6. Accounts Receivable & Accounts Payable
Although large businesses can afford a full time staff to manage accounts receivable and accounts payable, small businesses often have to outsource. It is essential to keep track of these, as it can result in money left on the table. This includes amounts from those who are delinquent in their accounts to you. It also includes to those whom you may owe funds to. While it may sound tempting to blame lack of bookkeeping services to avoid paying a bill, this can actually result in damage to your credit. In a worst case scenario, if you forget to pay the IRS or state their taxes, it can result in huge penalties.
