When it comes to starting a business, it’s all about the budget. Maintaining a healthy bottom line is key if you want your fledgling venture to take flight and grow.
Too often though, small businesses make a variety of financial mistakes that allow their hard-earned money to leak away. For example, 21 percent of small-business owners say they claim less than half of their business expenses, which means they are dramatically overpaying their taxes. A large reason for this is the tendency not to claim small figures, which is a mistake: Even $5 expense claims can add up, so get in the habit of saving your receipts.
To discover five other common money mistakes small businesses make (along with ways to fix them), check out the infographic below courtesy of Make It Cheaper, a company that helps businesses save money on energy bills and other services.
Theresa Todman, Managing Partner/CEO of B&M Financial Management Services, LLC . Theresa specializes in bookkeeping, accounting, QuickBooks solutions, small business tax issues and consulting.