You may have been doing your own business bookkeeping for many years, or maybe you are just starting a new business venture. Have a browse through these top 4 common bookkeeping mistakes and see if you recognise anything that you have been doing in your business.
1. Combining personal and business finance.
Don’t get too caught up in the early stages of starting a new business to overlook this one – it’s an important one! Even for sole traders, not separating your finances can cause serious headaches. Get a separate bank account organised and ensure all business income goes in here from day one.
2. Not reconciling bank accounts
Reconciling your business bank accounts is really one of the basic fundamentals of good business bookkeeping. Where I work it is done daily – that way any data entry errors are picked up whilst everything is easy to recollect. You may…
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