With rising costs and changing market dynamics in 2025, every dollar you spend tells a story about your business.From office supplies to marketing campaigns, tracking common small business expenses might feel like busywork, but it can actually help your business grow.

Small business expense categories

When you categorize your expenses properly, you get an understanding of your cash flow and spending patterns. This will help you make better budgeting decisions and can highlight areas where you might be overspending. Plus, come tax time, having well-organized expense records makes filing smoother and helps ensure you don’t miss out on valuable deductions.

Clear expense categorization helps you spot trends quickly. You might notice that your software costs have crept up over the past year, or your office supply spending spikes every September. These insights help you budget better, forecast expenses, and make strategic decisions about where to cut back or invest more.

The IRS also expects you to categorize expenses appropriately. Lumping everything into a single “miscellaneous” category is a red flag that could trigger unwanted attention. Instead, we recommend organizing your expenses into clear, specific categories like the ones we’ve outlined below.

16 common small business expenses you should be tracking in 2025:

1. Workspace and utilities. Whether you’re renting a storefront or working from home, your workspace costs are likely one of your largest expenses. This includes rent or mortgage payments, electric, gas, water, and maintenance costs. If you’re operating from home, you may be eligible for the home office deduction

2. Payroll and benefits. This encompasses wages, salaries, contractor payments, health insurance, retirement contributions, and payroll taxes. Remember that different types of compensation have different tax implications for both you and your employees.

3. Professional services. Many small businesses need accountants, lawyers, consultants, or other professionals to operate effectively. These fees are generally tax-deductible and essential for maintaining compliance and making informed business decisions.

4. Equipment and supplies. From computers and machinery to paper clips and printer ink, these day-to-day items keep your business running. Track everything — small purchases add up and they might be deductible.

5. Software subscriptions. Modern businesses rely heavily on software for accounting, project management, customer relationship management, and other essential functions. These recurring expenses should be carefully monitored and regularly reviewed for necessity.

6. Marketing and advertising. This category includes website costs, social media advertising, print materials, and any other promotional expenses. Tracking these costs helps you evaluate your marketing ROI and adjust spend as needed.

7. Travel and transportation. Business trips, client meetings, and even local mileage add up. Keep detailed records of travel dates, purposes, and costs for potential tax deductions.

8. Insurance. Various types of business insurance — liability, property, workers’ compensation, and professional liability — protect your business from potential risks. These premiums are typically tax-deductible.

9. Training and education. Investing in yourself and your employees through workshops, conferences, or online courses is often tax-deductible and can pay dividends in improved productivity and capabilities.

10. Inventory. If you sell products, tracking inventory costs is crucial for understanding your profit margins and managing cash flow effectively. This includes not just the products themselves but also shipping and storage costs.

11. Banking and transaction fees. Credit card processing fees, bank account maintenance fees, and loan interest can add up quickly. Understanding these costs helps you make informed decisions about payment methods and financing.

12. Communication infrastructure keeps your business connected. This includes business phone lines, mobile phone plans, VoIP services, video conferencing subscriptions, and other communication tools. These should be tracked separately from personal use.

13. Research and development. If you’re creating new products or improving existing ones, these costs might be eligible for special tax treatment through the R&D tax credit. Keep detailed records of all development-related expenses.

14. Professional memberships and licenses. Industry association dues, professional certifications, and business licenses are often overlooked expenses that can be tax-deductible.

15. Depreciation and amortization. When you purchase major assets like vehicles, equipment, or buildings, you typically can’t deduct the full cost in the year you buy them. Instead, you deduct a portion of the cost each year through depreciation. Similarly, amortization lets you deduct portions of intangible assets like patents and copyrights over time. Though you won’t see these as monthly bills to pay, they’re real expenses that reduce your taxable income and help you understand the true cost of running your business.

16. Maintenance and repairs. Regular upkeep of your business equipment, vehicles, or facilities is necessary to keep operations running smoothly. These costs can often be deducted in the year they’re incurred, rather than capitalized over time.

The impact on your bottom line

Tracking these common expenses diligently does more than just help with taxes — it gives you a clear picture of your business’s financial health. By monitoring these costs closely, you can:

• Identify seasonal patterns in your spending.

• Make more accurate cash flow projections.

• Spot opportunities for cost reduction.

• Plan for major expenses and investments.

• Make data-driven decisions about pricing and profitability.

Remember, proper expense tracking isn’t just about tax compliance — it’s about building a stronger, more profitable business that can thrive as we navigate the economic landscape of 2025 and beyond.

Understanding and managing your expenses is crucial for your business’s financial health — but you don’t have to figure it all out alone. Learn how we can help your small business with bookkeeping.

The process of balance sheet reconciliation often reveals whether your books truly reflect what’s happening with your money. That’s where closing your books comes in — it’s like taking a financial snapshot to make sure everything lines up. One of the most important parts of this process is balance sheet reconciliation. We get that the term”balance sheet reconciliation” might make your eyes glaze over, so we’re here to help you understand why it matters and how to do it.

What is balance sheet reconciliation and why is it important

Reconciliation just means fact-checking your financial statements against reality. When we reconcile a balance sheet, we’re comparing what your books say you have — like cash, inventory, and equipment — with what you actually have, based on bank statements, physical counts, and other documentation.

We recommend reconciling your balance sheet accounts monthly. This helps catch discrepancies early and keeps small issues from becoming big problems. Some accounts, like your bank accounts, should be reconciled even more frequently — we suggest weekly or bi-weekly for those.

How to reconcile your balance sheet

The basic process of reconciliation follows a straightforward pattern.

1. Start by gathering all your documentation — bank statements, credit card statements, loan statements, and any other relevant records. You’ll need these to verify your account balances.

2. Next, compare the ending balance in your books with the balance shown on your documentation. They should match, but they often don’t at first glance. That’s normal because of timing differences and items you might have missed recording.

3. When you find differences, create a reconciliation worksheet. List all the items that appear in one place but not the other. This helps track down what’s causing the discrepancy and ensures you don’t miss anything in your investigation.

Let’s walk through reconciling your bank account — it’s usually the best place to start. Here’s how we do it:

First, grab your bank statement and your accounting records for the same period. Let’s say your bank statement shows $10,000, but your books show $9,750. Don’t panic — this is normal. Start by marking off all the transactions that appear in both places.

Next, look for items that explain the difference:

• Checks you’ve written that haven’t cleared yet

• Deposits that are in transit

• Bank fees that haven’t been recorded

• Automatic payments you forgot to enter

Make a list of these items and their amounts. If they explain the $250 difference, great! If not, you’ll need to dig deeper to find what’s missing.

You’ll know you’re fully reconciled when you can explain every difference between your books and your documentation. For bank accounts, your book balance plus or minus all those outstanding items should equal your bank statement balance exactly — down to the penny. Once everything matches, make any necessary adjustments in your books, save your reconciliation report, and file your supporting documentation. Think of this final step as drawing a line in the sand — you now have a verified starting point for next month’s reconciliation.

Challenges with balance sheet reconciliation

Even experienced bookkeepers run into roadblocks during reconciliation.

Missing documentation is probably the biggest headache — those mystery charges that no one remembers authorizing or receipts that vanished into thin air. Another tricky area is timing differences, especially when transactions happen right at the end of the month.

Then there’s the challenge of multiple users making entries in your accounting system. Without clear procedures, it’s easy for transactions to be entered twice or coded incorrectly.

The good news is that most of these challenges can be prevented with good systems in place. Set up a digital filing system for all receipts and important documents — snap photos of paper receipts right away before they get lost. Create a clear process for recording transactions and stick to it. We recommend setting aside a specific time each week to enter all transactions and file documentation. For businesses with multiple users in their accounting system, establish clear procedures about who enters what and when. A simple checklist can prevent a lot of headaches down the road.

When to call in an expert

While many small business owners handle their own balance sheet reconciliations, there are times when it makes sense to bring in help. Consider reaching out to a professional if:

• You’re spending hours trying to track down discrepancies. Your time is valuable, and if reconciliation is taking up too much of it, that’s a sign you might need support.

• Your business financials are growing more complex. Maybe you’ve added new payment methods, expanded to multiple bank accounts, or started dealing with foreign currency. These all add layers of difficulty to reconciliation.

• You’re noticing frequent unexplained differences. If things aren’t adding up month after month, it’s time to have an expert take a look. Small discrepancies can point to bigger issues that need addressing.

Remember, reconciliation isn’t just about matching numbers — it’s about understanding your business’s financial health and protecting against errors or fraud. If you’re feeling overwhelmed or unsure about your reconciliation process, we’re happy to take a look and help you develop a system that works for your business.

Want to learn more? Learn how we can help your small business with accounting, including managing your books with confidence.

Accountants

Educational requirements and certifications

An accountant typically holds a bachelor’s degree in accounting or a related field. While this provides a solid foundation in accounting principles, there’s no standardized certification required to call yourself an accountant.

Day-to-day duties

Both accountants and CPAs can handle many of your basic accounting needs. They can:

• Help set up your accounting systems and processes

• Manage your general bookkeeping and maintain accurate financial records

• Create standard financial statements and reports

• Assist with budgeting and cash flow management

• Prepare tax returns if they have the proper credentials (a PTIN — Preparer Tax Identification Number)

When to hire an accountant

An accountant might be the right choice if you:

• Need help organizing your basic bookkeeping and financial records

• Want someone to manage routine accounting tasks so you can focus on running your business

• Are looking for general financial guidance but don’t need specialized tax or audit services

• Have a relatively straightforward tax situation

CPAs

Educational requirements and certifications

A CPA (Certified Public Accountant) takes it several steps further. CPAs have completed not just a bachelor’s degree but also additional coursework in advanced accounting topics. They’ve passed the rigorous CPA exam — a four-part test covering auditing, business concepts, financial accounting, and regulation. And what’s more, CPAs maintain their certification through continuing education every year to stay current with tax laws and accounting standards.

Day-to-day duties

CPAs bring specialized expertise and additional authority to the table. They can:

• Perform certified audits and review financial statements

• Represent you before the IRS for audits, appeals, and other tax matters (a right they share with enrolled agents, who are tax specialists licensed by the IRS)

• Provide expert testimony in court regarding financial matters

• Offer high-level business advisory services, from succession planning to business valuation

• Lead strategic tax planning initiatives across multiple business entities

This wider scope is why many growing businesses eventually transition from working with an accountant to partnering with a CPA firm, especially as their financial needs become more complex.

When to hire a CPA

You might want to consider working with a CPA if you:

• Are facing an IRS audit or have complex tax issues

• Need strategic tax planning to minimize your tax burden legally

• Are considering a major business transition like buying or selling a company

• Require certified audits or reviewed financial statements for investors or lenders

• Want advanced financial planning and business advisory services

Cost differences between accountants and CPAs

Now let’s talk about what you’re probably wondering — cost. Generally, accountants charge less per hour than CPAs. This makes sense given the different levels of expertise and liability involved. But consider this: while a CPA’s hourly rate might be higher, their specialized knowledge could save you significant money in the long run through better tax planning and financial strategies.

Making the right choice

The decision between hiring an accountant or CPA really comes down to your business needs and goals. If you’re just starting out and need help with basic bookkeeping, an accountant might be the perfect fit. But if you’re growing quickly, planning major changes, or dealing with complex financial situations, a CPA’s expertise could be invaluable.

We recommend starting with a clear assessment of your needs. What specific financial tasks are taking up too much of your time? What financial challenges keep you up at night? Once you know what you need, you can make a better decision about the type of financial professional who can best help you achieve your goals.

Remember, many businesses work with both — using an accountant for day-to-day operations and consulting a CPA for more complex matters. The most important thing is finding someone you trust who can help your business thrive.

Ready to get more financial support for your business? Learn how we can help your small business with accounting.

Don’t feel bad if bookkeeping is your least favorite part of running a business — you’re far from alone. While tracking expenses and reconciling accounts might not be the most exciting part of entrepreneurship, it’s crucial for your success. We’ve seen countless small businesses struggle with common bookkeeping mistakes that can lead to headaches down the road. Here are nine mistakes we frequently encounter and how you can avoid them.

1. Putting off bookkeeping until “later”

We get it — when you’re juggling multiple responsibilities, bookkeeping often takes a back seat. But those receipts and invoices piling up on your desk won’t organize themselves. The longer you wait, the more overwhelming the task becomes.

Instead, try setting aside a specific time each week for bookkeeping tasks. Even 30 minutes can help you stay on top of your finances and prevent a scramble at the end of the quarter.

2. Not reconciling accounts regularly

Reconciliation is like a regular check-up for your business. Without it, you might miss fraudulent charges, billing errors, or duplicate payments. Many business owners either reconcile too infrequently or skip it entirely.

Make it a habit to reconcile your accounts at least monthly. This way, you’ll catch discrepancies while they’re still fresh and easier to resolve.

3. Ignoring financial statements

Financial statements provide essential insights into your business’s performance that you can’t get anywhere else. Ignoring them means you’re making decisions without key information. We’ve seen too many businesses make decisions based on their bank balance alone, without considering accounts receivable, payable, or upcoming expenses.

Take time each month to review your profit and loss statement, balance sheet, and cash flow statement. These documents help you spot trends, identify potential issues, and make informed business decisions.

4. Not keeping proper documentation

Ever felt that rush of panic when you can’t find an important receipt or invoice? Poor documentation isn’t just a headache — it can seriously impact your business during tax season or if you face an audit. We see too many business owners trying to piece together their expenses months after the fact, often missing important deductions or having to guess at details they should have recorded.

Make documentation a daily habit. Create a simple system that works for you, whether that’s a digital solution like receipt scanning apps or a physical filing system with clearly labeled folders. The key is consistency — every receipt, invoice, and financial document should have its place. Take a minute to record important details like the business purpose of expenses or notes about client meetings. Your future self (and your accountant) will thank you.

5. Failing to track reimbursable expenses

Those little business expenses you pay for personally can add up quickly. When you don’t track them properly, you’re essentially leaving money on the table and possibly missing out on tax deductions.

Keep a dedicated log of all reimbursable expenses and maintain clear documentation. Consider using a separate credit card for business expenses to make tracking easier.

6. Miscategorizing expenses

Proper expense categorization isn’t just about keeping things organized — it directly impacts your tax liability and financial reporting. Lots of businesses miss out on valuable tax deductions or raise red flags with the IRS due to incorrect categorization.

Take time to learn the proper categories for your industry and create a consistent system for categorizing expenses. When in doubt, consult a professional rather than guessing.

7. Not maximizing accounting software

Small business accounting software can save you hours of work, but we often see businesses using only a fraction of their software’s capabilities. It’s like buying a smartphone and only using it to make calls. Even worse, using software incorrectly can create serious problems that take hours to fix — like accidentally duplicating entries or miscategorizing transactions across multiple periods.

Invest time in learning your accounting software’s features. The time you invest in learning will pay off in efficiency gains and help you avoid costly mistakes. If you’re not sure about a feature, take advantage of online tutorials or ask a professional before experimenting with your live data.

8. Making sales tax mistakes

Sales tax errors can be costly and complicated to fix. Whether it’s collecting the wrong amount, failing to file on time, or not understanding nexus requirements, sales tax mistakes can lead to significant penalties.

Stay current with your state’s sales tax requirements and consider using automated sales tax software if you sell in multiple jurisdictions. When regulations change, make sure your systems are updated accordingly.

9. Waiting too long to bring in a professional

The number one thing we’ve learned over years of helping small businesses: it’s almost always more expensive to fix bookkeeping mistakes than to prevent them in the first place. We regularly see clients try to save money by trying to manage their own books, only to end up paying dearly for cleanup services later.

Professional bookkeeping is an investment in your business’s future, not an expense. We’re here to help you set up systems that work for your business and keep your finances on track from day one. Learn more about our small business bookkeeping services.

Strong financial management isn’t just nice to have when running a successful small business—it’s essential. Your business’s financial health impacts everything from keeping the lights on to planning for future growth. Yet, many small business owners underestimate the difference an accountant can make.

A professional accountant does more than crunch numbers. They can help you stay on top of financial compliance, manage financial records, and even uncover opportunities to save money through tax deductions and better budgeting. Whether preparing financial reports or helping you avoid costly tax penalties, hiring an accountant can bring peace of mind and free up your time to focus on growing your business.

In this guide, we’ll explore the key benefits of hiring an accountant for a small business and how they can support your company’s stability and success.

Benefits of hiring an accountant

While it might feel like an added expense at first, the advantages of hiring an accountant far outweigh the costs; here are just some ways they can make a difference.

1. Accurate financial record keeping

One of an accountant’s most important roles is keeping financial records accurate and up to date. For small business owners, juggling this with daily operations can lead to costly errors or oversights.

A professional accountant ensures your records comply with all regulatory requirements, keeping you aligned with financial compliance and helping you avoid tax penalties.

Realizing too late that you missed a filing deadline or made a critical mistake in your records—no business owner wants to face these nightmare scenarios. Accountants bring their expertise to the table, ensuring your records are accurate, audit-ready, and error-free. This doesn’t just prevent potential mistakes and fines—it also makes financial reporting and decision-making a breeze.

2. Time savings and efficiency

Running a small business means wearing many hats, but accounting doesn’t have to be one of them. With a professional accountant, you can hand over time-consuming tasks like:

• Payroll

• Bookkeeping

• Invoice management

• Receivables tracking

Outsourcing these routine accounting processes doesn’t just free up your schedule—it also reduces stress. Managing your business’s day-to-day operations while dealing with complex financial data can lead to errors and inefficiencies. An accountant handling your small business cash flow management means fewer headaches and better decision-making.

This is one reason why accountant ROI for small businesses can be relatively high; with an expert available, you can boost efficiency and spend more time on strategy.

Professional guidance on your finances means you can make quicker, smarter decisions when it matters most. From identifying opportunities for growth to solving cash flow challenges, accountants provide the clarity and confidence you need to keep your business moving forward.

3. Expertise and specialized knowledge

No small business owner should have to become an expert in everything, and that’s where an accountant shines. The accountant’s role in small businesses is to bring specialized knowledge that allows you to focus on management, strategy, and operations while they handle the financial details.

This includes:

• Up-to-date expertise: Accountants stay current on changes in financial regulations, tax laws, and industry best practices, ensuring your business stays compliant.

• Tailored guidance: Whether navigating industry-specific challenges or aligning with your financial goals, accountants provide advice that fits your business’s unique needs. This includes everything from strategic tax planning to managing financial statements.

• Additional services: Beyond compliance, accountants can offer consulting services like:

  • Advising on securing funding and preparing a compelling business plan

  • Crafting investment strategies

  • Assisting with long-term goals like succession planning

With their expertise, you’ll have a clear view of your company’s financial health, empowering you to make informed decisions and plan confidently for the future. By leveraging professional accountant benefits, you’re not just hiring help—you’re gaining a partner invested in your success.

4. Enhanced financial reporting and analysis

Accountants go beyond balancing the books—they provide in-depth financial reports that give you a clear view of your business’s performance. Financial reporting isn’t just listing numbers on a page; it’s a task and tool that helps you make informed decisions.

Financial reports provide:

• Clarity on performance: Monthly and quarterly reports help you track profitability, manage expenses, and identify growth opportunities.

• Real-time insights: With up-to-date financial data, you’ll always have a snapshot of your business’s health, enabling quicker and more confident decisions.

• Cost-saving opportunities: Accountants can highlight areas where you might be overspending and suggest ways to cut costs without compromising quality.

Regular financial health checks ensure that you’re meeting your goals and staying ahead of potential challenges. This proactive approach to financial analysis helps your business keep its edge in a competitive landscape.

5. Strategic financial planning and budgeting

Strategic financial planning isn’t just about numbers; it’s about turning your business’s data into actionable insights. This is where an accountant’s expertise can make the biggest impact:

• Data-driven insights: Accountants analyze cash flow trends and provide detailed budget management to keep your finances on track.

• Realistic goal-setting: They help set achievable financial goals based on your business’s current performance, ensuring your plans are grounded in reality.

• Projections and tools: Using advanced tools, accountants prepare you for seasonal fluctuations and unexpected costs by creating realistic financial projections.

• Long-term growth strategies: They align your budgeting with your overall business objectives, ensuring every dollar is working toward sustainable success.

Having a professional handle these tasks saves time and provides clarity and confidence in your financial decisions. With their help, you can approach the future with an actionable and adaptable plan.

6. Tax preparation, planning, and compliance

Dealing with taxes can be one of the most stressful aspects of running a business, but having an accountant on your side makes all the difference. Tax laws are complicated, and even small mistakes can lead to penalties or missed opportunities for savings.

Accountants bring their expertise to ensure that your filings are accurate, compliant, and optimized for tax savings with accountant oversight, including:

• Accurate filings: Accountants meticulously prepare your returns to avoid errors and ensure compliance with all regulations.

• Maximizing deductions: With professional oversight, you can rest assured that no eligible tax deductions go unclaimed.

• Year-round strategy: Instead of waiting until tax season, accountants provide ongoing support to help you plan ahead, saving you money and reducing stress when deadlines roll around.

• Risk reduction: By managing your tax planning and compliance, accountants minimize your exposure to audits and penalties, providing peace of mind.

A year-round tax strategy saves money, helps you avoid regulation changes, and prepares your business for long-term success.

7. Risk management and fraud prevention

Financial risks are unavoidable in running a business, but an accountant can help you manage and reduce them effectively by:

• Identifying risks: Accountants are skilled at spotting red flags in your financial records, helping you avoid potential issues before they escalate.

• Fraud prevention: By establishing strong internal controls, accountants can protect your business from unauthorized transactions and financial mismanagement.

• Reducing errors: Professional oversight minimizes the risk of mistakes that could lead to costly penalties or reputational harm.

• Impartial oversight: Having an accountant provides objective insights and safeguards the integrity of your business’s finances.

With an accountant’s expertise, you can feel confident knowing your business is protected and positioned for sustainable success.

In-house vs. outsourced accounting services

Choosing between in-house accounting and outsourcing is a big decision for many small businesses. Each option has benefits, but the right choice often depends on your needs and budget.

In-house accounting

This option gives you direct access to a dedicated team member. However, the cost of hiring an accountant can add up quickly when you factor in salaries, benefits, and training.

Salaries average around $45,000/year, not including benefits. For smaller businesses, this might not be the most cost-effective route.

Outsourced accounting services

Outsourcing allows you to tap into a pool of professional expertise without the overhead costs of hiring full-time staff. It’s particularly useful for businesses that need flexible support or don’t require daily hands-on involvement. Costs are often proportional to your needs so that you can adjust over time.

When to outsource

These are some clear signs it might be time to outsource:

• Your financial needs exceed your in-house expertise.

• You’re looking for cost-effective solutions.

• You want access to advanced tools and information without the investment in infrastructure.

How to choose the right accountant

When choosing an accountant, there’s no one-size-fits-all solution. The right professional for your business will depend on your specific needs, goals, and industry.

Here are some tips to make the process easier:

• Look for key qualifications: Certifications like CPA for small businesses or other credentials are good signs of a professional’s expertise.

• Consider industry experience: Accountants with expertise will understand your unique challenges and provide tailored advice.

• Assess skills and services: Ensure the accountant has the skills and services you need, whether in tax preparation, budgeting, or strategic planning.

• Evaluate communication style: Good customer service is key. Choose someone who communicates clearly and aligns with your preferred working style.

• Compatibility check: Make sure the accountant can handle all your business’s tasks, from day-to-day bookkeeping to long-term financial planning.

By keeping these factors in mind, you’ll find an accountant who’s qualified and a great fit for your business.

See if Archer Lewis is right for your small business

Why hire an accountant? Because the benefits of hiring an accountant for a small business are worth the investment.

An accountant isn’t just a cost—it’s a spend that can improve your business’s long-term stability and profitability. From saving time and money to providing expert guidance and protecting your financial integrity, accountants are invaluable partners for small business owners.

Archer Lewis takes pride in offering personalized, professional accounting services designed to meet the unique needs of small businesses. With years of experience and a client-focused approach, our team delivers results that truly make a difference.

Learn more about our small business accounting services and see how we can make a difference for you.

You’ve just spent the day juggling your daily operations while also trying to squeeze in time to grow your business. With all this on your plate, it’s understandable that bookkeeping tasks often fall by the wayside.

Yet accurate financial records are crucial for understanding your business’s health and compliance with tax regulations. Failure to meet deadlines or errors in financial statements can lead to penalties or prevent you from making informed decisions.

That’s where outsourcing comes in. Outsourcing connects you with experienced professionals who ensure your financial information is accurate and up-to-date. From streamlining payroll taxes to generating reliable financial reports, outsourcing offers a flexible solution for businesses looking to excel in today’s increasingly competitive market.

In this guide on outsourcing bookkeeping for small businesses, we’ll explore the benefits of outsourced bookkeeping, discuss the right time to outsource bookkeeping for your small business, and provide actionable steps to ensure a smooth transition. Whether you’re experiencing rapid business growth or simply seeking better financial management, outsourcing might be the game-changer your company needs.

Benefits of outsourcing bookkeeping for small businesses

Outsourcing bookkeeping isn’t just about cost savings—it’s about giving your business the tools and support it needs to thrive. Let’s discuss how partnering with professional bookkeeping outsourcing companies can make your life easier.

Cost savings

Hiring an in-house bookkeeper can get expensive fast. Between salaries, benefits, and training costs, it’s easy to see why outsourcing is a smart move. Did you know the average salary for a bookkeeper in the U.S. is around $45,000 a year? Add benefits and taxes, and that number climbs even higher.

Outsourcing lets you save those costs while still receiving top-quality bookkeeping services for small businesses. Plus, many providers use their own tools and tech, saving you from paying for these extras yourself.

Access to expertise

Why figure out complicated tax rules or financial regulations when you can work with someone who already knows the ropes? Outsourcing connects you with experts who stay on top of industry changes and best practices. These pros precisely handle your financial transactions, giving you peace of mind that your books are in good hands.

Increased accuracy

Let’s face it: mistakes in your financial records can be a nightmare. Whether it’s fines or missed growth opportunities, the costs add up.

You can avoid those headaches by outsourcing to professionals who focus on financial data all day. Accurate financial statements allow you to see exactly where your business stands and confidently make decisions.

Increased efficiency

Think about all the time you spend on bookkeeping. Now imagine what you could accomplish with that time back.

With outsourcing, you can focus on what truly matters—whether growing your business, connecting with customers, or launching that new product you’ve been dreaming about. Let the experts handle the routine tasks like preparing financial reports so you can focus on the bigger picture.

Scalability and flexibility

No two businesses are the same, and your bookkeeping needs can change as you grow. That’s the beauty of outsourcing—it’s flexible. Whether you need a little help or a lot, outsourced services can shift along with your business.

This means you’ll always get the right support without overcommitting your resources. This is a win-win situation, especially if your business is growing fast or navigating unpredictable markets.

When to outsource bookkeeping for your small business

How will you know when to hire a bookkeeper? For many small business owners, there are clear signs that the DIY or in-house approach isn’t cutting it anymore.

Here’s what to watch for:

• Rapid business growth: If your company is scaling up quickly, your bookkeeping needs will likely be more complex. More transactions, clients, and expenses can overwhelm an in-house team—or yourself.

• Complex financial transactions: Are you handling payroll taxes, vendor payments, and complicated invoicing? When financial transactions become too intricate, it’s time to bring experts who can keep things running smoothly.

• Lack of in-house knowledge: If financial management feels like a guessing game, outsourcing can connect you with professionals who know their way around financial information and compliance.

Common pain points

Small businesses often hit a wall when they face challenges like:

• Cash flow issues: Staying on top of cash flow is critical, but it’s also one of the most common struggles. Outsourcing ensures you have accurate financial reports to keep things balanced.

• Missed tax deadlines: Tax compliance is no joke; late filings can lead to penalties. A professional bookkeeper can keep you on track.

When it becomes cost-effective

At some point, outsourcing becomes a no-brainer financially. If you’re spending more time on bookkeeping than running your business—or losing money due to errors—it’s time to make the switch.

Calculating the ROI of outsourced bookkeeping

If you’re on the fence about outsourcing, let’s talk numbers. One of the easiest ways to decide is by calculating the return on investment (ROI). Here’s how to do it:

1. Add up your current costs: Consider everything you’re spending on bookkeeping: salaries, benefits, software, office space—it all adds up. For example, an in-house bookkeeper might cost around $45,000 annually, plus another 20% for benefits and overhead.

2. Compare with outsourcing costs: Outsourced services vary depending on your needs, but on average, remote bookkeeping services cost between $3,600 and $24,000 per year. That’s a significant difference from in-house expenses.

3. Factor in time saved: How many hours are you or your team spending on bookkeeping tasks? Could that time be better spent on growing your business? Saving time is just as valuable as saving money.

A simple example

Here’s a quick comparison:

• In-house costs: $45,000 salary + $9,000 benefits = $54,000/year

• Outsourced costs: $20,000/year

• Savings: $54,000 – $20,000 = $34,000 annually

Long-term benefits

Beyond cost savings, outsourcing provides small business bookkeeping help that gives you an edge in the long run:

• Better financial insights: Accurate reports and actionable advice from pros.

• Strategic planning: Use insights to set goals and plan for growth.

• Flexibility: Adjust services up or down as your business evolves.

How to successfully transition to an outsourced bookkeeping service

Changing to an outsourced bookkeeping service can feel like a big step, but breaking it down into manageable tasks simplifies the process.

Here’s how to set yourself up for success:

1. Assess your needs: Identify what bookkeeping tasks you need help with. Is it simply managing daily financial records, or do you need support with payroll taxes and tax prep? Knowing exactly what you need will help you narrow down the best bookkeeping options for small businesses.

2. Choose the right bookkeeping service: Not all accounting firms or services are created equal. Look for providers with strong customer service, industry experience, and solid reviews. Consider their pricing structure, tools, and whether they offer tailored solutions to grow your business. A reliable service will ensure the bookkeeping cost for small businesses remains manageable.

3. Set clear expectations: Outline responsibilities from the start to avoid misunderstandings. Establish a communication plan and ensure your internal team and the external bookkeeper understand the process. This is one of the best bookkeeping tips for small businesses to ensure a smooth workflow.

4. Prepare your financial records: Before handing things over, organize your existing financial statements, invoices, and receipts. The more prepared you are, the quicker your outsourced team can get up to speed. You can provide access to your tax documents using Form 8821.

5. Train your bookkeeper: Every business is unique, so ensure your bookkeeper understands your specific systems, preferences, and goals. This might include onboarding them to your software or walking them through your internal processes.

Best practices for working with an outsourced bookkeeper

Outsourcing your bookkeeping can revitalize your business, but you need to build a solid working relationship to truly reap the outsourcing bookkeeping benefits. Here’s how.

Maintain open communication

Great partnerships start with clear and consistent communication. Set up regular check-ins to discuss your financial reports and address any questions or concerns. Tools like shared dashboards or email updates can help keep everyone on the same page.

Tips:

• Share clear expectations from the start

• Answer questions quickly to avoid delays

• Schedule monthly or quarterly calls to review progress and goals

Regularly review financial reports

Just because you’ve handed over your books doesn’t mean you should stop monitoring them. Reviewing your financial reports regularly ensures you understand how your business is performing and lets you spot potential issues early.

Tips:

• Set aside time each month to review reports with your bookkeeper

• Focus on key metrics like cash flow, profit margins, and expense trends

• Don’t hesitate to ask for clarifications—this is part of quality customer service

Provide feedback

Your bookkeeper is there to make your life easier, but they can only do their best work if you provide feedback. Let them know what’s working and where there’s room for improvement.

Tips:

• Be constructive—highlight what’s going well before suggesting changes

• Stay open to their recommendations; after all, they’re the experts

• Keep the feedback loop ongoing to adapt as your business grows

Following these steps will maximize your outsourced accounting services and effectively address the pros and cons of outsourcing bookkeeping.

Learn more about outsourcing your bookkeeping

Outsourcing bookkeeping services can transform how you run your business. Outsourcing bookkeeping for small businesses saves time, reduces errors, and gains financial clarity for confident planning.

Let’s make it happen if you’re ready to focus on growth instead of balancing books. Learn more about Archer Lewis’s bookkeeping services for small businesses and see how we can support your success.

Managing your business’s finances can feel like a lot to handle, but with the right support, it becomes far less daunting. Thoughtful financial management is more than numbers—it’s about staying compliant, driving growth, and building a strong foundation for your business to thrive.

Rapid workplace changes have redefined how all businesses operate, and accounting has evolved beyond working exclusively with spreadsheets.

Think of small business accounting companies as trusted partners who lighten your load. They can handle everything from financial statements, bookkeeping, and tax preparation to long-term financial strategy. They free up time to focus on what you love: running your business.

Here is our guide to the top accounting firms for small businesses to help you find the perfect accounting firm for your needs. Let’s break down the best options in 2025 so you can confidently choose a firm that enables you to thrive.

Bench

Bench is a virtual bookkeeping service that combines intuitive software with professional accountants to deliver streamlined accounting services for small businesses.

Services

Bench offers:

• Monthly bookkeeping

• Year-end financial statements

• Tax preparation and filing

• Financial reporting

• Catch-up bookkeeping for past years

Their platform also integrates with financial institutions and tools like Amazon, Shopify, Stripe, Square, and Gusto, so there is no need for time-consuming manual data entry.

Best for

Small businesses looking for user-friendly bookkeeping solutions without the need for complex accounting software. It’s particularly useful for entrepreneurs outsourcing accounting who still want to keep an eye on things through an intuitive platform.

Reviews

Clients generally appreciated Bench’s intuitive software and responsive customer support. One user said, “Bench was critical in helping me with catch-up books for tax time.”

Pricing model

Bench offers two pricing plans:

• Essential: $299 per month (billed monthly) or $249 per month (billed annually).

  • This plan includes monthly bookkeeping services, a dedicated bookkeeping team, year-end reporting, and unlimited communication with Bench’s research team.

• Premium: $499 per month (billed monthly) or $399 per month (billed annually).

  • This plan includes all Essential Plan features, tax advisory services, and annual tax filing.

Bench also provides add-on services like catch-up bookkeeping for an additional fee.

Pilot

As well as the standard bookkeeping and tax services offered by others on this list, Pilot also offers CFO services tailored for consumers, startups, and professional services.

Services

Pilot provides a suite of accounting services, including:

• Cash- and accrual-based bookkeeping

• Monthly financial statements (e.g., Profit & Loss, Balance Sheet, Cash Flow)

• Tax preparation and filing

• CFO consulting services

• Support for accounts receivable and accounts payable

Instead of proprietary software, Pilot uses QuickBooks Online and can integrate with Gusto and Expensify.

Best for

Pilot is among the best accounting companies for startups that need scalable accounting solutions. But their services also cater to other industries, including e-commerce, professional services, and nonprofits.

Reviews

Customers commended Pilot for its responsive customer support and clear onboarding process. One user commented, “Pilot’s messages section makes it easy to troubleshoot or coordinate charges.”

Pricing model

Pilot has various pricing plans based on service and business size, which we highlight below.

Bookkeeping

These rates vary depending on your monthly expenses but broadly fall under the:

• Starter: $349/month for pre-revenue companies

• Core: $499/month for revenue-generating companies

• Plus: Custom pricing for expenses over $200,000

Tax

Both tax plans include federal and state income tax filing:

• Essentials: $2,450/year for unprofitable C corps

• Standard: $5,400/year for profitable C corps and S corps

CFO services

CFO service charges depend on your goals for your chief financial officer:

• Basic: $2,450/month for CFOs performing basic services

• Essential: $3,150/month for CFOs more actively involved in growth

• Custom: $5,250/month for CFOs making data-driven decisions

QuickBooks Live

QuickBooks Live provides real-time bookkeeping assistance within the QuickBooks Online platform, such as personalized support, help with setup, bank reconciliations, and financial reporting.

Services

QuickBooks Live offers:

• Cleanup: Setting up your chart of accounts, connecting banks, and reviewing existing financial data

• Monthly bookkeeping: Categorizing transactions, reconciling accounts, and delivering financial statements

Naturally, these services integrate with QuickBooks Online, offering a seamless transition for users.

Best for

QuickBooks Live is ideal for small businesses that need professional bookkeeping assistance but can’t afford to hire in-house staff, especially those already using QuickBooks Online.

Reviews

Users appreciate QuickBooks Live’s convenience and expertise. One review concluded, “QuickBooks Live pairs you with experienced bookkeepers who can reconcile your accounts, close your books, and provide advanced reports.”

Pricing model

QuickBooks Live pricing is based on monthly expenses:

• Low-volume bookkeeping: $300/month for expenses up to $10,000

• Medium-volume bookkeeping: $500/month for expenses up to $50,000

• High-volume bookkeeping: $500/month for expenses over $50,000

A one-time cleanup fee applies at the start of the service. You must also have an active subscription to QuickBooks Online, which is sold separately.

Gusto

Gusto is a comprehensive human resources platform designed to simplify employee management for small businesses by automating tasks like payroll processing and benefits administration.

Services

Gusto’s range of services include:

• Full-service payroll processing

• Employee benefits administration (e.g., health, dental, and vision insurance)

• Time tracking and paid time off management

• Employee onboarding tools

• Compliance assistance with tax filings

Best for

Gusto might be your best bet if you are a small to midsize company looking for an all-in-one payroll and HR solution. Its user-friendly interface and scalable features make it just right for companies with simple to complex payroll needs.

Reviews

Users have praised Gusto for its intuitive design and across-the-board service offerings. One review emphasized the platform “takes the toughest parts of payroll processing and benefits administration off your hands.”

Pricing model

Gusto offers three main pricing plans:

• Simple: $40/month base fee + $6 per employee; includes full-service payroll and employee self-service

• Plus: $80/month base fee + $12 per employee; adds next-day direct deposit and time tracking

• Premium: $135/month base fee + $16.50 per employee; provides advanced HR tools and dedicated support

Xero

Xero is a cloud-based accounting software platform with an extensive ecosystem of apps and integrations with banks and other financial institutions.

Services

Xero’s service offerings include:

• Invoicing: Create professional invoices with built-in online payment options.

• Bank reconciliations: Automatically match transactions to streamline reporting.

• Expense tracking: Upload receipts and monitor spending in real-time.

• Inventory management: Keep tabs on stock levels with live updates.

• Project tracking: Manage profitability with dedicated tools for projects.

• Multi-currency support: Handle international transactions with ease.

Best for

Accounting support for small business owners and midsize businesses needing a scalable accounting solution with unlimited user access and extensive app integrations.

Reviews

“For a long time, you could use finance packages for multinational corps or nothing,” one review said. Then came Xero. “It scales back the excessive unnecessary tools in huge finance packages to still have high-powered systems that let you manage your accounts.”.

Pricing model

Xero offers three pricing plans, among the cheapest on this list:

• Starter: $29/month; includes 20 invoices and 5 bills per month

• Growing: $46/month; offers unlimited invoices and bills

• Established: $69/month; adds multi-currency support, expense claims, and project tracking

All plans support unlimited users and come with a 30-day free trial.

Archer Lewis

Archer Lewis combines personalized service with national resources to deliver human-centered accounting and tax solutions for small businesses. Archer Lewis’s approach isn’t one-size-fits-all; services are tailor-made for companies’ needs.

Services

Archer Lewis’ services include (but aren’t limited to):

• Tax preparation and filing: Maximize your refunds and comply with trusted expertise.

• Bookkeeping: Create clear and accurate financial records that provide peace of mind.

• Payroll management: Seamlessly handle employee payments and tax obligations.

• Fractional CFO services: Receive strategic financial guidance tailored to your business goals.

Best for

Archer Lewis is perfect for businesses that value tailored solutions and proactive financial guidance. Archer Lewis works closely with clients, treating their success as a shared goal.

Reviews

Satisfied customers typically highlight the personal connection they have with their accountant. “I love visiting in person to ask all my questions once a year and to ensure all my taxes are filed accurately,” one review said. “I have had the same tax preparer for 20 years and I will never change (unless I get fired!).”

One of the many benefits of hiring an accountant with Archer Lewis is that they connect businesses with personalized support from a dedicated expert.

Pricing model

Archer Lewis customizes pricing based on each business’s specific needs and size. We collaborate with clients to create tailored approaches, ensuring transparency and value without long-term contracts.

How to choose the right accounting company for your small business

Finding the right accounting partner is essential to ensuring your business thrives. Here’s how to make the best choice.

Understand your needs

Consider your budget and whether you need basic bookkeeping or more comprehensive services. Look for expertise in your industry—your numbers deserve a professional who knows your business inside and out.

Try before you commit

Seek firms offering trial periods or initial consultations. A great accountant will welcome the chance to prove their value.

Ask the right questions

Be sure you get satisfying answers to these questions:

• What different types of service do you offer?

• How do you handle communication and updates?

• Who will handle my account, and what are their qualifications?

• What does your fee structure look like?

• Are there any additional costs for specific services?

Learn more about Archer Lewis

Choosing an accountant isn’t just about numbers but trust, expertise, and support. Archer Lewis sets itself apart from other small business accounting companies by offering more than just bookkeeping services; we’re here to empower your business for long-term success.

Here’s why we stand out:

• Tailored solutions: We focus on providing small business accounting services designed to meet your unique needs.

• Ownership mentality: We treat your business as our own, providing tailored solutions that align with your goals.

• Proactive communication: Our US-based team is always available to ensure you feel supported every step of the way.

• Comprehensive expertise: From bookkeeping and payroll to tax preparation and financial planning, we offer a full suite of services to simplify your finances.

Learn more about our small business accounting services and see how Archer Lewis can serve you best.

Among the most common questions we get from customers is, “What’s the difference between amortization vs depreciation?” These two accounting terms might sound complicated but are really just about spreading out the cost of your business purchases over time. If you’ve been scratching your head about when to use which one, you’re not alone.

Let’s put amortization and depreciation into plain English, so you can manage your books like a pro while hopefully saving some money on taxes.

What is amortization?

Amortization is how we handle things you can’t touch or feel. Got a patent for your amazing invention? Software licenses for your team? That’s where amortization comes in. It helps you spread out these costs instead of taking one big financial hit.

When to use amortization

You’ll use amortization for assets like:

• Patents (they last about 20 years)

• Trademarks (usually good for 10 years)

• Copyrights (time varies)

• Software licenses (however long your subscription lasts)

Calculating amortization

Here’s an example of straight-line amortization:

Let’s say you purchase a patent for $100,000 that lasts 20 years. The calculation is simple:

1. Take the total cost: $100,000

2. Divide by useful life: 20 years

3. Annual amortization = $5,000

So you’ll write off $5,000 each year over the 20-year period. Unlike depreciation, there’s no salvage value to consider since you can’t sell or reuse a patent after it expires.

What is depreciation?

Depreciation is like amortization, but for physical stuff. In other words, it’s tracking how your tangible assets lose value over time. You know that delivery van you bought last year? Or those shiny new chairs? Instead of writing off the entire cost when you buy them, depreciation lets you spread that expense across the years you’ll actually use them.

When to use depreciation

You’ll want to use depreciation for any business items that:

• Cost you $2,500 or more

• Will last longer than a year

• Lose value as time goes by

Think about things like:

• Office chairs, desks, and file cabinets

• Your company’s delivery vehicles

• The fancy coffee machine in the break room

Calculating depreciation

While there are several ways to calculate depreciation, let’s look at the two most common methods.

Straight-line depreciation

Unlike straight-line amortization, straight-line depreciation considers salvage value. You take what you paid, subtract what it’ll be worth when you’re done with it, then divide by how many years you’ll use it.

Let’s say you buy manufacturing equipment for $100,000 that will be used for 10 years and be worth $20,000 after those ten years. Here’s how you would calculate depreciation using the straight line method.

1. Take the total cost: $100,000

2. Subtract salvage value: $20,000

3. Divide by useful life: 10 years

4. Annual depreciation = $8,000

So you’ll write off $8,000 each year over the 10-year period.

Double declining balance

This method frontloads the depreciation — perfect for things that lose value quickly, like computers or vehicles.

The double declining balance method applies twice the straight-line rate to the remaining book value each year. Here’s an example:

Let’s say you have a $50,000 van with a 5-year useful life:

1. Calculate the straight-line rate: 1/5 = 20%

2. Double it: 40% (this is your DDB rate)

3. Apply it each year to the remaining value:

• Year 1: $50,000 × 40% = $20,000 depreciation

• Year 2: $30,000 × 40% = $12,000 depreciation

• Year 3: $18,000 × 40% = $7,200 depreciation

• Year 4: $10,800 × 40% = $4,320 depreciation

• Year 5: $6,480 × 40% = $2,592 depreciation

Benefits of amortization and depreciation

Understanding and properly implementing depreciation and amortization isn’t just about following accounting rules — it’s about making smarter business decisions. These methods offer significant advantages that can impact everything from your daily operations to your long-term business strategy.

Here’s what’s in it for you:

• Tax benefits through systematic deductions that reduce your taxable income

• Financial planning advantages that improve cash flow management

• Asset management benefits for better equipment and resource planning

• Financial statement impacts that show a more accurate picture of your business health

• Business valuation benefits when seeking investors or planning an exit

• Regulatory compliance advantages that keep you in good standing

Making the right choice

Choosing between depreciation and amortization doesn’t have to be complicated. If you’ve got intellectual property or other intangible assets, amortization is your go-to method. For physical business assets, depreciation gives you more flexibility in how you write off the costs.

The key is understanding how these methods affect your business’s financial picture. Proper asset management can help you:

• Time major purchases strategically

• Plan for equipment replacements

• Make smarter decisions about leasing versus buying

• Keep your books audit-ready

Want to manage your books more effectively? Learn more about our bookkeeping services for small businesses.

How to budget for non-recurring expenses is a challenge many small business owners face, even when they’re on top of their monthly bills. From equipment repairs to software upgrades, non-recurring costs can quickly drain your business’s cash reserves if you’re not prepared. Here’s how to get ahead of these surprise expenses.

Know what you’re dealing with

The first step is identifying which expenses are truly non-recurring. This means first identifying all your recurring expenses — for example, monthly rent and utilities. Non-recurring expenses are less predictable — think computer replacements, emergency repairs, or marketing for a new product launch. They’re necessary costs that pop up occasionally but don’t follow a set schedule.

We often see business owners mistake irregular recurring expenses (like quarterly tax payments) for non-recurring ones. While both need planning, they require different budgeting approaches. True non-recurring expenses are usually those one-off costs that support your business growth or handle unexpected situations.

Building your buffer

We recommend creating a dedicated savings buffer for non-recurring expenses. Start by reviewing your past bank statements and receipts from the last two years. Look for those occasional big purchases and categorize them. Common categories include:

• Equipment and technology updates

• Professional certifications and training

• Emergency repairs and maintenance

• Legal or consulting services

• Research and development

Add up these expenses and divide by 24 months to get your monthly savings target. If you’re a new business and don’t yet have historical records, we suggest setting aside 5-10% of your monthly revenue for unexpected costs until you have more historical data to work with.

Smart planning strategies

Instead of letting non-recurring expenses catch you off guard, try these approaches:

1. Create a rolling forecast — Update your projections monthly, incorporating any new information about potential future expenses.

2. Use technology wisely — Set up a separate savings account and automate monthly transfers for your non-recurring expense fund.

3. Plan for timing — Some non-recurring expenses tend to cluster around certain times, like year-end equipment purchases or spring facility maintenance.

Common pitfalls to avoid

It’s easy to make mistakes when it comes to non-recurring expenses, especially if you’re just starting out. We see many business owners face these common pitfalls:

• Draining operating capital to cover unexpected costs

• Relying too heavily on credit cards

• Avoiding planning entirely with the hope they won’t face any unexpected expenses

Another common error is underestimating the true cost of non-recurring expenses. Remember to factor in not just the direct cost but also related expenses like installation, training, or temporary workflow disruptions.

Looking ahead

As your business grows, your approach to non-recurring expenses should evolve too. Keep detailed records of these expenses and review them annually. This helps you spot patterns and adjust your savings strategy accordingly. You might find that some non-recurring expenses become regular enough to warrant their own budget line item.

Need help getting a better handle on your business expenses? Learn more about our bookkeeping services for small businesses.

Even though you try to keep your books as accurately as possible, sometimes transactions pop up that just don’t make sense right away. That’s where suspense accounts come in. We’ll walk you through what they are, how to use them, and most importantly, how to do suspense account reconciliation properly.

What is a suspense account?

Think of a suspense account as a temporary holding space for transactions you need to investigate. Maybe you received a payment but aren’t sure which customer sent it, or you’ve got an expense that doesn’t quite add up. Instead of making rushed decisions that could mess up your books, you can park these mysteries in a suspense account until you figure out where they belong.

Managing your suspense account effectively

The key to a well-managed suspense account is staying on top of it. Here’s what we recommend:

• Create a clear tracking system for each unidentified transaction — include dates, amounts, and any clues you have about where it might belong.

• Set a regular schedule to review these transactions — weekly is ideal for most small businesses.

• Document your investigation process for each item — this will help if you need to pick up where you left off later.

• Keep the balance as low as possible — the longer transactions sit in suspense, the harder they become to resolve.

Why reconciliation matters

We’ve seen too many businesses let their suspense accounts grow until they become overwhelming. Regular reconciliation helps you:

• Maintain accurate financial statements that reflect your true business position.

• Catch potential fraud or errors before they become bigger problems.

• Prepare yourself for a smoother tax season.

After reconciliation: Next steps

Once you’ve identified where transactions belong, it’s time to:

1. Move them to their proper accounts using journal entries.

2. Update your documentation to reflect the corrections.

3. Review why items ended up in suspense to prevent similar issues in the future.

Common reconciliation challenges

Even experienced bookkeepers run into roadblocks when reconciling suspense accounts. Watch out for:

• Missing documentation that makes it hard to trace transactions.

• Multiple similar transactions that could match an unidentified payment.

• Old transactions that no one remembers.

• Time constraints that tempt you to make assumptions instead of doing proper research.

Need a hand?

Managing suspense accounts requires attention to detail and consistent effort. If you’re finding it tricky, learn how we can help.