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.

5 Things to Do to Help with Overtime Costs

A change in the Fair Labor Standards Act is about to turn your payroll, and planning, world upside down.

 
Update: On June 29, President Obama announced plans to raise the overtime threshold to annual wages of $50,440 in 2016.This story has been updated to reflect the proposed change.