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The Top 3 Finance Mistakes Small Businesses Make

Blog 5

Jeff Siegel of Siegel Solutions, a QuickBooks Solution Provider who knows the construction industry, shares the 3 most common finance mistakes that small businesses make time and again. 

Running a small business comes with no shortage of financial complexities. From messy paper trails to improper tracking of job costs, there are common mistakes business owners make that can be avoided.  

Jeff Siegel, a seasoned finance expert and owner of Siegel Solutions, has more than 20 years of experience working with construction and contracting companies on their finances. He shares the top three errors he sees small business owners make time and again. 

Doing it all by yourself 

Siegel finds that because builders and contractors tend to be hands-on "doers," they often take the same DIY approach to their finances and back-office tasks. This typically starts off as an informal, paper-based system managed in already limited spare time. 

"It's messy, it's hard to train someone else on, and at many times they get really far behind," Siegel explains. Instead of trying to manually crunch all the numbers alone, he advises leveraging software like QuickBooks to automate processes and bring on trained team members. This saves endless hours and helps sustain growth. 

Choosing the wrong software 

Another misstep Siegel highlights is picking accounting software that's too complex – or too simple. The feature-rich systems made for huge corporations can overwhelm small teams. Conversely, basic tools may lack the functionality a thriving construction firm needs for detailed cost tracking and reporting. 

His solution? QuickBooks and its over 750 integrated apps provide options tailored for various industry niches and stages without needless complexity. Specialized add-ons even allow seamless field workforce management. 

Not getting help in time 

When asked for the number one finance mistake, Siegel definitively states, "Really not bringing in a qualified QuickBooks Solution Provider to help streamline the finances." 

Whether an entrepreneur has limped along solo for years or chosen the wrong technology, he's never seen anyone regret getting an expert consultant onboard sooner. The time and stress savings quickly recoup costs. 

“We can make life easier as QuickBooks Solution Providers right from the start, and save them hours of frustration, time and resources,” he notes. 

Ongoing support options 

Siegel Solutions doesn't just provide initial financial software implementation and training. Siegel outlines multiple tiers of ongoing assistance from basic system troubleshooting to full-service accounting and advisory.  

“We'll have regular recurring clients where we're basically doing the back-office accounting for them," he says. “Whether it's an initial setup and that's all they need or whether it's ongoing accounting, bookkeeping, and even advisory, we can do it.” 

Siegel says some clients turn to his company for help in assessing the profitability of projects.  

The choice comes down to the business's budget and needs. But in Siegel’s experience, "having regular recurring clients where we're basically doing the back-office accounting for them" offers the greatest value. His team seamlessly becomes an extension ready to help analyze the numbers and spot issues as they arise. 

Get in touch with a QuickBooks Solution Provider for an assessment of how your business can protect itself against supply chain and other risks. 

All opinions and advice expressed here are personal and do not represent those of Intuit QuickBooks. We recommend that you work with a professional to assess your specific business needs. Additional terms, conditions and fees apply with app integrations.

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