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A Bookkeeping Oversight that Nearly Cost this Business Owner $19,000!
Episode 09
Could an overlooked expense be hiding thousands in your business? See how we recovered $18,800 by fixing a bookkeeping oversight.
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Angie M Grainger
28 November 2024
2 Min Read
A Bookkeeping Oversight that Nearly Cost this Business Owner $19,000!
It’s easy to slip into the assumption that everything’s on track with your finances and taxes. But what happens when you miss an entity in your books? For one business owner, the result was nearly $19,000 in missed deductions. Here’s how we uncovered those lost savings.
This business owner had an impressive setup: multiple companies, new real estate investments, and even management entities to keep operations streamlined. With all that growth, however, came complexity, and it only took one oversight for things to go sideways. In this case, a bookkeeping slip-up left an entity off of their records, leading to expenses that went entirely unclaimed on previous tax returns.
Now, you might think that finding these savings is all about tax knowledge, but we’ve seen time and time again that issues like these start in the books. The tax mistakes only appear later. We caught this error when we noticed some expenses that didn’t line up with the records we had. Upon tracing the details, we found an entire entity missing from previous returns. This meant that essential expenses went undeducted simply because they weren’t on the books properly.
Thanks to a comprehensive review and correction of the returns, we were able to retrieve $18,800 for the business owner. That’s nearly $19,000 they otherwise would have left on the table. For us, it’s a win, not just because of the savings, but because these are the kinds of mistakes we love to catch and correct.
When businesses grow and evolve, regular financial oversight becomes essential. From missed entities to unreported expenses, these small slip-ups can add up quickly, costing you more than you might realize. At Prosperent Co., we know that proactive financial management isn’t just about staying compliant—it’s about helping you flourish, personally and financially.
We’re focused on one thing: helping you live a better, more prosperous life.
If you’re curious about how proactive oversight could uncover missed opportunities for you, reach out. We’re here to help you make the most of your finances, year-round, so that your prosperity continues to grow. Speak with us today—we’re here to help.
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