5 Bookkeeping Mistakes to Avoid This Tax Season
For small business owners, tax season can feel like a ticking time bomb. The pressure to get everything right often leads to rushed decisions, missed details, and ultimately—costly mistakes.
Whether you’re running a service-based business in Northwest Arkansas or managing your books through QuickBooks Online, avoiding these common errors can save you serious money and stress.
1. Disorganized or Missing Receipts
Let’s be honest—receipts can be a pain. But not organizing receipts is one of the most common bookkeeping mistakes we see.
Lost receipts = lost deductions.
Use tools like QuickBooks Online’s receipt capture or apps like Dext or Hubdoc. Snap, sort, and store. Keep them categorized by expense type or month, and your future self (and CPA) will thank you.
2. Not Reconciling Accounts
Skipping account reconciliation is like ignoring your car’s check engine light.
If your bank accounts don’t match your books, your financial reports—and tax returns—are built on bad data. Take 30 minutes a month to reconcile your accounts. Or better yet—work with a bookkeeper who does this monthly.
3. Mixing Personal & Business Finances
Still using your personal debit card for business lunches?
Combining business and personal transactions is a recipe for confusion and audit risk. Open a dedicated business bank account and keep it separate. It simplifies bookkeeping and protects your liability.
4. Ignoring Financial Reports
Your profit & loss report isn’t just a formality. It’s your business's heartbeat.
Review it monthly to catch rising expenses, revenue trends, and cash flow red flags. QuickBooks Online makes it easy to run these reports—no spreadsheets required.
5. Trying to DIY Everything
Doing your own books might save money today—but it often costs thousands later.
If your CPA has ever told you your books are a mess, it’s time to call in help. A professional bookkeeper can clean things up, prevent overpaying taxes, and help you focus on growing—not stressing.
Frequently Asked Questions (FAQ)
Q: What should I do if I lost a receipt?
A: Use your bank or credit card statement as proof, or request a duplicate receipt from the vendor.
Q: How often should I reconcile my accounts?
A: Monthly is ideal. This helps catch mistakes early and keeps your books tax-ready.
Q: Can I use personal accounts for business?
A: Avoid it. Use a separate account to simplify your finances and protect your business legally.
Q: How do I find a reliable bookkeeper?
A: Look for someone familiar with your industry and QuickBooks Online. Referrals and reviews help too.
Stop Stressing. Start Doing Business Right.
📅 Book a free call with Dr. Bryan Raya, QuickBooks ProAdvisor
We’ll help you fix the mistakes and build a system that supports real growth—without the guesswork.
Let’s start Doing Business Right.
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