5 common errors to avoid :

1. Not saving receipts for small expenses. Such receipts provide backup documentation for the many deductions you may claim and can prove valuable at tax time.
2. Forgetting to track reimbursable expenses. Small business owners often pay for expenses out of pocket or with their own personal credit card then fail to submit the expenses to the company for reimbursement.
3.  Not properly classifying employees. This results in misfiling when it comes to filing payroll tax returns since there are different rules and regulations for employees and non-employees.
4. Lack of communication. A frequent mistake is making a payment and not reporting it or providing the bookkeeper with the information or receipts.
5. Not reconciling the books with the bank statement each month. One of the fundamental aspects of bookkeeping is reconciling the books and bank statements every month. Nonetheless, there are businesses that do not do this and others where errors are made by not doing it properly. Again, this is a good reason for hiring an experienced bookkeeper.