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Welcome to the Braxton Financial Services blog, your go-to resource for expert insights on accounting, tailored for small business owners in San Diego, CA. We're committed to providing informative and friendly advice every week to help you thrive.
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Accounting Insights for Growth
From avoiding common bookkeeping mistakes to mastering financial planning, our blog provides the knowledge and confidence you need to manage your business finances effectively. Join us every week for new, actionable advice.
Top 5 Bookkeeping Mistakes
Published by BraxFin | Your trusted partner in financial clarity
Bookkeeping is the backbone of any successful business. Yet, many small business owners unknowingly make mistakes that can cost them time, money, and peace of mind. At BraxFin, we’ve seen it all—and we’re here to help you avoid the most common pitfalls.
1. Mixing Personal and Business Finances
Combining personal and business expenses in the same account can lead to confusion and inaccurate records. Always maintain separate bank accounts and credit cards for your business.
2. Not Keeping Receipts or Documentation
Receipts are essential for verifying expenses and preparing for audits. Use digital tools to scan and store receipts so you’re always organized and compliant.
3. Falling Behind on Bookkeeping Tasks
Waiting until tax season to update your books can lead to errors and missed deductions. Set a regular schedule—weekly or monthly—to keep your records up to date.
4. Misclassifying Expenses
Incorrectly categorizing expenses can distort your financial reports and affect tax filings. Use a consistent chart of accounts and consult a professional when in doubt.
5. Not Backing Up Financial Data
Data loss can be devastating. Use cloud-based accounting software or regularly back up your files to ensure your financial data is safe and accessible.
Need Help with Your Books?
BraxFin offers expert bookkeeping services tailored to your business needs. Contact us today to schedule a free consultation.
