Friday, April 24, 2015

The 8 Most Common Small Business Accounting Mistakes

Thanks to the huge range of accounting applications available for today’s small and medium-sized businesses, it’s easier than ever to keep an accurate record of where your business’s money is going.

While accounting software has made bookkeeping and accounting easier for small businesses, it’s also made errors and accounting mistakes—from incorrectly categorizing a transaction to doing all accounting yourself—much more common.

Some accounting mistakes are minor, insignificant, and—when they’re inevitably noticed by someone within your business—easy to correct. But others are more serious and could have a significant effect on your business’s financial health.

Over time, poor accounting practices can distort the reality of your company’s fiscal health. In severe cases, repeated accounting mistakes and bad accounting practices can lead your business toward insolvency or company administration.

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1 comment:

REBECCA jones said...

I completely agree with you. During our lectures, our professor Aloke Ghosh used to tell these mistakes with practical examples but at that moment none of us were least interested and now we value the missed things like anything.