Running a business in Park City? Don’t let your books become a liability.
Bookkeeping mistakes are more common than you think – especially for busy small business owners trying to do it all themselves. Whether you’re managing a med spa, real estate office, or a growing startup, the wrong moves can lead to tax trouble, missed deductions, and hours of stress.
Here are the top 5 mistakes we see – and how to stay on track.
1. Mixing Personal and Business Expenses
It seems harmless at first – a dinner here, a supply run there. But when personal and business expenses live on the same card, things get messy fast.
Why it matters:
- You lose track of tax-deductible business expenses
- It complicates bookkeeping and tax filing
- In an audit, it looks unprofessional
How to fix it: Open a dedicated business checking account and use a business credit card. Every expense should clearly belong to the business.
Need help separating and cleaning up your books? Schedule a free consultation.
2. Falling Behind on Bookkeeping Tasks
You’re busy – we get it. But ignoring your books for weeks (or months) turns a small task into a big headache.
The risk:
- Late or incorrect tax filings
- No real-time view of cash flow
- Surprise expenses and missed opportunities
How to fix it: Outsource your monthly bookkeeping. We handle it for many Park City businesses so they can stay focused without falling behind.
3. Not Using Proper Bookkeeping Software
Some business owners still track finances in Excel. Others sign up for QuickBooks but don’t set it up correctly. Both lead to errors.
Our tip: Use cloud-based accounting software that integrates with your business tools – and set it up right from the start.
We partner with Metra Technology to help our clients get secure, automated, and customized software setups that actually save time.
4. DIY Taxes Without Review
Filing your own taxes can save money upfront – until it doesn’t. Missing a form, misclassifying expenses, or ignoring new deductions could cost way more later.
Better move: Let your books be reviewed monthly and your taxes handled by a pro who knows your business inside out.
We offer full-service tax prep and filing for Utah businesses. Learn more about our tax services here.
5. Skipping Bank Reconciliation
Bank reconciliation sounds boring – and it is. But it’s one of the most important habits in bookkeeping.
Why it matters:
- It catches duplicate charges or errors
- Keeps your cash balance accurate
- Makes sure nothing goes missing
How to fix it: Reconcile every month or let your bookkeeper do it for you. We’ll make sure everything matches line by line.
Based in Park City? You Don’t Have to Do This Alone.
Solution Accountants works with small businesses across Utah to keep books clean, taxes accurate, and time freed up for what actually matters – running your business.
Schedule your free bookkeeping review here – and we’ll show you where to start.