article thumbnail

What Are the Differences Between In-House Audits and External Audits?

Remote Quality Bookkeeping

The word audit can be enough to elicit worry and consternation from business owners and employees alike. Of course, the purpose of an audit is not to poke and prod at one individual’s work. Of course, the purpose of an audit is not to poke and prod at one individual’s work. What Is an In-House Audit?

article thumbnail

5 Common Bookkeeping Mistakes You Must Avoid

Stephanie Peterson

Not only does it make it difficult to track business transactions and make cash flow management difficult, but it takes away a business's credibility. Creating a separate bank account for your business will make it easier to identify the difference between personal and business expenses and help your case if the IRS ever audits your business.

article thumbnail

5 Bookkeeping Errors that are Costing Your Business

Stephanie Peterson

Failing To Save And Record Receipts For Minor Purchases Misplacing or forgetting to record and save receipts paid with personal or petty cash for business-related purchases can add up to a loss of a significant amount of money, even to the most cautious business owners.