Child upset after making mistake

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.