up recurring invoices, payment reminders, and auto-tracking in QuickBooks to make sure you’re paid on time and your books stay current.
3. Mixing Personal and Business Finances
This is one of the most common and damaging mistakes we see—especially in newer businesses.
👉 Open a separate business checking account and stop using your personal credit card for business purchases. This simplifies your bookkeeping and protects you if you’re ever audited.
4. Ignoring Your Financial Reports
If you’re not reviewing your profit & loss or cash flow statements monthly, you’re flying blind. These reports help you identify trends, overspending, or underperforming services.
👉 Make it a habit to review your financials at least once a month—either on your own or with your bookkeeper.
5. Waiting Too Long to Hire a Bookkeeper
Doing it all yourself might save money upfront—but it could cost you more in missed deductions, tax errors, or stress later.
👉 Hiring a bookkeeping professional who understands QuickBooks Online and the challenges of small business ownership in NWA can give you peace of mind and help you grow with confidence.
Frequently Asked Questions (FAQ)
Q: How can I manage irregular income in my business?
A: Build a budget based on your average monthly income and set aside funds during high-revenue months.
Q: What if I lost a receipt?
A: Use your bank or credit card statement to support the expense, or reach out to the vendor for a duplicate.
Q: How often should I reconcile my accounts?
A: At minimum, once per month. This ensures your books match your bank activity.
Q: Can I use my personal account for business expenses?
A: Avoid it. Keeping finances separate ensures clearer reporting and better protection at tax time.
Ready to Stop Guessing and Start Doing Business Right?
📞 Book a free call with Dr. Bryan Raya, QuickBooks ProAdvisor, and get expert help to clean up your books and prepare for a stress-free tax season.
Let’s start Doing Business Right.
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