When we start our own business, we do most things ourselves, even the things we don’t like, including the bookkeeping. 

 

While it might be tempting to focus on other things, leaving your bookkeeping until the last minute can cause problems. 

 

Here are six common bookkeeping mistakes we see small and new businesses make, along with our suggestions about how to avoid them. 

Bank reconciliation means you have checked that the balance on your bank statement matches the balance you have in your business records. 

 

When the figures match, you can say your bank account is reconciled. 

 

If the figures don't match, your bank account is unreconciled. This means that some of your day-to-day business spending hasn’t been accounted for. 

 

You might have too little or too much in your bank account, but it’s important to know why 

A bookkeeper can give you back valuable time to spend on your business.  

 

Firstly, and most importantly, your bookkeeper should have formal business and accounting qualifications and accreditations. These can include: