3 Money Mistakes Your Last Accountant Let You Make
The Balance Sheet B*tch
3 Money Mistakes Your Last Accountant Let You Make
Jul 16, 2026
THE BALANCE SHEET BITCH
Issue #1 | July 2026
Quick Quiz: True or False?
“Most small business owners know exactly how much profit they made last year.”
[readers have to scroll past the content to find the answer]
3 Money Mistakes Your Last Accountant Let You Make
I’ve been doing this for 25 years. And in that time, I’ve seen the same three mistakes destroy more businesses than bad luck ever could.
Here’s the thing: your accountant should catch these. If they didn’t, that’s on them. But the good news? You can fix it right now.
Mistake #1: Skipping Quarterly Tax Planning (Until August)
You’re making money. Great. But if you’re only looking at your tax bill in September, you’re already behind.
Most business owners think taxes happen once a year. Wrong. You’re supposed to be setting aside money every quarter. The IRS expects it. Your bank account will thank you for it.
What to do: Talk to your accountant NOW about estimated tax payments. If you haven’t been making them, it’s time to catch up. Not fun, but the alternative is worse.
Mistake #2: Mixing Personal and Business Money
I see this constantly. The owner’s personal groceries go on the business card. A personal car payment gets buried in transportation expenses. The IRS notices that stuff.
Beyond the audit risk, it makes your profit numbers completely meaningless. You think you made $80K, but your personal shopping is hidden in there. You can’t make real business decisions without real numbers.
What to do: Get a separate business bank account. TODAY. Everything business goes there. Everything personal stays out. Problem solved.
Mistake #3: Ignoring Payroll Tax Deadlines
If you have employees, this is non-negotiable. Payroll taxes aren’t optional, and the penalties are steep.
Too many businesses treat payroll taxes like a “we’ll get to it” situation. You can’t. The IRS doesn’t care if you were busy. They care about their money on their timeline.
What to do: Set up payroll with a system (QuickBooks, ADP, Gusto) that automates the deposits and filings. Don’t manually handle this yourself. The cost of the software is peanuts compared to the cost of getting it wrong.
Here’s the Bottom Line
Your accountant’s job is to help you make money, not just file taxes. If they’re only showing up once a year with a tax return, you’re leaving thousands on the table.
The Balance Sheet Bitch doesn’t let that happen.
Next issue: How to know if you’re actually profitable (spoiler: most business owners have no idea)
Kristen Leicht
Founder, K&L Business Solutions
Making accounting sexy since 2016
Questions? Want to talk about your money mistakes? Hit reply or schedule a 15-min call.
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Quiz Answer:
False. About 70% of the small business owners I work with have no idea how much profit they actually made. They know their revenue. They think they know their profit. They’re usually wrong because they’re mixing personal expenses with business, not accounting for quarterly taxes, or misunderstanding what “profit” even means. That’s why the three mistakes above matter so much.
