Top bookkeeping mistakes

When it comes to doing the bookkeeping yourself, the scope for making errors is endless. This isn’t because people doing their own bookkeeping are hopeless – it’s simply because as a business owner, there’s often just too much to manage.

These are some of the most common mistakes that are costing Australian businesses:

• Losing track of transactions by not keeping and filing receipts, no matter how small.

• Failing to record purchases as assets, eg. printers that have a longer life than most purchases.

• Trying to scrape records and data together at the last minute when you haven’t been consistent. Maintenance of your books and records is key.

• Not having backup copies or digital backups.

• Wasting time struggling to do it all yourself.

• Classifying things incorrectly, from employees’ status to expenses.

• Reconciling any discrepancies in bank statements as they arise.

If you need help with bookkeeping, get in touch.