3 Bookkeeping Mistakes That are Costing You Money
Bookkeeping isn’t just about staying organized—it’s about protecting your profits. If your books aren’t accurate, complete, or timely, you could be losing more money than you realize.
Here are three common mistakes that might be costing you:
1. Mixing Personal and Business Expenses
This one’s huge—and super common. If you're swiping the same card for groceries and software subscriptions, your books are already in trouble.
Why it matters:
You’ll lose tax deductions
It complicates reporting and audits
It clouds your view of actual business performance
Smart fix: Open a dedicated business bank account and keep all income and expenses separate. (Pro tip: SMP clients receive guidance on how to set this up.)
2. Falling Behind on Reconciliation
Bank and credit card reconciliations aren’t optional. Skipping them can cause misstatements, missed transactions, or duplicate entries.
Why it matters:
Your financial reports will be inaccurate
You might miss fraudulent charges or errors
You could make decisions based on the wrong numbers
Smart fix: Reconcile monthly—without fail. We do this for all SMP clients and flag anything suspicious right away.
3. Misclassifying Transactions
Putting expenses in the wrong category? It happens all the time—and it can wreck your reporting.
Why it matters:
Misleads your financial reports
Throws off budgeting and forecasting
Creates red flags for your CPA or IRS
Smart fix: Use a clean, customized chart of accounts—and let a pro handle your categorization so you’re audit- and strategy-ready.
Don’t Let Your Books Drain Your Bank Account
At SMP Financial Services, we clean up, catch up, and keep you in control. Whether you’re behind or just want a better system, we’re here to help you make smart money moves.
👉 Book a Clarity Check-In — a 1:1 session to get insight, direction, and support with your current financial systems.
📅 Book at www.smpfinance.com 📧 Or email info@smpfinance.com
From Numbers to Know-How—We’ve Got You.
