Going through an audit can be nerve-wracking and time-consuming. Most business owners would rather pull their own teeth out than deal with the IRS. Here’s how to survive the ordeal and avoid future audits in the future.

Outsource Your Accounting and Tax Work

 
If you want to avoid a lot of trouble with the IRS, pay someone else to deal with them for you. Outsourcing your tax and accounting work is one of the best moves a small business can make. Too many businesses mistakenly believe that they must do everything themselves.
 

 

Learn these 10 common accounting mistakes, and learn how to avoid them.

As a business owner, it is important to be involved in all aspects of your operation. That doesn’t mean, however, that you are an expert at everything. Business owners may wear those strategic and customer-relations hats well, but many have a much more difficult time when it comes to donning that accounting chapeau.

Even worse, financial mistakes can actually stunt growth or adversely impact your bottom line, clog cash flow, attract undue attention from the IRS or damage reputations with suppliers, customers and staff.

To avoid those scenarios, here are 10 accounting mistakes business owners commonly make and the reasons why these errors—both calculated and inadvertent—can be so detrimental.