The biggest mistakes business owners make and how to avoid them
Meet April Miller. As the owner of a boutique bookkeeping company, she works with new businesses all the time. Find out what the biggest mistakes she regularly sees business owners make and learn how to avoid them.
April’s firm is Elite level in the QuickBooks ProAdvisor Program. April is also a preferred vendor of nationally renowned Profit Strategist, Jamie Trull and holds a B.S. in finance.
What is your number one tip to business owners?
To always keep business and personal funds separate. By avoiding the mishmash of commingling funds, you ensure that your business stays organized and financially sound. Depending on your entity type, there can also be legal and tax implications for commingling.
So, make sure you have a business checking account. If you use a credit card for business, it should be a dedicated business account.
What do you see as a major pain point for small business owners?
I think sometimes we try to be everything in our business. The CEO does not stand for “Chief Everything Officer”. This is something I struggle with.
For better time management it’s best to focus on your strengths and to outsource the rest . I once spent four hours looking up YouTube videos on how to fix my computer. This probably would have taken an expert 45 minutes. So it was not a good use of my time. In the end, I still had to call the expert.
“The CEO does not stand for ‘Chief Everything Officer’.”
What advice would you give new business owners on money management?
As a business owner, it’s easy to get caught up in the excitement of creating and launching your company. I think so many business owners put the numbers on the back burner. I do quite a bit of “rescue/clean up” which is generally catch-up bookkeeping for a year or more. It is impossible to make strategic business decisions and plans if you do not know your numbers. So, buckle up and get ready to put those calculators to work. Or outsource it!
What is your favorite part of being a small business owner?
I love what I do–I genuinely feel like I make a difference in the lives of other small business owners. Their numbers tell a story, I celebrate their wins with them. Work-life balance is also very important to me. Which again is why I am a big advocate of outsourcing. Not only does that allow me time to focus on what I am good at, but it also allows me to focus on those most important to me.
“Their numbers tell a story, I celebrate their wins with them.”
April Miller, Owner of Sand Dollar Bookkeeping.
*The purpose of this page is solely to provide information and should not be considered as financial advice
**Melio does not provide legal, tax or accounting advice; you should consult a professional advisor before making any financial decisions.
