5 Bookkeeping Mistakes Vancouver Small Business Owners Can’t Afford to Make

Running a business in Vancouver is already demanding—you’re juggling sales, customers, and growth. The last thing you need is bookkeeping mistakes quietly draining your profits. Here are the top 5 errors I see small businesses make, and how to fix them.

1. Mixing Personal and Business Expenses

Putting your groceries and office supplies on the same card might seem harmless, but it creates confusion and can cost you valuable tax deductions.

✅ Fix: Use a dedicated business account and credit card to keep everything clean.

2. Losing or Ignoring Receipts

Every missing receipt is a missed write-off. That’s money you’re leaving on the table come tax season.

✅ Fix: Snap a photo or upload receipts as soon as you get them.

3. Skipping Bank Reconciliations

If you’re not matching your books against your bank, errors slip through—leading to inaccurate reports and cash flow surprises.

✅ Fix: Reconcile monthly, not just at year-end.

4. Doing It All Yourself

Tools like QuickBooks or Excel only work if they’re set up correctly. Without expertise, mistakes compound over time.

✅ Fix: Delegate bookkeeping to someone who lives and breathes it.

5. Waiting Until Tax Season

Scrambling in April means missed deductions, penalties, and unnecessary stress.

✅ Fix: Stay organized year-round. Bookkeeping isn’t a once-a-year job—it’s a monthly habit.

Final Word

Good bookkeeping isn’t just about staying compliant—it’s about running a healthier, more profitable business. Avoid these five mistakes and you’ll save time, money, and headaches.

Need help getting your books in order? Greystone Accounting offers fast, personal bookkeeping and tax filing services for Vancouver businesses. [Book your free 15-minute consultation today.]