Launching a business is exciting—but bookkeeping mistakes can derail growth. Use this guide to avoid the most frequent errors we see in new Tampa & Zephyrhills startups. Need hands-on help? Explore our Accounting & Bookkeeping Services.
1) Mixing Personal and Business Finances
Commingling makes taxes harder and pierces the corporate veil. Open dedicated accounts and cards. Get the right entity and structure with our Business Consulting.
2) Skipping Monthly Reconciliations
Unreconciled accounts hide errors and fraud. Reconcile bank and credit cards every month. If you’re behind, our Business Tax Preparation team can help clean up your books fast.
3) DIY Setup Without a Chart of Accounts Plan
Random categories = messy reports. Build a startup-friendly chart of accounts with classes/locations. We’ll tailor this via consulting.
4) No Receipt System
Paper piles vanish; audits don’t. Use mobile receipt capture and attach images to transactions. If the IRS asks, our IRS Representation Services have you covered.
5) Misclassifying Contractors vs. Employees
Misclassification brings penalties. Review worker status and set up compliant payroll through our Payroll support.
6) Missing Sales Tax Obligations
Nexus can trigger filings even for online startups. Track where you sell and file correctly with our Sales Tax Filing help.
7) Waiting Until Year-End to Close Books
Annual catch-up = expensive surprises. Close monthly and review P&L, Balance Sheet, and Cash Flow. For oversight, consider our Outsourced CFO & Controller Services.
8) Ignoring Cash Flow
Even profitable startups can face failure when they run out of cash, which is a critical issue for many growing businesses. It is essential to accurately forecast cash inflows and outflows while closely monitoring accounts receivable (A/R) and accounts payable (A/P) to maintain healthy cash flow. Our Bookkeeping Services can help by implementing comprehensive dashboards that provide real-time insights into your financial status, enabling you to make informed decisions and avoid cash shortages.
9) Not Tracking Founder Reimbursements & Loans
Untracked infusions and reimbursements distort equity and taxes. Record owner contributions/distributions properly; we’ll set this up during entity & systems consulting.
10) Filing Taxes Without Pro Review
Missed deductions and compliance risks are common. Get reviewed or prepared by our Tax Preparation team—Personal and Business.
Frequently Asked Questions (FAQs)
What bookkeeping software should a startup use?
QuickBooks Online is flexible and scalable. We can configure bank feeds, rules, and reporting as part of our Bookkeeping Services.
How do I know if I owe sales tax as a new startup?
Physical or economic nexus can create tax obligations that require careful and strategic management to avoid potential issues. Our experienced team will conduct a thorough and detailed assessment of your unique situation, identifying all relevant factors and requirements. We will then manage and complete all necessary filings efficiently and accurately through our comprehensive Sales Tax Filing support services. This approach ensures full compliance with tax regulations and provides you with peace of mind, allowing you to focus on growing your business without worry.
Can you help if I’m months behind on books?
Yes, we provide comprehensive cleanup and catch-up services designed to ensure that your financial records are not only accurate but also thoroughly up to date. After completing this initial cleanup, we offer detailed monthly close processes along with in-depth reviews to help maintain consistent and reliable financial management on an ongoing basis. You can start with a consultation that focuses specifically on Business Consulting, and then seamlessly transition into continuous, customized bookkeeping support that is carefully tailored to meet the unique needs of your business.
Need Startup-Savvy Bookkeeping?
Henriquez Accounting & Tax Services offers comprehensive support to business founders, including assistance with entity setup, monthly bookkeeping, payroll management, sales tax compliance, and professional tax preparation services. Our dedicated team ensures every financial detail is handled accurately and efficiently to help your business thrive. Schedule a Consultation today to discuss how we can tailor our services to meet your specific needs.
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