Hey Lykkers! Let's be real for a moment - when you started your business, you were probably excited about your products, your customers, your vision... but accounting? Not so much.

If the thought of bookkeeping makes you want to hide under your desk, you're not alone. Many small business owners struggle with the numbers side of their business.

But what if I told you that fixing a few common mistakes could save you thousands and help you sleep better at night?

1. Mixing Business and Personal Finances

This is the number one mistake new business owners make. That quick coffee purchase on your business card or using the company account for personal shopping creates a bookkeeping nightmare.

The Fix: Open separate bank accounts and credit cards for your business immediately. "To keep your business and personal finances separate, the first step is to start building credit in your company's name." — U.S. Small Business Administration (SBA), How to Build Business Credit Quickly: 5 Simple Steps.

2. Not Tracking Every Expense

Those small purchases add up quickly. Forget to record a $10 expense here and a $20 purchase there, and you could be missing hundreds in tax deductions by year-end.

The Fix: Use a digital tracking system. Apps like QuickBooks or even a simple spreadsheet can help. Take photos of receipts and record them weekly.

3. Poor Cash Flow Management

Many profitable businesses fail because they run out of cash. Just because you're making sales doesn't mean you have money in the bank.

The Fix: Create a cash flow forecast. Track when money comes in and when bills are due.

4. DIY Accounting When You Need Professional Help

Trying to handle complex accounting tasks yourself can lead to costly errors and missed opportunities.

The Fix: Know when to hire help.

5. Not Reconciling Accounts Regularly

Waiting until tax time to reconcile your accounts is like trying to put together a year-old puzzle with missing pieces.

The Fix: Schedule monthly reconciliation sessions. Set aside 2-3 hours each month to match your records with bank statements.

6. Misclassifying Employees and Contractors

This can lead to serious tax penalties and legal issues. The rules around worker classification are strict and specific.

The Fix: Understand the difference.

7. Forgetting to Plan for Taxes

That tax bill always seems to surprise business owners, even though it shouldn't.

The Fix: Set aside money regularly.

Remember, Lykkers, good accounting isn't about being a math expert—it's about creating simple systems and being consistent. Start with one of these fixes today, and you'll be on your way to better financial health tomorrow. Your business (and your stress levels) will thank you!

Which of these mistakes have you made? Share your experiences below - we're all learning together!