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.