Not reconciling accounts regularly
Failing to reconcile credit cards, bank accounts, and loan statements can regularly lead to inaccuracies. If you don't reconcile accounts,, we don't have any idea if we are missing transactions or if there are duplicate transactions. To help you fix bookkeeping for small business Australia can fix a regular schedule, probably monthly, so that you can catch these variances and discrepancies early and not wait till the end of the year.
Ignoring receipts and small transactions
We recommend that our clients keep receipts and not overlook small transactions. In the event of an audit or if your client or anybody looks back at your previous transactions, and if you don't have backups it might be really difficult for you to answer those questions. We can help you digitally organize your receipts and easy to reference.
Mixing Personal and business finances
This is one of the most common bookkeeping mistakes. We at Bookeeper encourage our clients to stop mixing their personal and business finances because Bookeeping is all about categorising transactions. To fix bookkeeping for small business Australia, we recommend our clients stop using the ng business account for personal transactions.
Misclassifying Expenses
Incorrectly classifying expenses will lead to inaccurate financial statements and potentially affect tax deductions. If your client is reviewing your financial reports and you say something is insurance, which should have been property taxes, then you are not going to have accurate financial statements that could ultimately frustrate your clients. At Bookeeper, we pay attention to every detail and make sure everything is classified correctly.
Keeping up with tax deadlines
Probably most important for us as bookeepers would be January 31st as the filing deadline. We remind our clients of all these important dates to be prepared to be able to fix bookkeeping for small business Australia, even though you might not be filing these taxes, to avoid extra penalties.