Have you just started with QuickBooks and you just have a small or moderate business? Ever thought of QuickBooks Payroll and Bookkeeping mistakes? Don’t worry let’s get these mistakes to go away with our blog and find what are you doing and what you need to avoid. QuickBooks is a great tool for bookkeeping and certain mistakes can lead to collapse business information and files so we have got you covered here.
In this write-up we are discussing about few common payroll and bookkeeping mistakes. To avoid such blunders and chances of any business risk go through this blog and we suggest you to have an expert to guide you. You can connect to our expert customer support team at +1-844-405-0907.
Read Also: How to fix QuickBooks Error 15106
Here are Few Common Payroll and Bookkeeping Mistakes:
- Incorrect Tax Withholdings.
Incorrectly calculating and withholdings of federal, state and local taxes can lead to compliance issues and tax penalties.
- Failing to Update Payroll Tax Rates.
Not updating the new payroll tax rates for the new tax year can cause inaccuracies in tax calculations.
- Overlooking Overtime Calculations.
Not properly calculation overtime payroll for eligible employees can lead to underpayment issues.
- Not reconciling Payroll.
Failing to reconcile payroll transaction can lead to discrepancies and incorrect financial reports.
- Neglecting to Record Transactions.
Failing to record all the business transactions can result in incomplete financial records that further leads to inaccurate financial reports.
- Not Using Account Categories Correctly.
Misusing the account categories can mess up all financial reports and can result in many errors that are very hard to sort.
- Duplicate Transaction Entries.
Entering same transaction more than once can throw off the whole account balance and make the reconciliation task difficult.
- Ignoring Bank Reconciliation.
Neglecting to reconcile Bank Accounts on regular basis can create discrepancies and it also make it harder t find any errors.
- Not making Backup of Data.
If you do not backup your data on regular basis it can result in permanently loss all data in case of QuickBooks software crashed or system failure.
