Talking Cents

Your small business accountants in Sydney tell you what accounting mistakes you want to avoid

As small business owners you want to avoid any type of mistake that can impact your business in the long run. Being small business accountants in Sydney, we see the importance of the role of accounting for a business, which means you should be avoiding general errors and poor financial reporting as this will have a negative impact for you.

We’ve collated a list of mistakes that you and your business accountant should be avoiding:

• Mixing business with pleasure – this will result in your accounts getting mixed and causing confusion when it comes time to monthly reporting
• Not collecting all of your business tax receipts
• Failure to record any cash expenses that were made
• Avoiding your accounting responsibilities
• Not have a proper financial business budget to be followed by everyone in the company

They are some of the basic do not’s that should be avoided in small business accounting – the great thing about these errors is that they are easily fixed! If your business is seen as guilty for any of the above errors, solve them early before the next end of financial year.

Feel free to get in contact with our small business accountants in Sydney if you have any enquiries, or you can check out our range of services here.