Mistakes in your books can lead to unexpected tax bills, cash flow problems, and a lot of unnecessary stress. Here are five common bookkeeping slip-ups we see all the time:
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Mixing business and personal accounts
It might seem harmless, but it makes tracking expenses a nightmare and can trigger red flags with the ATO. -
Forgetting to reconcile
Reconciling your bank accounts helps spot errors or missing transactions early. Skipping this step can throw off your entire financial picture. -
Not tracking GST properly
If you’re registered for GST, it’s vital to track and report it correctly—or risk overpaying or underpaying your obligations. -
DIY systems without proper setup
Tools like Xero and MYOB are great—if they’re set up right. Bad setup = bad data = bad decisions. -
Leaving it all until the end of the quarter (or year!)
Bookkeeping in arrears is stressful and expensive. Staying on top of it monthly is the best way to stay in control.
A good bookkeeper can help you avoid these mistakes—and probably save you more than you spend.