WHAT ARE SOME COMMON STARTUP MISTAKES YOU SEE PEOPLE MAKING WITH REGARDS TO ACCOUNTING?
The most common startup mistakes with accounting involves putting it to one side “until they have the time”. When they get around to writing up the records they cannot remember what the transaction referred to.
Secondly, they do not open a separate business bank account, which means they mix personal and business transactions. This involves unnecessary work (and increased costs) on the accountant’s part separating business transactions from the personal ones.
Thirdly, they leave it too late to bring the records into their accountant, usually leaving it until the deadline for filing self-assessment returns approaches when the accountant is at their most busy.
Finally, clients who leave bringing the financial records into their accountant often find they do not have enough money to pay the taxes that are due and no time to save for the payment.
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