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
Profitable startups still fail when cash runs out. Forecast inflows/outflows and monitor A/R, A/P. We can implement dashboards through our Bookkeeping Services.
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 obligations. We’ll assess and file via our Sales Tax Filing support.
Can you help if I’m months behind on books?
Yes. We offer cleanup/catch-up, then monthly close and reviews. Start with a consult for Business Consulting and move into ongoing bookkeeping.
Need Startup-Savvy Bookkeeping?
Henriquez Accounting & Tax Services supports founders with entity setup, monthly bookkeeping, payroll, sales tax, and pro tax prep. Schedule Consultation
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